Ethereum hovered near $1,990 on a daily ETHUSD index chart as one analyst said the latest rebound still looks corrective after last week’s selloff and liquidation-driven drop.
The post from More Crypto Online said the market has not yet printed the kind of “impulsive” advance that would typically signal a stronger trend shift. The analyst added that a break above the weekend high could help confirm a change in structure, but said that confirmation has not appeared so far.
The chart marked price trading inside an orange Fibonacci area that frames the bounce from the recent low. That zone highlighted $2,252 as the 61.8% retracement, while deeper pullback references sat around $1,818 (78.6%) and $1,599 (88.7%), levels traders often watch during corrective recoveries.
Ethereum U.S. Dollar 1D Index Chart: Source: More Crypto Online on X
Price action on the left side of the chart showed a steady uptrend that later rolled over into a sharp decline, with labels suggesting a larger wave count and a potential ABC-style corrective path. The latest candles held above the lower retracement markers, but the analyst said the move still lacks the strength and structure needed to call a durable low.
The post added that the current area remains “technically relevant” after the flush, and it said the next clue should come from the short-term “micro structure.” For now, the analyst kept the downside scenario in play until the chart shows a clearer five-wave push higher or a decisive break above the weekend peak.
Ethereum logs another losing streak in monthly closes
Ethereum is on track to finish its sixth straight month with a negative close, according to a post by trader TedPillows that shared an $ETH monthly returns heatmap.
Ethereum Monthly Returns Heatmap. Source: TedPillows on X
The heatmap showed January 2026 down 17.52% and February 2026 down 19.58%, extending a run of red monthly candles after a longer stretch of mixed performance across prior years.
TedPillows also said that 11 of the last 14 months have closed in the red for $ETH, and he described the sequence as “very disappointing,” pointing to persistent weakness in month end performance rather than a single selloff.
Options bets cluster near $1,500 as Ethereum trades below max-pain level
Meanwhile, open interest in Ethereum options clustered heavily around the $1,500 strike for the Feb. 27, 2026 expiry, according to data shared by TedPillows, pointing to growing positioning for downside this month.
Ethereum Options Open Interest by Strike Price. Source: TedPillows on X
The chart showed large put open interest stacked near $1,500 and $1,800, while call interest concentrated at higher strikes. That skew signaled heavier protection or bearish exposure near the lower end of the strike range. By contrast, call interest rose across upper strikes from roughly $3,000 through $7,000, reflecting upside positioning further out.
The same chart marked a max pain level near $2,400, where total intrinsic value for options sellers would be lowest at expiry. With $ETH trading well below that reference, the current positioning suggests traders priced in a wider downside band for the February window, while keeping upside exposure open at distant strikes.
