ETH on-chain metrics suggest potential rebound to $3,300

Major on-chain indicators for Ethereum are signaling a potential rebound despite a broader crypto market downturn, according to an analysis by Cointelegraph. While ETH has declined approximately 15% over the past week, its network fees and Layer 2 activity have increased. Trading volume on decentralized exchanges has also been on the rise. Multiple experts attribute this ecosystem growth to an upgrade late last year that improved data processing capacity and lowered fees. In the derivatives market, easing fear sentiment has allowed the put/call ratio to return to a neutral level, leading to forecasts that ETH could rebound to the $3,300 level.