CoinGlass data shows that as of 10:35am UTC on February 16, more than 70% of ETH option unpositioned squaring contracts are bullish contracts. Nicolai Sondergaard, an analyst at Nansen Research, said that bullish positions indicate that investors are cautiously optimistic about ETH's medium-term appreciation. However, while ETH has not yet seen a clear recovery in the current cycle, the price is still about 44% below its all-time high of more than $4,890 three years ago (November 2021).