[Matrixport: ETH Tests Downward Channel Resistance After a 63% Cumulative Pullback, Options Gamma Hedging Drives Recent Rebound] Deep Tide TechFlow reports, on March 17, according to independent analyst Markus Thielen, Ethereum has experienced a cumulative decline of approximately 63% in this cycle, reaching a low of $1837. The current price is testing the technical resistance at the upper edge of the downward channel. The recent price recovery is primarily driven by options capital flows and Gamma hedging mechanisms, while fundamentals have not shown significant changes. Although ETF demand has slightly rebounded, derivatives positions remain the core factor influencing recent price movements. The analyst pointed out that Ethereum's financial asset attributes are becoming increasingly evident, and its price trends have somewhat decoupled from traditional major asset classes. The explanatory power of the traditional risk-on/risk-off framework is limited, and the crypto market may be forming a more independent pricing logic. The structure of positions and capital flows warrants continuous monitoring.