According to BroadChain, at 08:16 on April 23, NewsBTC reported that Ethereum's price is recovering to around $2,400, with the market gradually stabilizing after weeks of uncertainty. CryptoQuant analysts point out that a key demand signal suggests the current rally may have stronger institutional support than what price charts reveal.
The Coinbase Premium Index measures the price difference of ETH on Coinbase versus Binance. When the index remains positive and above its 14-day moving average, it typically indicates active buying by U.S. institutional investors and high-net-worth individuals. The index currently meets this condition, reflecting a sustained shift in demand structure led by market leaders rather than followers.
Since this signal was triggered, ETH has rebounded 22% from its low, reaching a high of $2,400. Analysts note that as long as the premium index stays positive and above the 14-day moving average, the conditions driving the previous rebound remain valid. ETH is currently trading at $2,389, slightly below the $2,400 resistance level.
Technically, ETH has reclaimed the 50-day moving average and is attempting to turn it into support, but the 100-day and 200-day moving averages still form layered resistance zones between $2,400 and $2,800 above the current price. Persistent selling pressure around $2,400 during price upticks indicates early trapped investors are exiting on the rebound. The recent price increase has been accompanied by declining trading volume, suggesting a lack of active follow-up buying in the market.