▲ Ethereum (ETH)/ChatGPT-generated image ©

Ethereum has entered a “pause-and-rebound” phase aimed at reclaiming the $2,000 level, but what matters more is that the key driver is not isolated positive news, but a recovery in overall market beta.

According to CoinMarketCap on February 28 (local time), Ethereum (ETH) traded at $1,966.13, up 2.69% over the past 24 hours, moving in line with a broader market rebound alongside Bitcoin’s (BTC) 2.42% gain. The total cryptocurrency market capitalization also increased by 2.01%, signaling a renewed risk-on sentiment, with Ethereum’s rise largely reflecting this broader trend.

The primary backdrop for the rebound is an “attempt to confirm a market bottom.” Following steep recent declines, prices bounced back from oversold territory, while investor attention focused on more than $1.1 billion in weekly net inflows into spot Bitcoin ETFs. As institutional funds flowed back into Bitcoin, buying sentiment spread to major altcoins as well.

The derivatives market also supported short-term momentum. With the Relative Strength Index (RSI) remaining in the 39–43 range, indicating oversold conditions, open interest in the perpetual futures market rose 6.88% over 24 hours, reflecting renewed trading interest. However, funding rates remain slightly negative, suggesting that retail investors have not aggressively expanded long positions and that cautious rebound trading has dominated.

A key level to watch is the $1,920–$1,950 support range. If this zone holds, a retest of $2,000 appears likely. However, the fact that spot Ethereum ETFs recorded $43.6 million in net outflows on February 27 alone remains a headwind. Should the $1,900 level break, a return to the $1,800 range becomes more probable, raising concerns that this rebound could prove to be nothing more than a temporary relief rally.

*Disclaimer: This article is for investment reference purposes only, and we are not responsible for any investment losses resulting from reliance on it. The content should be interpreted solely for informational purposes.*

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