Ethereum is trading around $2.75K as buyers push toward the key $2.8K resistance area, maintaining a sequence of higher lows since the June low near $1.5K.
Technical Crossover Points to $3K Target
Daily chart technicals show structural improvement for ETH. The 100-day and 200-day moving averages printed a bullish crossover around $2.1K, with both sloping upward beneath the current market price. After reclaiming $2.4K, ETH advanced toward the $2.8K resistance zone, where price is currently consolidating. A daily close above $2.8K would bring the next major target into focus: a bearish order block around $3K.
Lower-timeframe analysis on the 4-hour chart shows ETH holding above $2.6K after an impulsive move from $2.4K to $2.8K. The 4-hour Relative Strength Index (RSI) sits in the low-60s, indicating upside momentum without reaching overbought extremes. On the downside, primary support rests at the $2.4K–$2.5K bullish order block, which aligns with an ascending trendline. Further support levels sit at $2.2K and between $1.85K and $1.9K.
Coinbase Premium Index Shows Discount Trading
On-chain data from CryptoQuant displays a divergence between price trends and spot demand in the United States. The Ethereum Coinbase Premium Index currently sits around -0.03, having spent most of the recent period below zero apart from brief positive spikes in September.
A negative premium indicates ETH is trading at a discount on Coinbase compared to reference markets, signaling weaker spot demand from US investors. This metric comes into view as Ethereum social sentiment hits multi-month lows across market channels, even while major dormant Ethereum tokens move on-chain.
Key Takeaways
- Price Level: ETH trades around $2.75K while consolidating near $2.8K resistance.
- Moving Averages: The 100-day and 200-day moving averages formed a bullish cross near $2.1K.
- Support Range: Major near-term support is positioned at $2.4K–$2.5K, with secondary support at $2.2K.
- On-Chain Metric: The CryptoQuant Coinbase Premium Index registers at -0.03.
Why It Matters
The divergence between Ethereum's bullish technical chart and a negative Coinbase Premium highlights potential weakness in US spot demand. Historical price cycles show sustained moves toward major resistance targets like $3K typically require a positive Coinbase premium to confirm aggressive spot accumulation. If the premium fails to flip positive during tests of $2.8K, the current advance risks stalling and triggering a retest of the $2.4K support zone.
