The short side is clearly dominant in the market right now. There is significant selling pressure in futures, and longs have been crushed. On the spot side, there are still no proper buyers, meaning there is no real demand behind the rallies.

Funding has turned negative, and short positions are starting to accumulate. On top of that, open interest is increasing, and these new positions are most likely short-oriented.

It seems like the market is preparing for a downturn. For now, the short scenario is more prevalent. The long side appears very weak, so it is advisable to be cautious.

Disclaimer

This content is not investment advice and only represents personal analysis and opinions. Crypto assets carry high risk; there is no guarantee of specific returns or profits. Please do your own research. $eth #eth