Ether analysts are predicting another "sell-off wave" as ETH struggles to break through the $1,700 mark
Trading and derivatives data for Ether (ETH) has weakened over the past month. Binance recorded a net outflow of 57,700 ETH, while open futures volume dropped to a year-low of $10.3 billion from $15 billion, and the leverage position ratio has sharply decreased compared to the highs seen earlier in June.
The combination of rising ETH supply, reduced participation from new users, and falling futures trading activity has led analysts to predict another sell-off below $1,700.
AMOUNT OF ETH FLOWING INTO BINANCE SURGES FAR BEYOND NEW DEMAND
Crypto analyst Pelin Ay noted that around 57,700 ETH has flowed into Binance over the past few days. Large inflows into an exchange often signal potential selling, because Binance is one of the most liquid exchanges in the crypto market.
At the same time, the number of new ETH depositors is only about 320 addresses, far lower than in previous periods when demand increased. This limited participation suggests that new capital flowing into the market remains constrained, making recent price stability depend on holders of ETH.
An analyst notes that supply growth continues to create balance. The daily ETH issuance is close to 2,791 ETH, a relatively low figure since Ethereum’s upgrade to EIP-1559 in 2021.
At present, exchange inflow data shows a cautious picture. Mr. Ay said that the high net inflow increases the risk of another sell-off if Ether reaches resistance levels in any rally.
CAN ETHER PRICE HOLD THE DEMAND ZONE THIS WEEK?
Data on ETH derivatives has also fallen sharply in recent weeks. Open interest in Ether futures has dropped to $10.3 billion on Thursday from $15 billion a month earlier, down about 31%. This marks the lowest combined open-contract volume across exchanges since April 2025.
The number of leveraged positions has also declined at a similar pace. The estimated leverage ratio (ELR) has fallen to 0.83 from the record high of 1.10 on June 2, marking the largest deleveraging since October 2025, when the metric dropped from 0.72 to 0.56.
Lower leverage use typically reduces short-term volatility and speculative demand, but it also signals less confidence among traders.
Ether’s weekly chart has dropped 30% over the past 42 days and continues to trade near the demand zone at $1,700 and $1,400. The April 2025 low at $1,384 is the nearest external liquidity target if the price continues to fall.
Below that, the immediate area of focus is the demand zone from January 2023, ranging from $1,289 to $1,071.
From a market perspective, crypto trader Ardi said last week that some technical signals indicating a bottom are appearing for this altcoin. ETH has recently touched the lower end of its long-term trading range, previously aligning with major macro bottoms.
The weekly Relative Strength Index (RSI) is currently near 31 after the daily RSI reached 11 during the recent sell-off—the lowest level ever recorded—raising the likelihood that ETH could bottom within the current price range.
Ardi added that the ETH/BTC exchange rate remains an important indicator to watch on the chart, as this pair’s price trend continues to decline. Currently, the price range of $1,400 to $1,700 is still the area where buyers and sellers are most actively operating.
