Short Answer

Both the model and the market overwhelmingly agree that Ethereum's price will be $2,010 or above on Feb 13, 2026, with only minor residual uncertainty.

1. Executive Verdict

  • US Spot Ethereum ETFs saw significant net outflows on February 12.
  • Ethereum faces high volatility with significant liquidations near current levels.
  • CFTC and SEC collaborate on 'Project Crypto' to clarify regulations.
  • The CLARITY Act might classify digital assets as 'Digital Commodities'.
  • February consumer sentiment rose, but views diverge short and long term.

Who Wins and Why

Outcome Market Model Why
$2,050 or above 88.0% 87.5% Strong market sentiment supports Ethereum's price remaining above $2,050.
$2,070 or above 28.0% 27.0% Upcoming protocol upgrades could drive Ethereum's value above $2,070.
$2,030 or above 99.0% 98.5% Broad market stability and adoption support Ethereum's price staying above $2,030.
$2,090 or above 3.0% 2.0% Significant market resistance makes reaching $2,090 for Ethereum unlikely.
$2,010 or above 98.0% 98.8% Strong fundamental growth continues to ensure Ethereum's price stays above $2,010.

Current Context

As of February 13, 2026, Ethereum faces prevailing bearish sentiment despite significant institutional activity [^] . The cryptocurrency is trading around $1,900 to $1,960, having experienced a 1.3% drop to $1,944.76 on February 13, and is down 34.88% since the start of the year [^]. This downturn is accompanied by insider sales, with co-founder Vitalik Buterin selling $7 million worth of ETH and Aave founder Stani Kulechov offloading over $8 million, which "spooked ETH buyers" [^]. In contrast, institutional resilience is evident as approximately 330,000 ETH, valued at over $660 million, were withdrawn from exchanges since February 11, signaling long-term accumulation [^]. BlackRock and Goldman Sachs have reportedly increased their exposure to Ethereum ETFs, viewing the current prices as an investment opportunity, with US-listed Ether ETFs attracting $71 million in recent inflows [^]. Visa has further integrated Ethereum into traditional finance by settling stablecoin transactions using USDC, processing over $3.5 billion in annualized volume, while banks are also exploring Ethereum Layer-2 solutions [^].
Experts present mixed short-term bearish and long-term bullish forecasts for Ethereum [^] . Key support levels are identified around $1,800, with resistance noted at $1,965, $2,100, $2,400, $2,690, and a psychological barrier at $3,000 [^]. On-chain data and market indicators, such as Net Unrealized Profit/Loss (NUPL) and Relative Strength Index (RSI), largely suggest sustained capital outflows and weak buyer conviction, confirming a bearish market bias [^]. Short-term predictions from analysts like FOREX24.PRO and CryptoPotato indicate a continued downtrend, potentially below $1,655 [^]. However, a robust long-term outlook is maintained by several experts, with analyst Leshka suggesting a 3x-4x increase in ETH within six months, and Standard Chartered forecasting $7,500 by the end of 2026 [^]. Quantitative models project Ethereum reaching $6,500-$7,200 by late 2026, supported by strong network activity and institutional inflows [^]. The Ethereum validator entry queue, with a 71-day waiting period and nearly 4.1 million ETH in deposits, also reflects long-term holder conviction [^].
Upcoming events and fundamental strengths temper prevailing market concerns [^] . Significant events include ETHDenver 2026, with EthBoulder from February 13-15 and the main festival/hackathon from February 18-21, alongside various co-located summits [^]. The RWA Summit Hong Kong, focusing on real-world asset tokenization, concluded on February 13 [^]. Macroeconomic data, such as the US Consumer Price Index (CPI) announced on February 11, significantly influences market sentiment [^]. Common investor concerns revolve around identifying the market bottom, the impact of macroeconomic factors like inflation and interest rates, and the disconnect between strong institutional accumulation and retail sentiment [^]. Debates continue regarding specific price targets and whether Ethereum can reclaim the $3,000 mark soon [^]. Despite price stagnation, the "fundamental-to-price" disparity is a recurring theme, highlighting strong underlying network activity such as doubled decentralized exchange volumes, and ongoing discussions about Ethereum's scalability, Proof-of-Stake transition, and role in real-world asset tokenization [^].

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
Based on the provided chart data, the market has demonstrated extreme stability with no price volatility. The price has remained static at $0.99 from its opening, representing a consistent 99% probability of a "YES" outcome. The overall trend is completely flat, with the price acting as both the support and resistance level. There have been no significant price movements, spikes, or drops to analyze, as the market has been locked at this high probability since trading began.
The stability of the price at $0.99, despite a significant trading volume of 29,272 contracts, indicates a very strong and unwavering market consensus. The market's ticker suggests a resolution threshold of $2,689.99. Given that the current Ethereum price is approximately $1,945, the 99% "YES" probability implies the market question is whether the price will resolve below this threshold. The provided context, which highlights bearish sentiment, a year-to-date price decline, and insider selling, serves to confirm and reinforce this market conviction. Rather than causing a price shift, this negative news validates the market's long-held belief that ETH had virtually no chance of rallying over 38% to surpass the $2,689.99 strike price by the resolution time.
In essence, the chart reflects a market that priced in a near-certain outcome from the start and never deviated. The high volume shows active participation but also universal agreement on the probability, with traders consistently confirming the 99% likelihood. The market sentiment is therefore one of absolute certainty, fully aligned with the fundamental bearish context of the underlying asset. The price action suggests that traders see the current negative conditions as insurmountable for the purposes of this market's resolution.

3. Market Data

View on Kalshi →

Contract Snapshot

This market concerns the Ethereum price observed "today at 12pm EST." The specific conditions that trigger a "YES" or "NO" resolution, including any precise price thresholds, are not detailed in the provided content. No special settlement conditions are mentioned.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Implied probability
$1,210 or above $1.00 $0.01 100%
$1,230 or above $1.00 $0.01 100%
$1,250 or above $1.00 $0.01 100%
$1,270 or above $1.00 $0.01 100%
$1,290 or above $1.00 $0.01 100%
$1,310 or above $1.00 $0.01 100%
$1,330 or above $1.00 $0.01 100%
$1,350 or above $1.00 $0.01 100%
$1,370 or above $1.00 $0.01 100%
$1,390 or above $1.00 $0.01 100%
$1,410 or above $1.00 $0.01 100%
$1,430 or above $1.00 $0.01 100%
$1,450 or above $1.00 $0.01 100%
$1,470 or above $1.00 $0.01 100%
$1,490 or above $1.00 $0.01 100%
$1,510 or above $1.00 $0.01 100%
$1,530 or above $1.00 $0.01 100%
$1,550 or above $1.00 $0.01 100%
$1,570 or above $1.00 $0.01 100%
$1,590 or above $1.00 $0.01 100%
$1,610 or above $1.00 $0.01 100%
$1,630 or above $1.00 $0.01 100%
$1,650 or above $1.00 $0.01 100%
$1,670 or above $1.00 $0.01 100%
$1,690 or above $1.00 $0.01 100%
$1,710 or above $1.00 $0.01 100%
$1,730 or above $1.00 $0.01 100%
$1,750 or above $1.00 $0.01 100%
$1,770 or above $1.00 $0.01 100%
$1,790 or above $1.00 $0.01 100%
$1,810 or above $1.00 $0.01 100%
$1,830 or above $1.00 $0.01 100%
$1,850 or above $1.00 $0.01 100%
$1,870 or above $1.00 $0.01 100%
$1,890 or above $1.00 $0.01 100%
$1,910 or above $1.00 $0.01 100%
$1,930 or above $1.00 $0.02 100%
$1,950 or above $1.00 $0.02 100%
$1,970 or above $1.00 $0.02 100%
$1,990 or above $1.00 $0.02 100%
$2,030 or above $0.99 $0.02 99%
$2,010 or above $0.98 $0.03 98%
$2,050 or above $0.88 $0.13 88%
$2,070 or above $0.28 $0.74 28%
$2,090 or above $0.03 $0.99 3%
$2,110 or above $0.02 $1.00 2%
$2,130 or above $0.02 $1.00 2%
$2,150 or above $0.02 $1.00 2%
$2,170 or above $0.01 $1.00 1%
$2,190 or above $0.01 $1.00 1%
$2,210 or above $0.01 $1.00 1%
$2,230 or above $0.01 $1.00 1%
$2,250 or above $0.01 $1.00 1%
$2,270 or above $0.01 $1.00 1%
$2,290 or above $0.01 $1.00 1%
$2,310 or above $0.01 $1.00 1%
$2,330 or above $0.01 $1.00 1%
$2,350 or above $0.01 $1.00 1%
$2,370 or above $0.01 $1.00 1%
$2,390 or above $0.01 $1.00 1%
$2,410 or above $0.01 $1.00 1%
$2,430 or above $0.01 $1.00 1%
$2,450 or above $0.01 $1.00 1%
$2,470 or above $0.01 $1.00 1%
$2,490 or above $0.01 $1.00 1%
$2,510 or above $0.01 $1.00 1%
$2,530 or above $0.01 $1.00 1%
$2,550 or above $0.01 $1.00 1%
$2,570 or above $0.01 $1.00 1%
$2,590 or above $0.01 $1.00 1%
$2,610 or above $0.01 $1.00 1%
$2,630 or above $0.01 $1.00 1%
$2,650 or above $0.01 $1.00 1%
$2,670 or above $0.01 $1.00 1%
$2,690 or above $0.01 $1.00 1%

Market Discussion

Discussions and debates surrounding Ethereum's (ETH) price on February 13, 2026, indicate a generally cautious yet mixed sentiment, with a tug-of-war between bearish short-term outlooks and optimistic long-term projections [^]. Several analyses highlight a "bearish" trend in the short term, with ETH struggling to hold key support levels around $1,800 to $1,900 after a period of heavy selling since late 2025 [^]. Some experts, including Standard Chartered, even predict a potential plunge to $1,400 in the coming months, viewing the current market as a "final capitulation period" before a possible rebound towards $4,000 by the end of 2026 [^].

4. What Were the Key US Spot Ethereum ETF Flows on February 12, 2026?

Total Net Flow (Feb 12)-$113.1 million [^]
Cumulative Net Flow (Inception)Approximately $11.67 billion [^]
Total Net Assets Under Management (AUM)Approximately $15.51 billion [^]
On February 12, 2026, US-listed spot Ethereum ETFs experienced significant net outflows. These ETFs recorded a net outflow of $113.1 million on February 12, 2026, marking the second consecutive day of negative flows and intensifying a trend of capital retraction from these investment vehicles [^]. The outflows were broad-based across the market, with major funds such as the Fidelity Ethereum Fund (FETH) registering withdrawals of $43.5 million and the BlackRock iShares Ethereum Trust (ETHA) seeing $29.0 million in withdrawals. This indicates a widespread negative sentiment rather than an issue confined to a single issuer [^].
Despite these recent negative trends, cumulative inflows for these ETFs remain substantial. The overall cumulative net inflow for US-listed spot Ethereum ETFs since their inception remains significant at approximately $11.67 billion [^]. The total net assets under management (AUM) for these ETFs stand at about $15.51 billion, which represents approximately 6.56% of Ethereum's total market capitalization as of February 12, 2026 [^]. This substantial market footprint indicates that the ETF sector has become a significant demand driver and factor in Ethereum's price discovery. The current outflows are likely influenced by short-term market volatility and broader macroeconomic concerns, potentially outweighing the long-term appeal of Ethereum's staking yield, which is around 3.7% [^].

5. What Key Factors Influence Ethereum Options Expiry on Feb 13, 2026?

Max Pain Price$2,100 [^]
Total Notional Open Interest$425 million USD [^]
Put/Call Ratio0.82 to 0.89 [^]
For the Ethereum options contracts set to expire on Friday, February 13, 2026, the calculated Max Pain price is $2,100 [^] . This critical level represents the theoretical price point where the maximum number of options contracts expire worthless for buyers, consequently minimizing the aggregate payout for option sellers. At the time of analysis, Ethereum's spot price was trading near $1,950 [^], indicating a notable difference from the Max Pain level. This divergence suggests a potential for the price to move towards $2,100 as the expiry date approaches, a phenomenon often referred to as "pinning," which can be influenced by the hedging activities of large market makers.
The total notional value of open interest for this specific expiry is approximately $425 million. Estimates placed the substantial total notional open interest between $410 million and $425 million USD [^], with a confirmed settled value of around $425 million [^]. This figure accounts for approximately 9% of the total open interest across all Ethereum options contracts, distributed over roughly 215,000 individual ETH options contracts [^]. The Put/Call Ratio (PCR) by open interest for this expiry ranges from 0.82 to 0.89 [^]. While a PCR below 1.0 generally suggests a bullish sentiment due to a higher proportion of call options, this specific range indicates a nuanced market with a slight optimistic bias, alongside considerable hedging or speculative downside positioning.
Max Pain calculations rely on robust, high-quality open interest data, primarily sourced from Deribit [^] . Deribit is recognized as the leading exchange for crypto options, and its data is utilized by analytical platforms such as CoinGlass and Laevitas to generate real-time insights [^]. While live data for expired contracts typically disappears from active dashboards, Deribit maintains extensive historical archives dating back to 2018. These archives include granular data points such as tick-by-tick trades, open interest levels, and volatility surfaces, ensuring that detailed post-expiry analysis of specific contract dates like February 13, 2026, remains fully accessible and verifiable for accuracy.

6. What Do Ethereum Exchange Balances Signal for Its Price?

Glassnode Daily Net Flow+6,455 ETH inflow (Glassnode [^])
CryptoQuant Daily Net Flow-105 ETH outflow (CryptoQuant [^])
Spot Ethereum ETF Outflows-27,000 ETH on Feb 12, 2026 [^]
Daily Ethereum exchange flows show minor, conflicting short-term movements. For the 24-hour period leading up to 12 PM EST on February 13, 2026, data from various platforms presented inconsistent figures. Glassnode reported a net inflow of +6,455 ETH to exchanges on February 12, 2026 [^], while CryptoQuant indicated a net outflow of -105 ETH in its real-time snapshot [^]. These discrepancies in daily figures are primarily attributed to varying data collection, aggregation windows, and wallet labeling methodologies employed by Glassnode [^] and CryptoQuant [^], highlighting the challenges inherent in real-time on-chain analysis and wallet clustering [^].
Despite daily variations, a significant long-term accumulation trend is evident. When viewed over a broader period, both Glassnode and CryptoQuant are in strong agreement on a substantial macro-trend of Ethereum withdrawals from centralized exchanges [^]. This includes net outflows exceeding 220,000 ETH on a single day, the highest such event since October 2025 [^]. Furthermore, a 7-day period recently saw over $2.7 billion worth of ETH withdrawn from Binance during a price decline, indicating strategic accumulation by long-term holders rather than panic selling [^]. This sustained reduction in exchange reserves signals a robust bullish narrative, driven by massive multi-billion dollar ETH outflows, which suggests a reduction in liquid supply and a potential supply shock [^].
Overall market outlook remains cautiously bullish despite ETF outflows. Counterbalancing the strong on-chain accumulation, spot Ethereum ETFs experienced net outflows of -27,000 ETH, approximately $55 million, on February 12, 2026 [^], which represents a bearish signal from the traditional finance sector. However, the magnitude of the ongoing on-chain accumulation trend significantly outweighs these conflicting daily flows and ETF withdrawals. The overwhelming on-chain evidence points to a cautiously bullish outlook for Ethereum, with the market structure favoring stability and appreciation over further significant decline [^].

7. What Do February 2026 Consumer Sentiment Index Findings Reveal?

Overall Consumer Sentiment Index57.3 (February 2026, Preliminary) [^]
Year-Ahead Inflation Expectation3.5% (February 2026) [^]
Current Economic Conditions Index58.3 (February 2026, Preliminary) [^]
Consumer sentiment rose in February, showing divergent short and long-term views. The preliminary University of Michigan Consumer Sentiment Index for February 2026 reached 57.3, representing a 1.6% increase from January’s final reading, though it remains 11.4% lower year-over-year [^]. A significant divergence was observed within the sub-indices: the Current Economic Conditions Index rose by 5.2% to 58.3 [^], while the Index of Consumer Expectations slightly declined by 0.7% to 56.6 [^]. This indicates that while consumers perceive an immediate economic improvement, their outlook for the next six months to a year has become slightly more pessimistic [^].
Short-term inflation expectations fell significantly, exceeding consensus forecasts. The median year-ahead inflation expectation decreased notably to 3.5% from 4.0% in January, reaching its lowest level since January 2025 [^]. In contrast, the long-run (5+ year) inflation expectation marginally increased to 3.4% [^]. The headline sentiment index also significantly exceeded the consensus forecast of 55.0, registering a 2.3-point or 4.18% positive deviation. This miss from the forecast is primarily attributed to an underestimation of the 'wealth effect' among consumers with substantial stock holdings [^].
The report suggests mixed market reactions and a complex outlook for the Fed. This data is expected to create a mixed market reaction; a 'risk-on' positive for equities due to a resilient consumer spending outlook, but ambiguous for U.S. Treasury yields, as strong sentiment suggests sustained economic activity while falling short-term inflation expectations could signal less aggressive Federal Reserve policy [^]. For the Federal Reserve, the report presents a 'mixed bag,' reducing near-term rate hike probability due to falling one-year inflation expectations but raising caution due to resilient sentiment among asset owners and a slight uptick in long-run inflation expectations [^].

8. What Are Ethereum's Critical Liquidation Zones and Market Implications?

24-hour Liquidations$70-84 million (as of Feb 13, 2026) [^]
Short Liquidation Intensity$1.005 billion above $2,100 [^]
Long Liquidation Pressure$769 million below $1,800 [^]
Ethereum faces high volatility with significant liquidations around $2,060. The cryptocurrency is currently trading around this level, experiencing high volatility with over $70-84 million in 24-hour liquidations, almost evenly split between long and short positions [^]. This indicates substantial market tension and a buildup of leveraged positions. Critical liquidation zones are identified between $1,800 and $2,100, which are expected to dictate price action leading up to the February 13, 2026, 12:00 PM EST prediction market resolution.
Short liquidation clusters above $2,100 could trigger a squeeze. A substantial concentration of short liquidation intensity, estimated at $1.005 billion, is clustered just above the $2,100 level [^]. Within the specified range, the "Short Max Pain" level is identified at $2,093, representing approximately $9.89 million in potential liquidations [^]. Additionally, an immediate short-side liquidation wall is present at $2,057. A sustained price movement above these identified levels could trigger a rapid short squeeze, potentially fueling a price surge beyond $2,100 [^].
Substantial long liquidation pressure below $1,800 could draw prices down. Conversely, significant long liquidation pressure exists below the current price. A cumulative $769 million in long liquidation pressure is found below the $1,800 price level [^]. Within the $1,800 to $2,100 range, the "Long Max Pain" level is situated at $1,894, with an estimated $33.7 million in long liquidations concentrated there [^]. A key long-side liquidation wall also stands at $1,863. This substantial downside liquidity acts as a powerful magnet, making a downside liquidity hunt a highly probable scenario if critical support levels are breached [^].

9. What Could Change the Odds

Key Catalysts

Recent developments suggest potential tailwinds for Ethereum, including a partnership between the CFTC and SEC on 'Project Crypto' aimed at clarifying regulatory lines and fostering market confidence [^] . This aligns with efforts to ease regulatory burdens, such as the Digital Asset Market Clarity (CLARITY) Act discussed at a recent White House meeting, which could classify digital assets as 'Digital Commodities' under the CFTC [^]. Further instilling market confidence, institutional players have shown strong conviction, with approximately 330,000 ETH withdrawn from exchanges since February 11, 2026, and Bitmine Immersion Technologies notably adding 180,000 ETH to its holdings in the past month [^].
However, the market is currently experiencing 'Extreme Fear,' with Ethereum in a 'firm downtrend' marked by negative capital flows and weak momentum [^] . Standard Chartered has issued a bearish warning, projecting Ether could slide towards $1,400 in the coming months due to weakened demand and active selling pressure [^]. This sentiment is underscored by negative spot ETF netflows for both Bitcoin and Ethereum over the past three months, coupled with deeply negative ETH Funding Rates [^]. Adding to the regulatory uncertainty, the UK's FCA recently initiated legal proceedings against global crypto exchange HTX for illegal promotion of services [^]. Ethereum's price performance has also been weak, repeatedly dipping near or below the psychological $2,000 level in early February [^].

Key Dates & Catalysts

  • Strike Date: February 13, 2026
  • Expiration: February 20, 2026
  • Closes: February 13, 2026

10. Decision-Flipping Events

  • Trigger: Recent developments suggest potential tailwinds for Ethereum, including a partnership between the CFTC and SEC on 'Project Crypto' aimed at clarifying regulatory lines and fostering market confidence [^] .
  • Trigger: This aligns with efforts to ease regulatory burdens, such as the Digital Asset Market Clarity (CLARITY) Act discussed at a recent White House meeting, which could classify digital assets as 'Digital Commodities' under the CFTC [^] .
  • Trigger: Further instilling market confidence, institutional players have shown strong conviction, with approximately 330,000 ETH withdrawn from exchanges since February 11, 2026, and Bitmine Immersion Technologies notably adding 180,000 ETH to its holdings in the past month [^] .
  • Trigger: However, the market is currently experiencing 'Extreme Fear,' with Ethereum in a 'firm downtrend' marked by negative capital flows and weak momentum [^] .

12. Historical Resolutions

Historical Resolutions: 50 markets in this series

Outcomes: 18 resolved YES, 32 resolved NO

Recent resolutions:

  • KXETHD-26FEB1314-T2689.99: NO (Feb 13, 2026)
  • KXETHD-26FEB1314-T2669.99: NO (Feb 13, 2026)
  • KXETHD-26FEB1314-T2649.99: NO (Feb 13, 2026)
  • KXETHD-26FEB1314-T2629.99: NO (Feb 13, 2026)
  • KXETHD-26FEB1314-T2609.99: NO (Feb 13, 2026)