- Ether price is rising toward $3,500 amid a broader crypto market upswing.
- Stablecoin transfer volume on the Ethereum network surpassed $8 trillion.
- Bulls could target a move to $4,000–$4,500, although bears remain cautious.
The Ethereum token is trading higher as optimism in the crypto market lifts Bitcoin toward $93,000. AI tokens were among the cryptocurrencies that saw notable gains.
With ETH trading around $3,171 at the time of writing, analysts point to potential upside pressure toward $3,500.
Unprecedented stablecoin transfer volumes on the leading altcoin network and broader risk-on market trends are increasing the odds in favor of buyers.
Traders have also noted a sizable whale short position of $63 million, a signal that some large investors remain wary about the asset’s short-term outlook.
Ethereum price retests resistance near $3,200
Ethereum climbed to an intraday high of $3,211 early Monday.
The move represents a meaningful rebound as bulls regained ground after the price fell to lows near $2,700 in mid-December 2025.
The token had not consistently held above $3,000 since an earlier rise to nearly $3,400 this month.
As major altcoins joined Bitcoin in a broader market advance, ETH rebounded from support near $3,100.
Bulls appeared in control as daily volume jumped roughly 40% to over $17 billion.
Ether’s rise coincided with gains in equities following market reaction to a U.S. operation in Venezuela.
Analysts at QCP Group noted this correlation in an investor note.
“After a range-bound December, crypto in early Asia has moved higher as $BTC and $ETH reached $92k and $3,100 respectively. The move coincided with equity gains and lower oil prices following a U.S. operation that resulted in the detention of Venezuelan Nicolás Maduro.”
Ether’s gains are also occurring as the network registers record stablecoin transfer volumes.
Data from Token Terminal show Ethereum reached a milestone in Q4 2025, with stablecoin transfer volume exceeding $8 trillion.
This record—nearly double the volume recorded earlier in the year—highlights Ethereum’s dominance as a hub for stablecoin transactions.
Actual payment use, rather than purely speculative trading, helped fuel this growth.
Bulls target $3,500—what do analysts say?
QCP Group observed that last week’s crypto performance showed “alignment with broader risk assets.”
That alignment could indicate a shift in market sentiment that would bolster 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 room to push ETH toward $3,500.
If price breaks decisively above that level, the next targets could be $4,000 or higher.
However, the short-term outlook remains vulnerable to sharp reversals, since any upward momentum could be threatened by profit-taking.
As noted, a large whale opened a $63 million short with a liquidation price around $4,545.
Weakness could see ETH slide back toward $3,000, especially if Bitcoin fails to sustain its gains.
A drop in BTC below $90,000 would be negative for bullish prospects.