TechFlow News: On March 17, according to analysis by independent analyst Markus Thielen, Ethereum has declined approximately 63% cumulatively in the current cycle, with a low touch of $1,837. The price is currently testing technical resistance at the upper edge of the downtrend channel. Recent price recovery has been primarily driven by options fund flows and Gamma hedging mechanisms, with no significant changes in fundamentals yet. While ETF demand has shown some improvement, derivatives positions remain the core factor affecting recent price movements.

The analyst pointed out that Ethereum's financial asset characteristics are becoming increasingly prominent, with its price movement showing a certain 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 fund flows warrant continuous monitoring.