ETH price hits $3.4K, but pro traders are not bullish yet: Here’s why

💡 DMK Insight

ETH’s pullback from $3,300.19 signals a critical moment for traders: The recent cooling off follows a strong rally, but it’s essential to understand the underlying factors. US macroeconomic conditions are shifting, which often leads to increased volatility in crypto markets. Additionally, reduced activity in decentralized applications (DApps) and falling transaction fees suggest a waning interest in Ether derivatives. This could indicate that traders are becoming more cautious, potentially leading to a consolidation phase. For those considering positions, keep an eye on the $3,200 support level. If ETH breaks below this, it could trigger further selling pressure. Conversely, a bounce back above $3,400 might reignite bullish sentiment. Watch for any macroeconomic news that could sway market sentiment, as this will likely impact ETH’s trajectory in the short term. Institutions may be looking to accumulate on dips, while retail traders might be more skittish, so understanding the flow of orders will be key.