Ethereum could fall further to the $1,700 range as exchange inflows increase and demand for spot exchange-traded funds (ETFs) slows, an analysis showed.

On May 15, Cointelegraph reported that market analysts raised the possibility Ethereum could slide about 20 percent further from its current price.

Ethereum rebounded about 40 percent from multi-month lows below $1,800 but failed to clear resistance at $2,400. CryptoQuant analyst BorisD said expanded exchange inflows were a key factor preventing an upside breakout.

Ethereum holdings on Binance rose from 3.36 million ETH on May 5 to 3.84 million ETH on May 9. Over the same period, Ethereum's price fell 7 percent to $2,260 from $2,390. BorisD said liquidity was absorbed in that range while distributed selling took place.

Other analysts also said the short-term rebound may not mark the start of a strong uptrend. PellyneiPA said high volatility after a short-term rebound could be followed by a larger downtrend.

Changes in Ethereum net positions across exchanges showed a similar trend. On May 13, the net position change was calculated as an increase of 585,000 ETH, the largest since December 2025. At the time, Ethereum traded around $3,000 and then fell 42 percent to $1,750 by February 2026. Such inflows were interpreted as moves by large holders to transfer cold-storage holdings or to sell into the market after redeeming Ethereum investment products.

Demand for U.S. spot Ethereum ETFs has also weakened. Spot ETFs posted net outflows for four straight days, with cumulative outflows of $190 million. Slower demand from U.S. investors is adding pressure on Ethereum, the analysis said.

Technical signals also turned bearish. On the daily chart, Ethereum fell below $2,280, where the lower trendline of a rising wedge pattern had been. If the daily candle closes below that level, a breakdown would be confirmed, with a downside target of $1,725. That is about 22 percent below the current price.

ShangoTrades said in a recent post on X that it is starting to become concerned about a breakdown in Ethereum's pattern. CryptoBulgat also cited a bearish flag pattern on the weekly chart and mentioned the possibility of $1,280.