ETH faces dominant short-term downward pressure, analyst says

Cryptocurrency analyst Pelin Ay argued on X that Ethereum (ETH) shows a structure more vulnerable to short-term downward pressure. Ay's comprehensive analysis of Binance funding rates, the estimated leverage ratio, and the Relative Strength Index (RSI) indicates that the price of ETH has been in a bearish trend for the past several weeks. According to the analyst, while the estimated leverage ratio remains high, the price is trending downward, which suggests the market is being supported by derivatives positions rather than spot demand. Ay also noted that funding rates remain positive, indicating a high proportion of long positions, but the price is not reacting. These factors combined point to a phase where downward pressure is dominant, Ay explained.