$ETH dropped to 3400, not a risk, but a high-probability cyclical buying point
ETH is currently adjusting to 3400 USD, seemingly weak, but in fact entering a "structural buying zone." This price level is already close to a previous important support area, coupled with key moving average support on the technical side.
On-chain data does not show panic; instead, whale wallet holdings have slightly increased, and outflows from exchange hot wallets continue, indicating that long-term investors have not exited.
ETH is not merely a speculative asset, but a network effect asset. The actual usage intensity of the Ethereum ecosystem (L2 transactions, staked locking, developer activity) remains stable, indicating that this decline is more about market volatility than a deterioration in fundamentals.
If you believe ETH will eventually reach 7000 USD, then at 3400, it is a point that offers both odds and probability for entry.