PANews reported on February 16 that according to Cointelegraph, CoinGlass data showed that as of 10:35 am UTC on February 16, more than 70% of ETH options open contracts were bullish contracts. Nansen research analyst Nicolai Sondergaard said that bullish positions indicate that investors are cautiously optimistic about ETH's medium-term appreciation. However, although ETH has not yet seen a significant recovery in the current cycle, the price is still about 44% lower than the historical high of more than $4,890 three years ago (November 2021).