Ethereum (ETH) has dropped below the critical $4,000 mark, signaling a potential shift in market sentiment, according to Greeks.live macro researcher Adam. The breach of this psychological level has led to a sharp skew towards put options, indicating increased expectations of downside risk. Despite stable implied volatility, gamma exposure has risen as market makers purchase puts for hedging purposes. The situation suggests a possible bearish repricing in the options market if Ethereum remains below $4,000. Similar trends are noted in Bitcoin (BTC), although with comparatively lower volatility, highlighting a broader cautious sentiment in the crypto market.