Deep Tide TechFlow News: On March 17, according to independent analyst Markus Thielen's analysis, Ethereum has declined approximately 63% cumulatively in this cycle, with a low touch of $1,837. Currently, the price is testing the upper technical resistance level 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 warmed somewhat, derivatives positions remain the core factor affecting recent price movements.

The analyst pointed out that Ethereum's financial asset attributes are becoming increasingly prominent, with its price movements showing some decoupling from traditional 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. Position structures and capital flows warrant continuous monitoring.