Ethereum’s $1,700 Support Wavers as Analysts Warn of Further Selling

Ethereum traded weakly near $1,700, prompting warnings that additional selling pressure could build.

Cointelegraph reported on June 19 that Binance has seen net inflows of about 57,700 ETH over the past few days. Higher exchange inflows are typically read as a sign that investors are moving tokens into position to sell.

CryptoQuant analyst Pelin Ay wrote that net inflows to exchanges remain elevated. If Ethereum nears a key resistance area during a rebound, another round of selling could hit the market.

Demand indicators have also weakened. The number of new ETH deposit addresses is around 320, far below the level seen during the previous rally. That suggests trading is being driven more by existing investors than by fresh money entering the market.

The derivatives market is also showing signs of contraction. Ethereum futures open interest has fallen about 31% to $10.3 billion from $15 billion a month ago, the lowest level since April 2025.

Leverage has declined rapidly as well. The estimated leverage ratio across exchanges fell to 0.83 after reaching a record 1.10 on June 2. That points to weakening risk appetite among market participants.

From a technical perspective, the $1,700 to $1,400 range is viewed as a key demand zone. If Ethereum fails to hold that area, the next major support level could be $1,384, the low from April last year.

Still, some analysts say signs of a bottom may be emerging. Crypto trader Ardi said Ethereum has reached the lower end of its long-term accumulation range. The weekly RSI is nearing oversold territory, increasing the chances that a bottom could form around current prices.