Gate News, March 17 — According to independent analyst Markus Thielen from Matrixport, 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, with no significant changes in fundamentals. Although ETF demand has somewhat rebounded, derivatives positions remain the key factor influencing recent trends. The analyst observes that Ethereum’s financial asset characteristics are distinct, and its price movements have begun to decouple from traditional major asset classes. The traditional risk-on/risk-off framework has limited explanatory power, as the crypto market exhibits a more independent pricing logic.
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