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Matrixport: Ethereum Price Currently Driven Mainly by Futures Positions, High Possibility of Continued Downward Pressure in the Future
Summary: Matrixport released a daily analysis stating that despite Bitcoin's attempt to rebound, the likelihood of a sustained breakthrough is not high based on seasonal trends. To maintain technical validity, Bitcoin needs to hold above $105,000. However, the bigger concern lies with Ethereum - as previously pointed out in our report, leveraged traders are driving up ...
Matrixport released a daily analysis stating that despite Bitcoin's attempt to rebound, the likelihood of a sustained breakthrough is not high based on seasonal trends. To maintain technical validity, Bitcoin needs to hold above $105,000. However, the bigger concern lies with Ethereum - as previously pointed out in our report, leveraged traders are driving up its price without fundamental support. We still believe that Ethereum's price is mainly driven by futures positions, making it more susceptible to downward risks. This position risk also explains the sharp decline in Ethereum over the past few days. With market leverage still at high levels, there remains a high possibility of continued downward pressure on prices in the future.
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Link: Matrixport: Ethereum Price Currently Driven Mainly by Futures Positions, High Possibility of Continued Downward Pressure in the Future [Copy]
