Matrixport: Ethereum prices are mainly driven by futures market positions and lack fundamental support

Odaily Planet Daily News Matrixport released today's chart saying that although Bitcoin has attempted to rebound, from the perspective of seasonality (see the daily chart on June 2 for details), the possibility of a sustained breakthrough is not high. To maintain the current trend structure, Bitcoin needs to hold the key support level of $105,000. At present, the price of Ethereum is mainly driven by futures market positions. Due to the lack of fundamental support, the trend is more susceptible to downside risks. The rapid pullback in the past few days is a direct reflection of the imbalance of the leverage structure. Considering that the leverage level is still high, there is still a risk of further decline in the future. In the short term, we need to be vigilant against the continued selling pressure brought about by this.