Ether’s ETH recent rally may be on shaky ground with one firm warning that last week’s price surge was largely fueled by speculative futures positions instead of a bump in organic demand.

In a note on Monday, Matrixport opined that “leveraged traders have pushed [ETH’s] price higher in the absence of fundamental support,” adding that this made the asset more susceptible to the “outsized decline” the asset saw over the weekend.

Ether slumped over 8% in a Saturday sell-off, leading losses among majors as traders reacted to the U.S. attack on Iranian nuclear sites in a surprise airstrike.

The firm pointed to last week’s sharp drop in ETH as evidence of this position-driven fragility and warned that elevated leverage levels could continue to pressure prices.

At press time, ETH traded near $2,248 — down from last week’s high above $2,400 — as derivatives data showed traders aggressively hedging downside risk.

Options market signals echo that caution, as CoinDesk analyst Omkar Godbole noted over the weekend. According to data from Amberdata, ETH’s 25-delta risk reversals — a measure comparing the cost of puts versus calls — have skewed negative across June to July expiries. This suggests investors are paying up for protection against downside volatility.

QCP Capital further noted in a weekend market update that “risk reversals in both BTC and ETH continue to show a preference for downside protection,” adding that long holders are actively hedging their spot exposure.

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