Market sentiment is divided as traders express a bearish consensus on Ethereum (ETH) while showing optimism for Bitcoin (BTC). Key levels under scrutiny include 115,000 for BTC as a potential trigger for significant gains, and 4,100 as a resistance level for ETH, which is seen as weak with potential for further decline. Traders are actively selling both call and put options on ETH, anticipating a range-bound market with limited upside above 4,100. They are employing cross-margin strategies to maximize returns, taking advantage of ETH's lower implied volatility compared to BTC. Despite initial losses from ETH's sharp fluctuations, traders are doubling down on short volatility strategies, betting on continued weakness and range-bound movement as options near weekend expiration.