The ETH price could come under short-term pressure due to:
1. Downtrend in deposits: According to data from Glassnode, the number of Ethereum deposits on exchanges has been decreasing steadily since mid-May. This suggests that investors are either holding onto their ETH or moving it to cold storage, which could limit the supply of ETH available for trading and potentially drive up the price.
2. Reduced DEX volume market share: Decentralized exchanges (DEXs) have seen a decline in market share over the past few months, with centralized exchanges (CEXs) regaining dominance. This shift could impact the demand for ETH, as DEXs are a significant source of liquidity for the cryptocurrency.
3. Futures data showing traders with a bearish bias: The futures market is currently showing a bearish bias towards ETH, with a higher number of short positions than long positions. This suggests that traders are betting on a price decline in the near future.
In summary, the ETH price could face short-term pressure due to a combination of factors, including a downtrend in deposits, reduced DEX volume market share, and futures data showing traders with a bearish bias. However, it’s important to note that cryptocurrency markets are highly volatile and subject to rapid changes, so these factors may not necessarily lead to a sustained price decline.