Ethereum, the second-largest cryptocurrency, has faced challenges remaining below the $2,000-mark for a significant portion of 2026. However, that didn’t appear to be the situation at the time of reporting. Notably, it was trading at $2,047 following a 7% increase within a mere 24 hours. It’s important to examine the events leading up to ETH’s most recent price movement. Following a staggering decline of over 60% from its all-time high, Ethereum has been largely trading sideways throughout February 2026, hovering around the $1,920 mark. The recent bounce from $1,750 has thwarted another potential breakdown.
Ethereum saw a significant uptick with $9.23 million in net ETF inflows reported just yesterday. In a notable move, Grayscale has made fresh ETH purchases totaling $11.1 million. This came after weeks of ongoing outflows in February. Thus, one could contend that the transition to inflows likely held significance and may have impacted the altcoin’s price movement. Grayscale’s Ethereum Mini Trust was at the forefront of the buying activity. Notably, it countered the usual selling pressure associated with larger vehicles. Retail traders showed caution as they approached the resistance level. Nonetheless, institutional flows indicated a strategic positioning close to the support level. This was not hype. It was a calm capital entering as the price faced challenges on the charts. As the expiry of 893 million ETH options approaches, the market is eyeing a max pain level set at $2,200.On Friday, a staggering 893 million in ETH Options are poised to expire. This marks a segment of a larger $8.4 billion crypto expiry event.
As of now, Ethereum’s Max Pain is recorded at $2,200, significantly higher than the current spot price of approximately $1,910. The Put-to-Call ratio recorded a figure of 0.78. What this indicates is that traders might be expecting a possible price pull towards elevated levels. However, this type of pull would indicate hedging mechanics rather than genuine organic demand. In the meantime, a staggering $7.54 billion in Bitcoin Options is set to expire, with a Max Pain level pegged at $75,000. Consequently, the volatility risk is set to permeate through the major currencies. Neglecting to acknowledge expiry dynamics frequently results in emotional trading mistakes.
Historically, Ethereum has shown resilience by bouncing off the $1,750–$1,800 support level. However, it faced consistent rejections below the $2,000 mark, which limited its upward momentum. That is no longer the situation. As of this moment, with ETH’s price surpassing $2k, momentum indicators such as the MACD are signaling positive momentum, reflected in the green histograms. Reclaiming $2,000 has significantly shifted the narrative. However, it might be premature to determine whether the bulls will maintain any dominance in the short or long run. Price confirmation followed after ETH inflows suggested accumulation. On Friday, a staggering 893 million in ETH Options are poised to expire.