Crypto financial services firm Matrixport noted in its latest analysis that Ethereum’s (ETH) recent price movements were largely driven by positioning in the futures market, but there was no strong fundamental dynamic to support this rise. Matrixport: Ethereum Price Rises on Futures Positions, Lacks Fundamental Support The report stated that Ethereum’s recent sharp pullback was a result of an overheated market structure due to the use of high leverage. Matrixport emphasized that leverage levels are still high, warning that this could create more selling pressure in the short term. On the other hand, the company stated that Bitcoin (BTC) has tried to turn its direction upwards with reaction purchases in recent days, but considering seasonal trends, this recovery is unlikely to be sustainable. According to Matrixport, it is critical for Bitcoin to defend the $98,000 level to maintain its current technical structure. A breakdown below this level could trigger a broader correction. The analysis also emphasized that due to the intensity of leveraged long positions, sharp downward movements in the market could occur again in the short term. Due to this structure of Ethereum, a warning was made that it could lose value more quickly in the event of a possible negative news flow or market shock. As a result, Matrixport advised investors to be cautious, noting that markets are currently driven by the balance of leveraged derivative positions, not fundamentals. *This is not investment advice. Continue Reading: Crypto Financial Services Company Matrixport Explains the Reason for Ethereum's Volatility! Here Are the Details
JUST IN: Binance Futures Lists a New Altcoin
