Matrixport: Ethereum’s Current Price Is Primarily Driven by Futures Positions, Downward Pressure Remains High
Matrixport's daily chart analysis notes that although Bitcoin has attempted a rebound, seasonal patterns (refer to our June 2 daily chart) suggest that a sustained breakout is unlikely. For this rally to remain technically valid, Bitcoin needs to hold above $105,000. However, a greater concern lies with Ethereum. As highlighted in our June 11 report, leveraged traders have pushed up prices without fundamental support. We continue to believe that Ethereum's current price is primarily driven by futures positions, making it vulnerable to further declines. This positioning risk helps explain the unusually sharp drop in Ethereum over the past few days. Given that leverage remains elevated, there is still significant downward pressure on prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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