$ETH basis directly in reverse carry, futures prices pinned down and dragged along close to the ground by spot— the contract market won’t give longs even a single point of premium. The bearish answer is written right on your face!! By proactively placing sell orders, they push buy orders into the soil. The balance of power between bulls and bears tips with a crash toward the bear side, and there’s only one way for the contract’s momentum to go: down. The trend analysis keeps corroborating the “post-mortem”: price is lying below the moving average, the direction is downward, and there isn’t even enough for any decent resistance—only the fate of falling downward.