Ethereum breaks through the $3,300 key level: Premium gap on a certain exchange needs to turn positive

According to ChainCatcher, Ethereum has continued its pullback trend since Wednesday. Analyst CryptoOnchain pointed out a key bearish signal: the 14-day moving average of a certain exchange premium gap has dropped to -2.285, the lowest since February 2025, indicating weak demand from US institutional investors. The exchange premium gap reflects the price difference between the US institutional market and the global retail market, with negative values indicating insufficient buying interest.

In addition, ETH spot ETFs have seen continuous outflows, with the first outflow of 98.45 million USD in 2026 recorded on January 7. Analysts warn that unless the exchange premium turns positive and demand in the US spot market returns, the likelihood of breaking through the 3,300 USD resistance remains low.