Ethereum is struggling to break through the $3,300 resistance level as the Coinbase price premium gap turns negative, reaching -2.285, its lowest since February 2025. This negative premium indicates weak institutional demand in the U.S., as highlighted by analyst CryptoOnchain. The gap reflects the price difference between the U.S. institutional market and the global retail market, with a negative value suggesting insufficient buying interest. Additionally, Ethereum spot ETFs have seen significant outflows, with $98.45 million recorded on January 7, marking the first outflow of 2026. Analysts caution that without a positive shift in the Coinbase premium and a resurgence in U.S. spot market demand, Ethereum's chances of surpassing the $3,300 mark remain slim. Despite this, Morgan Stanley's application for an Ethereum spot ETF and technical indicators showing bullish signals, such as a hidden bullish divergence and narrowing Bollinger Bands, suggest potential for future market movement.