The signal coming from the options market indicates the possibility that Ethereum will continue to rise, with a short term target at the level of 4,400 USD. Gamma – The Index of "Hidden" Price Volatility Management, the indicator that analysts pay attention to here is Net Gamma Exposure (, the overall level of net gamma exposure ) for market makers ( on the Deribit platform for ETH. Gamma is a key indicator in options trading, reflecting the rate of change of the option's delta as the price of the underlying asset fluctuates. In other words, gamma shows the degree of "sensitivity" of the contract to changes in the price of Ether. The mechanism of short gamma and the self-expanding price effect When dealers enter a short gamma state, they are forced to buy the underlying asset when the price rises and sell when the price falls to hedge risks. This randomly amplifies fluctuations in the same direction as the market. Under normal conditions, a dealer profits from the difference between buying and selling )bid-ask spread( and always tries to maintain a neutral state in price )delta-neutral(. However, when they are in short gamma, their hedging behavior can turn into a driving force pushing the price further. The zone of $4,000 – $4,400: Accelerating thrust According to Amberdata, there is currently a significant number of short gamma positions concentrated between the strike levels )strike( of 4,000 USD and 4,400 USD. When ETH breaks the 4,000 USD mark, traders will start buying ETH for hedging, creating a "feedback effect" )positive feedback(, which will lead to a faster price increase. The nearest target of this impulse is 4,400 USD – the point where the gamma structure turns positive )positive gamma(. At this time, traders will trade against the market to curb price volatility. This makes 4,400 USD a "price magnet" )price magnet( reasonable for the current bull market. Analysis from analysts Greg Magadini – director of derivatives at Amberdata – stated: "If market forces are strong enough to break through 4,000 USD, we will see dealers become net buyers of ETH at higher prices, which may lead to a rapid rise to 4,400 USD – the next big gamma residue zone." Conclusion Signals from the options market implicitly indicate that ETH may continue to rise rapidly in the short term. Investors should closely monitor the 4,000 USD mark, as breaking this barrier could allow the 4,400 USD zone to be reached in a short time due to the amplification effect from dealers' hedging strategies. $ETH {spot})ETHUSDT(