Data for Ether (ETH) exchanges and derivatives has deteriorated over the past month. Binance reported net inflows of 57,700 ETH, while open futures interest fell to a year-low of $10.3 billion from $15 billion and the leveraged position ratio dropped sharply from early June highs.
The combination of rising exchange supply, subdued up-to-date participation and sinking futures activity led ETH analysts to forecast another wave of selling pressure below $1,700.
ETH inflow into Binance outpaces up-to-date demand
Cryptocurrency analyst Pelin Ay excellent that there has been a net inflow of approximately 57,700 ETH into Binance over the last few days. Gigantic inflows into an exchange often signal potential selling, as Binance is one of the most liquid exchanges in the cryptocurrency market.
Inflows from ETH exchanges, up-to-date depositors and fresh supply. Source: CryptoQuant
At the same time, the number of up-to-date ETH depositors is around 320 addresses, well below the levels seen during previous demand spikes. Subdued participation suggests circumscribed up-to-date capital entering the market, leaving recent price stability dependent on existing holders.
The analyst noted that supply growth continues to act as a counterweight. Daily ETH issuance is close to 2,791 ETH, which is relatively low since Ethereum’s EIP-1559 update in 2021.
For now, exchange flow data paint a cautious picture. Ay said increased net inflows raise the risk of another wave of selling if Ether approaches resistance levels during any relief rally.
Related: BitMine Boosts ETH Holding Closer to $10 Billion as Bear Market Accumulation Continues
Can the Ether price defend its weekly demand zone?
ETH derivatives data has also cooled sharply in recent weeks. Open interest in Ether futures fell to $10.3 billion on Thursday from $15 billion a month ago, a decline of about 31%. This reading marks the lowest total open interest across all exchanges since April 2025.
Ether estimated leverage ratio for all exchanges. Source: CryptoQuant
The number of leverage positions also decreased at a similar rate. The estimated leverage ratio (ELR) fell to 0.83 from an all-time high of 1.10 on June 2, marking the largest leverage reduction since October 2025, when the ratio fell from 0.72 to 0.56.
Lower leverage often reduces short-term volatility and speculative demand, but it also signals weaker confidence among traders.
ETH/USDT, one-week chart analysis. Source: Cointelegraph/TradingView
Ether’s weekly chart is down 30% in the last 42 days and is still trading near the demand zone at $1,700 and $1,400. The April 2025 low of $1,384 will be the closest external liquidity target if price weakness continues.
Below this level, the immediate area of concern is the January 2023 demand zone between $1,289 and $1,071.
From a market perspective, cryptocurrency trader Ardi he said last week, there were some technical bottom signals for the altcoin. ETH recently touched the lower end of the long-term acceptance range that previously coincided with macro lows.
The weekly relative strength index (RSI) is trading near 31 after a daily RSI reading of 11 during the recent selloff, an all-time low, increasing the chances of ETH hitting a low in the current price range.
Weekly ETH/USD analysis by Ardi. Source: X
Ardi added that ETH/BTC remains a key indicator to monitor on the chart as the pair continues to trend lower. For now, the $1,400 to $1,700 range remains the area where buyers and sellers are positioning themselves most actively.
Related: Altcoin Sells to Top $266 Billion as Capital Rolls Out of Cryptocurrencies: Is the altseason extinct?
