If they can’t, the next obvious target is the $1.56K to $1.64K demand zone. And if that demand zone doesn’t hold either, the $1.56K to $1.64K range comes back into the conversation fast. What does the negative Coinbase Premium Index mean for Ethereum? A negative Coinbase Premium Index means ETH trades at a discount on Coinbase versus other major exchanges, pointing to weak buying pressure from U.S.-based institutional investors. If that breaks, the next demand zone is $1.75K to $1.79K, with a deeper target at $1.56K to $1.64K if selling pressure continues.