ETH's Real 2H Pin Is 2400, Not the Flagged 2360 Wall
ETH's 08:00 UTC expiry is two hours out, and the gravity center is unusually tight: spot 2402.71 sits within 0.11% of max pain (2400) and the gexCentroid (2402.64). Gamma flip is barely above at 2409.36 (+0.28%), meaning dealers are already near the boundary between short and long gamma at current price.
The 2360 strike that reads as the standout pin candidate is actually just the largest put wall by open interest — its GEX contribution (0.67) is trivial next to 2400's 10.6, which alone accounts for the bulk of this expiry's net GEX total of 8.74 (2420 offsets some of it at -2.46).
| Level | Kind | Distance from spot | OI |
|---|---|---|---|
| 2400 | Max Pain / Max GEX | -0.11% | 745c / 1019p |
| 2409 | Gamma Flip | +0.28% | - |
| 2360 | Largest Put Wall | -1.78% | 1878p |
| 2480 | Largest Call Wall | +3.22% | 1479c |
24h OI flow shows the largest single-strike build at 2360 puts (+1,447 contracts) and 2340 puts (+1,049), clustering below spot even though the actual magnet sits at and just above current price.