ChainCatcher Message: Due to Ethereum's price failing to break through resistance as expected, a decline has occurred again. Analysis suggests that the current bearish pressure in the market seems primarily driven by large hedge funds, which continue to short ETH in record numbers and attempt to depress the ETH price to trigger stop-loss orders.

According to data from The Block's "CME Ether Futures Net Position" dashboard, the number of Ethereum shorts has risen to unprecedented levels, with hedge funds alone nearly doubling their short positions in August: on August 5, the total amount of Ethereum shorts driven by hedge funds was $2.3 billion; however, this figure has recently surged to $4.19 billion, indicating that hedge funds continue to expect a decline in Ethereum's price.