Deep Tide TechFlow News: On March 17, according to analysis by independent analyst Markus Thielen, Ethereum's cumulative decline in this cycle is approximately 63%, with a low touch of $1,837. Currently, the price is testing the upper resistance level of the downtrend channel. Recent price recovery has been primarily driven by options capital flows and Gamma hedging mechanisms, with no significant changes in fundamentals. While ETF demand has warmed somewhat, derivatives positions remain the core factor affecting recent price movements.

The analyst points 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 more independent pricing logic. Position structures and capital flows warrant continuous monitoring.