Ethereum Price Analysis: Is ETH Doomed in May as Key Metric Turns Negative?

🔍 Ethereum starts May around $2.3k, facing resistance at $2.4k, with the Coinbase Premium Index turning negative, raising questions about the sustainability of US institutional demand.

📉 The daily chart shows ETH above the 100-day moving average at $2.2k, with a crucial support level at the ascending channel's lower boundary near $2k; a close below this could signal structural damage.

📊 Sentiment has shifted as the Coinbase Premium Index drops to -0.03, indicating cautious accumulation by US investors amid a challenging macro environment, which could hinder a breakout above $2.4k.