Matrixport: ETH Tests Downtrend Channel Resistance After 63% Cumulative Pullback This Round, Options Gamma Hedging Main Driver of Recent Bounce

MarsBitNews · 2026-03-17T04:34:22+00:00

Analyst Markus Thielen points out that Ethereum's price has declined approximately 63%, currently testing technical resistance levels. While ETF demand is warming up, derivatives positioning remains key to price movements, and the market may develop independent pricing logic—requiring attention to position structure and capital flows.

MarsBitNews

2026-03-17 04:34:22

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Mars Finance reports that, according to independent analyst Markus Thielen, Ethereum has declined approximately 63% in this cycle, with a low of $1,837. Currently, the price is testing the technical resistance at the upper boundary of the downward channel. Recent price recovery has been mainly driven by options capital flows and Gamma hedging mechanisms. The fundamentals have not shown significant changes; although ETF demand has somewhat rebounded, derivatives positions remain the key factor influencing recent trends. The analyst points out that Ethereum’s financial asset characteristics are becoming more apparent, and its price movement has started to decouple from traditional major asset classes. The traditional risk-on/risk-off framework has limited explanatory power, and the crypto market may be forming a more independent pricing logic. Monitoring position structures and capital flows continues to be important.

ETH1.5%

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