due to the failure of Ethereum prices to break through the resistance level as scheduled, a new decline has appeared. Analysis believes that the bearish pressure in this round of the market seems to be mainly driven by large hedge funds. These hedge funds continue to short ETH in record numbers and attempt to lower the ETH price to stop losses. According to the data on the "CME Ether Futures Net Position" dashboard on The Block, the number of Ethereum shorts has risen to unprecedented levels. For hedge funds alone, the short positions in August almost doubled: on August 5, the total amount of Ethereum shorts driven by hedge funds was $2.3 billion, however, this number has quickly increased to $4.19 billion recently, indicating that hedge funds continue to expect Ethereum prices to fall.
