ETH faces bearish pressure from negative Coinbase premium, weak network activity

Ethereum (ETH) is experiencing continued bearish pressure as its Coinbase premium remains negative and network activity shrinks, BeInCrypto reported. The unrealized profit rate for whale addresses holding between 1,000 and over 100,000 ETH has steadily declined for the past four months, now approaching zero and raising the risk of further sell-offs. The report notes that the Coinbase premium turned negative in the third week of December, while the number of active Ethereum addresses this month has hit its lowest level of the year. This creates a risk that if these large investors sell to recover capital, it could trigger a market-wide panic sell. Despite these indicators, some institutions like Bitwise remain optimistic, forecasting that ETH will reach a new all-time high, driven by regulatory improvements and accelerating institutional adoption.