The Venezuelan made a poor getaway from pole and ended up outbraking himself at Sainte Devote - the first of a chain of incidents which caused the race to be halted.
He was suspended from Saturday's sprint race as a punishment for his role in the incident.
Cecotto, however, believes his mistake was not the trigger for the ensuing chaos.
"I made a mistake and made impact with the wall which ended my race," he said of the incident.
"I didn't touch any other drivers, just outbraked myself.
"There was another crash to the right of mine which caused a big pile-up. The red flag came out and my car was lifted into the truck.
"Unfortunately, the stewards deemed this my fault and I was excluded from race two."
Cecotto said the crash and resulting ban had been even more frustrating given that he had captured only his second pole in 69 GP2 starts.
"It was a shame: we worked very well in preparation for Monaco and after a lot work I think we had a very good set-up on the car," he said.
"We had prepared a decent plan for the laps in qualifying and we held to that perfectly without any problems of traffic, which gave us a perfect session.
"I could feel that the car was very good."
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