Ethereum shows signs of weakening demand from U.S. investors despite steady whale activity, according to market data. The Coinbase Premium Index remains negative, indicating ETH trades cheaper on U.S.-based Coinbase compared to Binance. Large players continue with significant trades, but retail participation is notably absent. Analysts suggest this one-sided market structure lacks staying power, even as the price holds above $2,100.
Ethereum faces weaker demand from U.S. investors, even with continued global activity. The Coinbase Premium Index, which compares prices between Coinbase and Binance, was negative with a value of around -0.0149. This signals Ethereum is trading cheaper on Coinbase, suggesting lower U.S. buying pressure or increased selling.
While U.S. demand has been weak, large players have remained active in the market. CryptoQuant data highlighted consistently elevated average order sizes, meaning whale-sized trades dominate Ethereum’s spot activity.
What is missing, however, is retail participation. There is little indication of smaller order flows picking up alongside these larger trades.
On the daily chart, Ethereum held above the $2,100 zone but looked shaky. The RSI was at neutral levels while the MACD was flat, indicating the recent push has been losing strength.
