The Ethereum price failed to maintain its momentum after a bounce on August 31, dropping below $1,650 due to strong selling pressure. The broader crypto market is also experiencing a sell-off, with ETH trading down 3.21% in the last 24 hours. Around 143,000 ETH options are set to expire, with a balance between bets on price decrease and increase.

The "max pain" level is $1,700, and the combined notional value of these options is $230 million. There is a possibility of a significant 30% drop in the ETH price below the breakout point, with a descending triangle pattern on the daily chart adding to potential challenges for Ethereum's recovery.