All about Ethereum’s latest test of a key supply zone after spike in Korea Premium Index

Ethereum may be approaching a decisive moment right now. The Korean Premium Index has spiked aggressively over the last 24 hours, signalling a noticeable surge in Asian regional demand. At the same time, the number of Ethereum 2 deposits has increased exponentially too, by 4 times - Evidence of a sharp rise in on-chain activity. Taken together, these metrics seemed to suggest something more coordinated - Participation may be picking up on both exchanges and across the network. Is there localized demand strength? The Korean Premium often acts as a sentiment gauge. When it rises, it typically means traders in that market are willing to pay more than global averages to gain exposure. A move to 0.66 isn’t extreme, but the speed of the hike does stand out. It suggested that demand has been building quickly, rather than gradually. In previous cycles, similar spikes have sometimes preceded short-term breakouts but not always sustained ones. So while it leaned bullish at press time, it might not be a standalone signal. It will require further affirmation from other long-term metrics. Deposit surge adds a layer of uncertainty The fourfold increase in deposits complicates the cumulative structure too. Consider this - The number of deposits on ETH 2.0 surged from 250 to 878 at press time. Rising deposits can mean two different things. On one hand, this uptick could be due to greater interest and investment flow. On the other hand, the hike might also indicate that holders are transferring funds to exchanges. For ETH, context matters. With its price sitting just below a well-tested supply zone, the timing of these deposits raises the possibility that some participants may be preparing to offload into strength. $2300–$2400 remains the key battleground The supply zone between $2300 and $2400 has already proven its importance. Over the past two weeks, ETH's price action has tested this range multiple times and failed to break through. Instead, the supply zone triggered repeated rejections in the process. That historical behaviour gives sellers a clear reference point. For bulls to push through, they will need sustained demand, not just a spike in the market activity. The Korean premium and rising participation could help, but they need to translate into consistent buying pressure at the resistance level. Breakout or rejection depends on follow-through Ethereum’s setup has been balanced, but tense. On one side, sentiment is improving, and activity is picking up across multiple fronts. On the other hand, the market is sitting directly under a supply zone that has already held firm several times. If buyers can absorb any sell-side pressure coming from a hike in deposits, a breakout will be more likely. If not, the same zone could trigger another rejection. As it stands, the market is not lacking interest. Instead, it's testing whether that interest is strong enough to move the price higher. Final Summary Ethereum faces a major test at $2300–$2400 after multiple recent rejections at the same level. Rising Korean premium and deposit activity signal growing interest, but also cautionary sell-side pressure.