Ethereum rebounded 6% to $2,160-recovering from a $1,800 low-but demand on Coinbase remains weak. The Coinbase Premium Index stayed negative at -0.0149, indicating stronger selling pressure on Coinbase versus Binance.
This divergence suggests Binance-based traders drove the rally-not U.S. institutional investors, who predominantly use Coinbase. Historically, sustained ETH strength requires robust Coinbase demand.
The rebound followed Ethereum’s MVRV Ratio dropping to 0.8-a level analysts call a 'Generational Buy' zone-after falling below 1.0, signaling network-wide investor losses.
ETH is down 7% week-over-week. Long-term momentum hinges on whether U.S. whales re-engage.