Ether analysts predict another ‘selling wave’ as ETH struggles to overcome $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.
Key facts
Ether futures open interest fell to $10.3 billion on Thursday from $15 billion a month ago, a decline of roughly 31%
Ether’s weekly chart is down 30% over the past 42 days and continues to trade near the demand zone of $1,700 and $1,400
Below that level, the immediate area of interest is the demand zone from January 2023 between $1,289 and $1,071
The weekly relative strength index (RSI) sits near 31 after a daily RSI reading of 11 during the recent sell-off, its lowest level on record, which improves the chances of ETH bottoming
Summary
Ether's (ETH) exchange and derivatives data turned weaker over the past month. 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. Crypto analyst Pelin Ay noted that roughly 57,700 ETH flowed into Binance on a net basis over the past few days. ETH exchange inflows, new depositors and fresh supply.