TechFlame reports that since the price of Ethereum failed to break through the resistance level as scheduled, it has now fallen again. Analysts believe that the bearish pressure in this round of the market seems to be mainly driven by large hedge funds. These hedge funds continue to short ETH in record amounts and try to lower the ETH price to stop losses. According to data from the “CME Ether Futures Net Positions” dashboard on The Block, the number of Ethereum bears has risen to an unprecedented level. For hedge funds alone, short positions almost doubled in August: the total amount of Ethereum bears driven by hedge funds was US$2.3 billion on August 5, but recently this figure has rapidly grown to US$4.19 billion, which indicates that hedge funds continue to expect the price of Ethereum to fall.