Ethereum network growth hits $8T milestone, bulls eye $3,500 level

• Ethereum price gains as bulls eye $3,500 amid broader cryptocurrency gains.
• The Ethereum network’s stablecoin transfer volume hit $8 trillion.
• Bulls could target a surge to $4,000-$4,500, although bears remain alert.

The price of the Ethereum token is hovering in the green as optimism across the cryptocurrency market lifts Bitcoin to $93,000. AI tokens were among the cryptocurrencies that rallied.

With ETH at $3,171 at the time of writing, analysts are pointing to a potential squeeze past $3,500.

The top altcoin network’s unprecedented stablecoin transfer volumes, as well as overall risk market trends, make the odds in favour for the bulls.

However, traders have also taken note of a $63 million short position by a major whale, largely signaling big investors’ view of the asset’s near-term trajectory.

Ethereum price retests $3,200 resistance level

Ethereum’s price climbed to highs of $3,211 early Monday.

It marks a notable rebound that sees bulls reclaim the level after falling to lows of $2,700 in mid-December 2025.

The token had failed to clear above $3,000 after climbing to near $3,400 earlier that month.

Ethereum price chart by TradingView

However, as top altcoins joined Bitcoin in a broader market upswing, ETH rose from a support level near $3,100.

Bulls boasted the upper hand with daily volume jumping 40% to over $17 billion.

Ethereum’s price gains aligned with the uptick for equities, which showed gains as the market reacted to news of a US operation in Venezuela.

Analysts at QCP Group said in a note to investors.

Gains for Ether also come as the network eyes momentum amid a record stablecoin transfer volume.

Token Terminal data shows the Ethereum network has achieved a historic milestone, with stablecoin transfer volumes crossing $8 trillion in the fourth quarter of 2025.

This record high, nearly double the volume recorded earlier in the year, highlights Ethereum’s dominance as a hub for stablecoin transactions.

Real-world payment use rather than speculative trading provided fuel for this growth.

Bulls target $3,500, but what do analysts say?

According to QCP Group, crypto price performances in the past week show “alignment with broader risk assets.”

This could signal a shift in sentiment, which may then strengthen bullish narratives.

From a technical point of view, bulls have the potential to climb toward $3,500.

If price breaks out above this level, the next target could be $4,000 or higher.

This short-term outlook, however, may include a sharp reversal, with any upside squeeze threatened by profit taking.

As aforementioned, a large whale has taken a $63 million short position, with a liquidation threshold at $4,545.

Weakness may signal a pullback to $3,000, especially if Bitcoin falters and fails to extend gains.

BTC falling below $90k will spell bad news for bulls.

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