Ethereum (ETH) has seen a 15% price drop recently, yet on-chain metrics indicate a strong bullish sentiment among traders. The rising Estimated Leverage Ratio (ELR) at 0.53 and a positive funding rate of 0.016 suggest optimism for a potential rally towards the $4,000 mark. Currently trading at $3,344, ETH could break resistance at $3,439, paving the way for further gains, although a continued decline could see it drop to $3,232.