Ethereum Analysts Warn of Another Selling Wave Below $1,700

Ethereum's (ETH) exchange and derivatives data have weakened over the past month. Binance recorded net inflows of 57,700 ETH, while futures open interest fell to a year-low of $10.3 billion from $15 billion, and the ratio of leveraged positions retreated sharply from their early June highs.

The combination of rising exchange supply, muted new participation, and declining futures activity has led ETH analysts to forecast another wave of selling pressure below $1,700. Crypto analyst Pelin Ay noted that roughly 57,700 ETH flowed into Binance on a net basis over the past few days, which often signals potential selling since Binance is one of the most liquid exchanges in the crypto market.

Ay also pointed out that the number of new ETH depositors is around 320 addresses, well below the levels seen during previous demand surges. This muted participation suggests limited new capital entering the market, leaving recent price stability dependent on existing holders.