Ethereum Eyes Another Dip Below $1.7K

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Exchange inflows, slumping demand and a 31% drop in Ether futures open interest may signal that another wave of selling could hit ETH.

Ether's (ETH) exchange and derivatives data turned weaker 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.

ETH inflows on Binance outpace new demand
Crypto analyst Pelin Ay noted that roughly 57,700 ETH flowed into Binance on a net basis over the past few days. Large inflows to the exchange often signal potential selling since Binance is one of the most liquid exchanges in the crypto market.

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

The analyst noted that supply growth continues to offer a counterbalance. Daily ETH issuance stands near 2,791 ETH, a relatively low figure since Ethereum’s EIP-1559 upgrade in 2021.

For now, exchange flow data paints a cautious picture. Ay said elevated net inflows raise the risk of another selling wave if Ether approaches resistance levels during any relief rally.

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