The crypto market is experiencing a complex bearish sentiment, with some traders maintaining a bullish outlook on the overall trend. Key resistance and support levels are identified at 115, 113, and 110, with an extreme downside target of 97. Volatility trading is under pressure as options strategies face challenges. A trader rolled a 113 put option to a 110 strike after the 115 resistance was breached. Ethereum's volatility is at an extreme 80% ATM level, contrasting with Bitcoin's 35% weekend volatility, suggesting potential arbitrage opportunities. Options expiry dynamics indicate that a 120 call option requires a 7k increase to remain viable, while butterfly spreads and iron butterfly strategies suffer outside their price ranges.