Deep Tide TechFlow News - On March 17, according to analysis by independent analyst Markus Thielen, Ethereum has declined approximately 63% cumulatively in this cycle, with the lowest point reaching $1837. Currently, the price is testing the upper technical resistance level of the downward channel. Recent price recovery has been primarily driven by options fund flows and Gamma hedging mechanisms, while fundamentals have not shown significant changes. Although ETF demand has warmed somewhat, derivatives positions remain the core factor affecting recent price movements.

The analyst points out that Ethereum's financial asset characteristics are becoming increasingly pronounced, 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 more independent pricing dynamics. Position structures and fund flows warrant continuous monitoring.