Ethereum has seen renewed interest from the United States this week, pushing prices to briefly recover the $2,110 level before facing downward pressure.

The Coinbase Premium Index, which gauges American investor sentiment by comparing the ETH/USD pair price on Coinbase with the ETH/USDT pair price on Binance, has turned positive. The index reached its highest level since mid-December, indicating that hesitant American traders are gradually returning to trading.

As a result, the seven-day moving average of the index is rising but still remains below the neutral level. Historically, American sentiment often has a strong influence on prices after the seven-day moving average of the index turns positive.

Ethereum Premium Index on Coinbase. Source: CryptoQuant
Similarly, Ethereum ETF funds listed on the U.S. spot market experienced three consecutive days of net inflows for the first time since mid-January. These products attracted $157.1 million on Wednesday, but net inflows slowed to $6.5 million on Thursday.

The slight increase in inflows comes amid strong selling activity in these products. Since October, Ethereum ETFs have lost $3.3 billion, mainly driven by hedge fund sell-offs as the fundamental price collapse began.

On the derivatives side, the open interest for ETH grew by 500,000 ETH to reach 12.70 million ETH during the week, hitting its highest level this month as prices showed slight improvement.

Open Interest for ETH. Source: Coinglass

However, funding rates continue to fluctuate between positive and negative, indicating that the market has not established a clear trend.