Ethereum’s price remains stuck below $3,300 as US demand weakens

Ethereum’s price has failed again in an attempt to break above $3,300, with price action stalling amid cooling demand in the US.

ETH was changing hands near $3,115 at the time of writing, down 0.7% in the past 24 hours. Over the past week, the token traded between $3,008 and $3,293, gaining around 3% for the period. Ethereum (ETH) is still well below its August 2025 peak, about 37% below its high of $4,946.

Trading was also fairly quiet. Spot market trading volume rose only slightly, 0.7% to $23 billion, indicating waning buyer interest.

Derivatives showed a mixed picture. MintGlass facts showed volume rose 3.8% to $73 billion, while open interest fell 1.4% to $40 billion.

When trading volume rises but open interest falls, it often means traders shift or close their positions rather than taking new leveraged bets.

Coinbase Premium Gap Deepens

Signals on the chain contributed to this caution. A January 8 analysis from CryptoQuant contributor CryptoOnchain showed Ethereum’s Coinbase Premium Gap moving deeper into negative territory. The 14-day moving average of this measure has fallen to around −2.29, the lowest level since early February 2025.

The Coinbase Premium Gap tracks the price difference between Coinbase, often seen as a gauge of U.S. institutional activity, and Binance, which reflects trading in global markets. When the gap becomes negative, it typically means buying interest on Coinbase is decreasing.

In previous cycles, there have typically been sustained upward moves when this measure has remained positive. That pattern has not returned.

Exchange-traded funds tell a similar story. US spot Ethereum ETFs saw net outflows of $51.5 million on January 8, marking a second straight day of withdrawals and weighing on short-term sentiment.

Technical analysis of Ethereum

Ethereum seems to be stuck in a corrective phase. Lower highs are still visible on the daily chart, indicating a lack of strong upside momentum. The recent recoveries have all been short-lived. The price action is still below the 50-day moving average, near $3,260, which has repeatedly limited upside moves.

ETH is in the middle of the Bollinger Bands range. The price has repeatedly turned away from the upper band, which is close to the USD 3,300 resistance zone. The bandwidth has become slightly narrower, an arrangement that often precedes a larger movement, but in itself does not indicate a direction.

The momentum indicators remain stable at a neutral level. After recovering from oversold conditions, the 14-day relative strength index is near 53, although it has not matched the strength seen during extended rallies. Recent green candles have also been smaller, indicating that buyers are still cautious and selective.

A clean daily close above $3,300 would improve the outlook and shift attention to the $3,500-$3,600 zone. If that level holds, the downside focus shifts back to the $3,000-$3,050 area, with greater risk towards $2,800 as selling pressure increases.