On that dip #Ethereum touched developing year VWAP VAH and now above Q VAH. ETHBTC still keep chances for reversal from grand downtrend on week timeframe (although can drop 4-5% more). And as I described on Tuesday, this can become the bottom of wide consolidation range.

So I think in general situation doesn't look that bad. Open question is if BTC done or do another drop by ~5% to ~96.5k which will lead to $ETH drop by 8-13% from CMP at least. Talking about 3200-3360 target zone.

Meanwhile sure target for a bounce is 3800. Will be there before or after the drop. Doesn't matter. Level will remain a magnet for price.