CoinVoice has recently learned that due to Ethereum's price failing to break through the resistance level as expected, a decline has occurred again. Analysts believe 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 suppress the ETH price to trigger stop losses.

According to data from The Block's "CME Ether Futures Net Position" dashboard, the number of Ethereum shorts has risen to unprecedented levels. For hedge funds alone, the short positions nearly doubled in August: on August 5, the total amount of hedge fund-driven Ethereum shorts was $2.3 billion, but this figure has rapidly increased to $4.19 billion recently, indicating that hedge funds continue to expect a decline in Ethereum's price. [Original link]