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

Odaily News Matrixport released today's chart, saying that although Bitcoin has attempted to rebound, from the seasonal pattern (see the daily chart on June 2), 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 vulnerable to downside risks. The rapid correction 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, and we need to be wary of the continued selling pressure brought about by this in the short term.