ETH attempting to break out of descending channel, says analyst

Ethereum (ETH) is attempting to break through the upper boundary of a descending channel after falling approximately 63% during the current cycle, according to an analysis by Markus Thielen, CEO of 10x Research. He noted that while ETF demand has shown some signs of recovery, ETH derivatives positions are acting as the key variable driving short-term price movements. Thielen added that from a fundamentals perspective, there have been no significant changes. However, because the crypto market has recently shown a tendency to move separately from traditional large-cap asset classes, there are limitations to predicting price fluctuations using the conventional risk-on/risk-off analysis framework.