Ethereum Struggles at $1,700 as Analyst Warns of New Lows

Ethereum is struggling to break above $1,700 as bearish momentum persists across various indicators.

Crypto analyst Ted Pillows warns that sellers are preventing rallies beyond this level, with new lows likely unless this resistance is broken.

Pillows noted: 'Until Ethereum breaks and reclaims the $1,700 level with strong spot demand, the chances of new lows will go up.'

In the past two weeks, exchange net flows have demonstrated a gradual increase, indicating more tokens are being transferred to trading platforms.

Major institutional accumulation continues, with Andreessen Horowitz pulling $42.62 million in ETH from Binance on June 23 and Bitmine acquiring an additional 35,138 ETH valued at $58.65 million on the same date.