The bearish sentiment for ETH is significantly stronger than for BTC. If the 1650 max pain level is broken, the space below will open up. In the short term, we need to keep an eye on gamma sensitivity.

Bitcoin and Ethereum options expiration reflects defensive posture. BTC 31,000 contracts cleared approximately $1.9 billion, put/call ratio 0.7, max pain $61,000; ETH 135,000 contracts cleared approximately $230 million, put/call ratio 1.29, max pain $1,650. ETH put demand higher than BTC. BTC still near $60,000, gamma sensitive to strike levels around $60,000 and $1,700, short-term movement may be affected.