Ethereum recently broke through the $3000 mark again, and in a generally positive market environment, the trading price touched $3121. Technical analyst Michael van de Poppe observed that Ethereum's price structure appears quite healthy, firmly holding the support level of the 21-day moving average.

However, this optimism seems incomplete. According to the latest data from CryptoQuant, the premium gap of a major exchange has shifted from positive to negative. This signal warrants caution—it suggests that the buying enthusiasm from US institutions is waning, raising questions about whether Ethereum can effectively break through the key resistance level above.

On the other hand, the actions of BitMine have attracted attention. This institution has recently purchased 57,600 ETH, bringing its total holdings to 965,792 ETH, which is worth approximately $2.97 billion at current prices. The increase in large holdings may reflect some institutions' optimism about the medium-term outlook.

So, the current situation is quite interesting—on one side, strong technical indicators and increased holdings by large investors; on the other, the institutional premium gap turning negative with a cold splash. Which signal the market will be dominated by remains to be seen.