incorrect i2c frequency?
Your new expanded trace appears to show a normal IIC transaction.  There is a start condition, then the address byte of E0h, then NACK, then a stop condition.  The address byte value of E0h means the 7-bit address was 70h (=112), and the transaction was a write.  The NACK means that either there was no slave at 70h, or it didn't respond for some reason.

Assuming we can take the time indicators in the trace at face value, the clock rate is a little below 2 kHz.

Basically, this shows normal IIC behavior, and your interpretation of the trace seems correct.  I'm not sure what else there is to say.