ETH rebounds and breaks above $2100, market’s cyclical bottom remains uncertain, and derivatives sentiment is still bearish.

GateUser-6433627c · 2026-02-10T00:01:38+00:00

On February 10th, as Bitcoin and U.S. stocks rebounded, ETH prices rose back above $2,100, but the market remains cautious about short-term trends. ETH previously plunged 43% over 9 days, then rebounded 22%. The derivatives market shows traders have insufficient risk appetite, with bears dominating. Many analysts believe that overall risk appetite is weak, and investors lack confidence in a short-term reversal for ETH.

GateUser-6433627c

2026-02-10 00:01:38

Abstract generation in progress

On February 10, with Bitcoin and US stocks rebounding, ETH price recovered above $2100. Previously, ETH experienced a 43% plunge within 9 days, touching a low of $1750, followed by an approximately 22% technical rebound. However, multiple data points indicate that market participants remain cautious about ETH’s short-term outlook. In the derivatives market, the two-month ETH futures annualized premium is only about 3%, below the neutral level of 5%, indicating insufficient risk appetite among traders and a dominance of short positions. Even with the price rebound, derivatives sentiment has not significantly improved over the past month. On-chain and fundamental analysis show that ETH has underperformed the overall crypto market by about 9% since 2026, raising questions about capital flow. Nevertheless, in terms of TVL and transaction fee revenue, Ethereum still maintains an absolute lead: its mainnet accounts for 58% of the industry’s TVL, and when including Base, Arbitrum, and Optimism, the share exceeds 65%. But issues remain prominent. Due to slowed on-chain activity, Ethereum has failed to maintain deflation, with the annualized ETH supply growth rate rising to 0.8% over the past 30 days, significantly higher than the near 0% level a year ago. Meanwhile, concerns over Layer2 subsidies and security issues continue to ferment. Vitalik Buterin recently stated that the focus should be re-emphasized on mainnet scalability, and acknowledged that some current Layer2 solutions still fall short in decentralization and security. Analysts believe that, amid rising uncertainty in the US job market and doubts about the sustainability of AI infrastructure investments, overall risk appetite remains weak. The sluggishness in the derivatives market reflects investors’ lack of confidence in a sustainable short-term reversal for ETH, and whether a bottom has been confirmed still requires more time and data for validation.

ETH-4,94%

BTC-2,2%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.