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ETH Rebound Surpasses $2100, Market Phase Low Yet to Be Confirmed, Derivative Sentiment Still Bearish

ETH Rebound Surpasses $2100, Market Phase Low Yet to Be Confirmed, Derivative Sentiment Still Bearish

BlockBeatsBlockBeats2026/02/10 00:02

BlockBeats News, February 10th, as Bitcoin and the US stock market rebounded, ETH price rose above $2100. Previously, ETH experienced a 43% crash within 9 days, hitting a low of $1750, followed by a roughly 22% technical rebound. However, multiple data indicators suggest that the market remains cautious about ETH's short-term trend.


In the derivatives market, the two-month ETH futures annualized premium is only about 3%, below the 5% neutral level, indicating traders' insufficient risk appetite, with bears still dominating. Even with the price rebound, derivative sentiment has not significantly improved in the past month.


From on-chain and fundamental perspectives, ETH has underperformed the overall crypto market by about 9% since 2026, raising questions about fund flows. However, in TVL and fee revenue, Ethereum still maintains an absolute leadership: its mainnet accounts for 58% of the entire industry's TVL, and if Base, Arbitrum, and Optimism are combined, the percentage exceeds 65%.


But issues are also prominent. Due to slowed on-chain activity, Ethereum has failed to maintain its deflationary nature, with the ETH annualized supply growth rate rising to 0.8% in the past 30 days, significantly higher than the nearly 0% level a year ago. Meanwhile, concerns surrounding Layer 2 subsidies and security continue to escalate. Vitalik Buterin recently stated that the emphasis should be put back on mainnet scalability and acknowledged that some current L2 solutions still fall short in decentralization and security.


Analysis suggests that against the backdrop of increased uncertainty in the US job market and sustainability concerns regarding AI infrastructure investments, overall risk appetite remains weak. The stagnation in the derivatives market reflects investors' lack of confidence in a sustainable reversal in ETH's short term, and whether the interim bottom has been confirmed still awaits more time and data validation.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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