$ETH holds near $2,454 as the $2.40K–$2.51K range survives, while the Coinbase spot discount narrows to -0.919, its shallowest since late May. Binance Taker Buy/Sell Ratio (30D SMA) sits at 0.9932, still below parity and below the ~1.012 level seen in late July. The split matters: US spot pricing is discounting ETH less aggressively, but leveraged flow has yet to confirm stronger demand. If the range holds and the premium gap keeps moving toward $0, absorption remains the cleaner interpretation. A reclaim above 1.00 on taker flow would strengthen the setup; a reversal toward -1.6 would warn that the mid-August re-rating is being distributed. #Ethereum #ETH #OnChain #Binance #Coinbase