Analyst: ETH May Face a New Round of Selling Pressure, Trading Under $1,700

TechFlow News, June 20: According to Cointelegraph, Ethereum (ETH) exchange and derivatives data have weakened over the past month. Binance recorded a net inflow of 57,700 ETH; open interest in futures contracts declined from $15 billion to a yearly low of $10.3 billion; and the leverage position ratio dropped significantly from its early-June peak. The report notes that ETH fell 20.51% over the past 30 days.

The report highlights rising exchange supply, insufficient new participation, and declining futures activity, leading Ethereum analysts to anticipate renewed selling pressure on ETH below $1,700. Cryptocurrency analyst Pelin Ay pointed out that approximately 57,700 ETH flowed net into Binance over the past few days—a large inflow to exchanges often signals potential sell-offs.