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Coinbase Premium flashes warning signs for Ethereum’s price – Explained

Ethereum (ETH) has experienced a 12.44% decline over the last 30 days, against Bitcoin’s 4.74% loss. Current data indicates significant resistance at 3,400 USD is hindering traders’ bullish sentiment as selling pressure intensifies.

Market indicators, including the Coinbase Premium, reflect cautious trading behavior from U.S. Investors, resulting in reduced ETH adoption. Although whale accumulation persists, new address formation declined by 9.32%, signaling weak overall demand in the ETH market.

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