深潮 TechFlow News: On March 17, according to analysis by independent analyst Markus Thielen, Ethereum has declined approximately 63% cumulatively in this cycle, with lows touching $1,837. The current price is testing the technical resistance level at the upper band of the downtrend channel. Recent price recovery has been primarily driven by options fund flows and Gamma hedging mechanisms, with no significant changes in fundamentals. While ETF demand has shown some improvement, derivatives positions remain the core factor affecting recent price movements.
The analyst points out that Ethereum's financial asset characteristics are becoming increasingly prominent. Its price movements have shown some decoupling from traditional asset classes, with the traditional risk-on/risk-off framework having limited explanatory power. The crypto market may be forming more independent pricing logic, making position structures and capital flows worthy of continued tracking.
深潮 TechFlow News: On March 17, according to analysis by independent analyst Markus Thielen, Ethereum has declined approximately 63% cumulatively in this cycle, with lows touching $1,837. The current price is testing the technical resistance level at the upper band of the downtrend channel. Recent price recovery has been primarily driven by options fund flows and Gamma hedging mechanisms, with no significant changes in fundamentals. While ETF demand has shown some improvement, derivatives positions remain the core factor affecting recent price movements.
The analyst points out that Ethereum's financial asset characteristics are becoming increasingly prominent. Its price movements have shown some decoupling from traditional asset classes, with the traditional risk-on/risk-off framework having limited explanatory power. The crypto market may be forming more independent pricing logic, making position structures and capital flows worthy of continued tracking.