- Ethereum’s price gains target $3,500 amid broader cryptocurrency advances.
- Ethereum network stablecoin transfer volume has reached $8 trillion.
- Bulls could aim for a rise to $4,000–$4,500, although short-sellers remain watchful.
The price of the Ethereum token is in positive territory as optimism across the crypto market drives Bitcoin toward $93,000. The AI tokens were among the cryptocurrencies that rallied.
With ETH trading around $3,171 at the time of writing, analysts point to the potential for a push beyond $3,500.
Unprecedented stablecoin transfer volumes on the altcoin’s network, together with broader risk-on market trends, are tilting the odds in favor of bulls.
However, traders also flagged a $63 million short position held by a large whale, indicating how major investors view the asset’s near-term trajectory.
Ethereum price retests $3,200 resistance
Ethereum climbed to a high of $3,211 on Monday morning.
That represents a notable recovery, with bulls regaining ground after the token fell to lows near $2,700 in mid-December 2025.
The token had failed to sustain levels above $3,000 after briefly reaching nearly $3,400 earlier in the month.
While top altcoins have joined Bitcoin in the broader market rally, ETH rose from a support area near $3,100.
Bulls held the edge as daily trading volume jumped by 40%, exceeding $17 billion.
Ethereum’s price gains also tracked strength in equities, which advanced as markets reacted to news of a U.S. operation in Venezuela.
Analysts at QCP Group noted in an investor briefing:
“After a December of narrow ranges, cryptocurrencies were higher in early Asia, with $BTC and $ETH closing at $92,000 and $3,100. The move coincided with stock gains and weaker oil prices following the U.S. operation that led to the detention of Nicolás Maduro in Venezuela.”
Ether’s gains come as the network records momentum driven by a record volume of stablecoin transfers.
Token Terminal data show the Ethereum network reached a historic milestone, with stablecoin transfer volumes surpassing $8 trillion in Q4 2025.
This record, nearly double the transfer volume earlier in the year, underscores Ethereum’s dominance as a hub for stablecoin transactions.
The growth has been driven more by real payment use cases than by speculative trading.
Bulls target $3,500 — what do analysts say?
QCP Group said recent crypto price action shows “alignment with broader risk assets.”
That alignment could signal a shift in market sentiment that would support 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 perspective, bulls have the potential to push toward $3,500.
If price clears that level, the next targets could be $4,000 or higher.
However, the short-term outlook may include sharp reversals, since upside pressure can be quickly eroded by profit-taking.
As mentioned, a large whale initiated a $63 million short position, with a liquidation threshold at $4,545.
Weakness could see a pullback to $3,000, especially if Bitcoin falters and fails to extend gains.
A drop in BTC below $90,000 would be negative for bulls.