Ethereum Price Analysis: What Comes Next for ETH After Rejection at $3.4K?

Ethereum is trading in a constructive but still corrective phase, with the price holding above the main higher-timeframe demand zones while encountering persistent supply under the declining daily moving averages.

The broader structure suggests that the aggressive selloff from the highs has transitioned into a basing and mean-reversion phase rather than a completed bullish reversal, while on-chain activity points to gradually improving participation rather than euphoric risk-taking.