#Ethereum Futures Power Index just flipped deeper into negative territory, printing a 30D change near -0.23 as $ETH hovers around critical support.

The structure reveals a clear divergence. While price attempts stabilization, market power momentum continues to compress. This signals fading bullish participation and aggressive positioning from derivatives traders.
Historically, sustained negative 30D readings precede volatility expansion. The question is direction. If spot demand fails to absorb this pressure, liquidity pockets below recent lows become magnets.
However, extreme negative index zones often mark late stage capitulation. A sharp short squeeze remains possible if funding resets and open interest cools.
Momentum is weakening. Volatility is loading. The next expansion phase will not be quiet.