Ether analysts predict another ‘selling wave’ as ETH struggles to overcome $1.7K

Ether analysts predict a potential selling wave for ETH as it struggles to maintain its position above $1,700. This forecast is based on several indicators, including increased exchange inflows, a noticeable slump in demand, and a significant 31% decrease in Ether futures open interest observed over the past week. These factors collectively suggest that downward price pressure may intensify. The decline in futures open interest, a metric reflecting the total number of outstanding derivative contracts, indicates reduced speculative activity and potentially a shift in market sentiment away from bullish positions. Furthermore, a rise in exchange inflows means more ETH is being moved onto trading platforms, which can precede selling activity as investors prepare to liquidate their holdings. The inability of ETH to break decisively above the $1,700 resistance level further reinforces concerns about its short-term price trajectory, with some analysts pointing to a lack of strong buying momentum to counter potential sell-offs. The current market sentiment appears cautious, with traders closely monitoring these on-chain and derivatives data points for further directional cues.