Matrixport: The price of Ethereum is currently mainly driven by futures positions, and there is a high possibility of continued pressure in the future

ChainCatcher message, Matrixport released a daily analysis stating, "Although Bitcoin has attempted to rebound, the likelihood of a sustained breakout is low based on seasonal trends. To maintain technical validity, Bitcoin needs to stay above $105,000. However, the bigger concern lies with Ethereum— as we pointed out in previous reports, leveraged traders have pushed its price up without fundamental support.

We still believe that Ethereum's current price is primarily driven by futures positions, making it more susceptible to downside risks. This position risk also explains the sharp decline in Ethereum over the past few days. With market leverage still high, the possibility of continued price pressure remains significant."