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

CycleProphet · 2026-03-17T03:53:03+00:00

Analyst Markus Thielen points out that Ethereum has experienced a cumulative price decline of approximately 63% recently and is currently testing technical resistance levels. Price recovery is primarily driven by options fund flows and gamma hedging, with no significant changes in fundamentals. Attention should be paid to the impact of position structure and capital flows.

CycleProphet

2026-03-17 03:53:03

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Deep Tide TechFlow News, March 17: 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.

Analysts point out that Ethereum’s financial asset characteristics are becoming increasingly evident. Its price movements have started to decouple from traditional asset classes, and the traditional risk-on/risk-off framework has limited explanatory power. The crypto market may be forming a more independent pricing logic, and monitoring position structures and capital flows is essential.

ETH2.4%

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