🎢 Ether's rollercoaster ride continues! After a heart-stopping 18% drop to $2,826, ETH is dusting itself off and climbing back up, currently sitting pretty at $3,100. Despite the dip, traders are keeping their chins up, with onchain and derivatives metrics hinting at a return of confidence.

The launch of the Ethereum ETF in the US might be taking its sweet time, but strong fundamentals suggest a price rebound is on the cards. And with 40% of Ether’s supply locked in staking and DApps, there's less ETH available for immediate trading, meaning investors are less likely to sell in the short term.

Ethereum's layer-2 solutions are also gaining traction, offering investors a cheaper alternative to Ethereum's hefty transaction fees. Meanwhile, ETH derivatives are showing bullish signs, with the demand for call options outpacing put options.

So, despite the recent turbulence, it seems ETH might soon be soaring above the $3,400 resistance. Buckle up, folks! 🚀