Ethereum (ETH) has rallied from a key accumulation zone near its average investor cost of approximately $1,700. Data shows exchange reserves continue to fall, signaling ongoing accumulation. The Coinbase Premium Index remains near zero, indicating weaker demand from U.S.-based investors compared to Binance, though a similar setup preceded a major rally in October. Spot market buying pressure has increased sharply over the past ten days, with aggressive taker buy orders driving the rebound. However, the price faces a critical test at the $2,400-$2,500 supply zone, and a decisive breakout or rejection here will determine the next trend direction.
Ethereum (ETH) has expanded northward from a major accumulation zone. Exchange reserves continued to fall, signaling ongoing accumulation.
The Coinbase Premium Index was close to zero but not yet in positive territory. A sustained period of the CB Premium above zero was last seen in October, when Ethereum traded in the $2,200-$2,400 area. The negative readings in recent months indicated weaker demand from U.S.-based investors compared to demand on Binance. Past ETH bull runs, such as June-July 2025, were accompanied by strongly positive Coinbase Premium Index readings.
Spot demand has helped drive a strong rebound. The current Ethereum investor price was at around $1,700, defined as the average acquisition price of ETH held by economically active investors. After testing the investor price in June, ETH prices have made a decisive rally. Historically, touches of this level have represented major accumulation zones.
The positive reaction from this price level was accompanied by strong buying pressure over the past ten days. The spot taker CVD, which measures the 90-day cumulative difference between taker buy and sell volumes, rose as taker buy orders indicated aggressive demand. Institutional demand was going strong.
A key supply zone retest could dictate the next trend direction. The swing high made at $2,466 in April is under siege. A decisive breakout past this supply zone has not yet occurred, and prices could sweep these highs before slumping lower. A breakout past $2,500 would confirm a trend shift, while a rejection and drop below $2,000 would mean the long-term trend has not changed.
