ETH is currently stuck around $3,114, and the latest research reports reveal several interesting signals.

First, let's look at volatility—implied volatility (IV) has dropped to the 17th percentile historically. What does this mean? The cost of buying options is extremely cheap, and institutions looking to position for a rebound now need to buy the dip.

Next, observe the market maker's movements. Max Pain (Max Pain) is locked at $3,100, only 0.47% away from the current price. At this level, market makers have a strong incentive to stabilize the price. Coupled with a positive Gamma environment ($41M scale), if the price drops, market makers will need to buy to hedge, naturally forming a solid support at $3,100.

Speaking of institutional strategies—the bull spread strategy is just the right scenario. Buying a $3,100 call option while selling a $3,300 call creates a position that bets on a moderate rebound above $3,200. The risk is manageable, and the returns are quite good.