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Ethereum has reclaimed the $2,000 mark. It signals renewed bullish momentum after weeks of consolidation below this psychological threshold. At the time of writing ETH is trading at $2,066.26. This reflects a 9.33% gain over the past 24 hours as the broader crypto market extends its rally.
Ethereum spent most of February trading sideways near $1,900 after it saw a drop of around 60% from its previous peak.
The asset bounced back from the $1,750 support level which stopped the price from falling further and formed the base for the ongoing recovery.
According to Santiment, Ethereum's 30-day Market Value to Realized Value (MVRV) ratio has reached around -5.5%. It shows that the asset has transitioned from a state of extreme undervaluation to a condition of mildly undervalued.
According to Lookonchain, a whale address invested $14.5 million to acquire 7,008 ETH at a price close to $2,070.
A different large wallet transferred 20,000 ETH valued at approximately $38 million from major exchanges within a short timeframe.
The high-leverage long positions reached profitability as a major trader gained over $760,000 following the ongoing rally.
Another whale introduced an exit from long positions in ETH and BTC, resulting in $1.16 million in profits.
As of February 25 Ethereum spot ETFs saw net inflows of $125.87 million, including $61.94 million from Fidelity's FETH.
The market saw a notable shift after weeks of outflows. It suggests institutional investors were positioning ahead of an uptrend.
The Ethereum Coinbase Premium Index has crossed zero, according to CryptoQuant data. This indicates ETH is trading at a slight premium on Coinbase compared to offshore exchanges.
This week approximately $893 million in ETH options will expire at a Max Pain level of $2,200 while the Put-to-Call ratio stands at 0.78.
Options mechanics can temporarily influence price direction but a sustained increase will depend on the spot market demand rather than expiry-related activity.
Ethereum’s reclaim of $2,000 is a structural shift in short-term sentiment. Momentum indicators have turned positive. But sustained strength above resistance zones will decide whether this rally evolves into a larger trend reversal or stays a relief bounce within a larger consolidation phase.
