Ethereum price action and derivatives data confirm that bears are currently in control

ETH derivatives show reduced demand for longs

Still, the declining demand for leverage longs does not necessarily translate to an expectation of adverse price action. Consequently, traders should analyzeto understand how whales and market makers are pricing the odds of future price movements. In bear markets, options investors give higher odds for a price dump, causing the skew indicator to rise above 10%. On the other hand, bullish markets tend to drive the skew metric below -10%, meaning the bearish put options are in less demand.The delta skew moved above the bearish 10% threshold on March 4, signaling stress from professional traders.

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