ETH 3400, is a "tactical dip" to build momentum for breaking through 4000.

This round of ETH has retraced from 3700 to 3400 without breaking structural support, instead showing a healthy trend of "decreasing volume dip + long-term address accumulation."

Most people see the dip itself, while a few see that ETH is building a resilient foundation for an accelerated year-end. From on-chain activity, L2 gas fees, DEX trading volume, and other data, there are no signs of weakening in the ecosystem.

There are no signs of panic in the funds; on the contrary, futures positions are stable and implied volatility is decreasing, indicating that both bulls and bears are waiting for the next round of trend confirmation.

As a pricing model for network assets, ETH allows for short-term dips, but it should not be ignored that before every significant rise, there is a consolidation zone that is misunderstood by the market.

3400 may be the "lowest noise phase" before the bull market starts.

$ETH