Crypto: Eth Taps $2.1k As Crypto, Macro Markets Rebound: Is The Bottom In?

ETH price moved above $2,150 as Bitcoin and US stock markets rallied, but does data show whether derivatives traders have turned bullish yet?

Ethereum maintains dominance in its total value locked metric, yet faces scrutiny over layer-2 scaling.

ETH inflation rose to 0.8% as onchain activity slowed, while US macroeconomic fears kept the derivatives markets in bearish territory.

Ether (ETH) price managed to reclaim the $2,100 level following a 43% crash over nine days that culminated in the altcoin making a $1,750 low on Friday. Despite a 22% relief bounce after hitting its lowest price since April 2025, ETH derivatives markets continue to reflect investors’ fear of further downside. Regardless of whether the macroeconomic environment is driving investor concerns, the odds of sustainable bullish momentum for ETH in the short term remain dim.

ETH monthly futures traded at a 3% premium relative to regular spot markets on Monday, which is below the 5% neutral threshold. This lack of optimism among Ether traders has been constant over the past month, showing no signs of improvement even as the price dropped toward $1,800. Unless bulls step in to demonstrate a strong appetite for risk at these levels, bears will likely remain in control.

ETH has underperformed the broader cryptocurrency market capitalization by 9% in 2026, leading investors to question what is driving capital away. From a broader perspective, the declining interest in decentralized applications (DApps) is not exclusive to Ethereum. The network remains the dominant leader in Total Value Locked (TVL) and fee generation when aggregating its layer-2 solutions.

Deposits on the Ethereum base layer account for 58% of the entire blockchain industry; that figure surpasses 65% when including Base, Arbitrum, and Optimism. For instance, the largest application on Solana hardly exceeds $2 billion in deposits. By comparison, the largest DApp on the Ethereum base layer holds over $23 billion in TVL. Solana’s Jupiter would not even crack the top 14 on Ethereum.

The Ethereum base layer ranked third in network fees, generating $19 million over 30 days, while the layer-2 ecosystem contributed another $14.6 million. Ethereum has faced criticism for heavily subsidizing scalability via optimistic rollups—a strategy Vitalik Buterin himself admitted needs adjustment. The Ethereum co-founder argued on Tuesday that the network should prioritize base layer scalability.

Related: Vitalik draws line between ‘real DeF

Source: CoinTelegraph