Ethereum is trading around $2,044 to $2,052 and sits below the dealers’ gamma flip zone of $2,090 to $2,104. In this configuration, dealer hedging amplifies price movements, with dealers selling as ETH falls and buying as it rises. A $589 million short-gamma pocket, a negative gamma peak at $2,000 and a put wall at the same level are concentrated in the $1,980 to $2,000 corridor, potentially intensifying selling pressure. Dealers’ net gamma exposure ranges from negative $9.9 million to negative $12.6 million, while the max pain level for options expiring November 16 is $1,800.
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