Greeks.live researcher: ETH needs to hold the $4000 level, otherwise the options market may price in a bear market

ChainCatcher news, Greeks.live macro researcher Adam posted on the X platform that ETH briefly fell below $4000 during a significant decline, with multiple technical support levels being breached.

After the crash, the implied volatility of major contracts remained the same as before, but the skew significantly favored put options, with put contract prices clearly higher than call options, indicating a sharp increase in market concerns about downside risks. There was no significant increase in options trading volume, and market makers' positions entered the gamma amplification range, with some market makers having bought put options to hedge risks. Adam pointed out that if the $4000 level is lost, the options market may face a bear market pricing reassessment; BTC's performance is relatively more stable, but ETH's technical indicators are more critical.