Ethereum's on-chain metrics suggest a potential rebound to $3,300, despite recent market downturns. While Ethereum's price fell by 15% in early March 2025, network activity remained robust, with over 1.2 million daily transactions and a total value locked in DeFi above $45 billion. This divergence between price and network fundamentals indicates a "fundamental-value gap," historically preceding price corrections. The Dencun upgrade, implemented in late 2024, has bolstered Ethereum's scalability, reducing Layer 2 transaction costs by 90% and increasing data capacity by 300%. This has supported network activity, even during market volatility. Additionally, derivatives market indicators, such as a stabilized put/call ratio and positive funding rates, suggest improved medium-term sentiment, with a 35% probability of reaching the $3,300 level by June 2025. Ethereum's technical structure also supports recovery, with the $2,800 support level holding firm and the weekly RSI indicating oversold conditions. These factors, combined with increased network fees and Layer 2 expansion, underscore Ethereum's resilience and potential for price recovery.