The Ethereum Coinbase Premium—a key gauge of U.S. institutional demand—has fallen to its most negative level since the severe bear market of July 2022, signaling a significant retreat of major American investors. This decline, occurring as Ethereum tests the $2,100 support, suggests that institutional #buying pressure has evaporated to a degree last seen during periods of market capitulation, reducing the likelihood of a strong, sustained rally in the near term. While such extreme negative readings have historically coincided with selling exhaustion and potential stabilization, the current technical breakdown indicates that if the $2,100 support fails, $ETH could fall toward the $1,800-$1,900 range. For any recovery to be considered a true trend reversal, the premium would need to normalize and turn positive, reflecting a return of institutional participation; until then, any price bounce is likely to be a temporary relief rally rather than a durable bottom.$BNB