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.

“After a range-bound December, crypto broke higher in early Asia, with $BTC and $ETH clearing $92k and $3,100. The move coincided with gains in equities and weaker oil prices following the US operation that led to the detention of Venezuela’s Nicolás Maduro.”

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.

2/ Crypto’s alignment with broader risk assets is looking less like a coincidence and more like a regime shift to start the year, helped by year-end tax loss harvesting fading and policy optionality back on the radar.

— QCP (@QCPgroup) January 5, 2026

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.