Ethereum’s short-term outlook weakens amid rising exchange inflows and falling open interest

Key Points

1. Nearly 100,000 ETH (about $250 million) were deposited into Binance in two sizable waves, signaling potential selling pressure if market sentiment shifts.

2. The gap between Ethereum's spot price and Binance Open Interest is growing, with Open Interest lagging and hitting lower highs below $5.6 billion, suggesting fewer traders are opening new positions.

3. Ethereum is trading at $2,451, down 0.5% over the last day, with indicators like the RSI at 48.9 indicating a consolidation phase with little volatility and no clear directional bias.

4. Oscillators like the Stochastic RSI are approaching overbought territory, limiting short-term upside potential, while momentum and MACD indicators show mild bullish signals.

5. The next upward target could be the upper Bollinger Band around $2,622 if buying pressure returns and Ethereum breaks above $2,500 with increased volume and rising open interest.