Ethereum Dips Below $3,400 Support Despite 3% Daily Gain
Ethereum price briefly slipped below the $3,400 support on OKX, trading at $3,399.17 on November 6. The pullback occurred amid a negligible 0.03% gain that day, reflecting minor market fluctuations. On November 8, Ethereum dipped again to $3,397.73 despite a stronger 3.04% daily rise, underscoring short-term volatility around this key price floor. Traders should monitor whether Ethereum price can reclaim $3,400 in the coming sessions to confirm bullish momentum. Continued network upgrades and growing DeFi adoption support long-term growth prospects, while the current range-bound moves suggest a cautious but stable outlook for ETH trading.
Neutral
Ethereum’s brief slips below the $3,400 support level, coupled with a modest 0.03% and 3.04% daily gains, present mixed signals. The immediate price pullbacks highlight short-term volatility and the importance of the $3,400 floor. However, the ability to register gains amid these dips points to underlying bullish pressure. In the short term, traders may adopt a cautious stance, awaiting confirmation of sustained momentum above the key support. Over the longer term, network upgrades and growing DeFi adoption underpin Ethereum’s growth narrative. Overall, these developments neither strongly bullish nor bearish, suggesting a neutral impact on ETH’s market outlook.