Ethereum is consistently priced higher on Coinbase, while large investors appear to be waiting for a favorable buying opportunity.
The current ETH price is largely driven by hype and retail investor enthusiasm, as evidenced by the Coinbase premium. US-based traders are currently willing to pay a premium for ETH, reflecting strong buying interest. However, this doesn’t necessarily indicate strategic accumulation by larger investors. While ETH shows short-term strength, whales are strategically positioning themselves for accumulation at lower price points, around $2,200-$1,800. Demand through ETFs is recovering slower than direct Coinbase purchases and is currently weaker than Bitcoin's ETF inflows. This indicates a more cautious approach from institutional investors. A potential market correction may be on the horizon, with whales anticipating accumulation opportunities at lower levels. ETH's market dominance has slightly decreased as attention shifts to other altcoins like BNB and SOL. Short-term price action is currently being influenced by derivative trading and liquidity rebuilding. ETH traders remain reluctant to abandon the token, despite a slight decrease in open interest. The market is cautiously awaiting short-term breakouts, but a significant rally requires building more liquidity. Attention has shifted from ETH, resulting in a loss of mindshare to alternative narratives.
