The outstanding Ethereum options contracts due before the end of February show that the execution price of put options is concentrated at the $2,200 level. Although one analyst said this could be a hedge against bullish positions, it may also indicate a bearish short-term outlook for Ethereum. Jag Kooner, head of derivatives at Bitfinex, said: "The execution price for Ethereum put options is $2,200 and call options are priced at $2,400. This may suggest a bearish outlook in the short term as traders prepare for potential price declines."