TechFlow News: On March 17, independent analyst Markus Thielen analyzed that Ethereum has declined approximately 63% cumulatively in this cycle, hitting a low of $1,837. Its current price is testing the upper boundary of the downward channel—a key technical resistance level. Recent price recovery has been primarily driven by options-related cash flows and gamma hedging mechanisms; fundamentals remain largely unchanged. Although ETF demand has shown signs of recovery, derivative positions continue to be the dominant factor influencing short-term price action.
The analyst noted that Ethereum’s financial asset characteristics are becoming increasingly pronounced, with its price behavior showing a degree of decoupling from traditional major asset classes. As a result, conventional risk-on/risk-off frameworks offer limited explanatory power. The cryptocurrency market may be developing a more independent pricing logic, making it essential to continuously monitor positioning structures and capital flows.
