Greeks.live: The current focus should be on the psychological level of $4000 for Ethereum. If it is lost, the options market may face a repricing in a Bear Market.

[Greeks.live: Currently, the focus should be on the psychological level of Ethereum at $4000. If it is lost, the options market may face a revaluation in the Bear Market.] Adam, a macro researcher at Greeks.live, stated in a post on platform X that there was a significant big dump yesterday, with the ETH price briefly falling below the $4000 mark and breaking through multiple technical indicator support levels. After the big dump, the implied volatility (IV) of major contracts is basically flat compared to before, but the skew is significantly tilted towards put options, with put option prices greatly exceeding call option prices. This indicates that the options market's expectation of downside risk has sharply increased. The options trading volume yesterday did not see significant growth, market makers' positions have entered the gamma amplification range, and some market makers chose to purchase put options for risk hedging. Options traders continue to worry about downside risk, as breaking through the key support level will release extremely unfavorable signals. Currently, attention should be focused on the psychological level of $4000. If this level is lost, the options market may face a bear market repricing. BTC also aligns with this strategy, but the market expects its volatility to be lower, with price movements more inclined towards consolidation (ETH technical indicators are more critical). The market remains optimistic about the fourth quarter, having begun to position itself for an upward trend as early as last month. Currently, the options market is mainly focused on short-term risk hedging.