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Crypto journalist
Anas Hassan
Crypto journalist
Anas Hassan
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Use of stablecoins on Ethereum has grown 400% in the past 30 days to a new all-time high of $580.9 billion with over 12.5 million transfers, reports data from the Token Terminal.
Ethereum stablecoin its market capitalization now exceeds $163 billion.
On-chain data from Arkham Intelligence shows that the majority of stablecoin transfer activity is coming from whales buying into ETH’s current dip after the leading altcoin plunged 4.61% over the past 7 days to test support at $3,738.
Especially the newly created wallet 0x86Ed she spent $32.47 million get 8491 ETH in last 3 hours.
Similarly, the recently liquidated whale Machi Big Brother put 284,000 USDC into Hyperliquid to keep its desire for ETH.
Why institutions are all-in on ETH by $5,000
So far in October, on-chain data from TheBlock shows that the total transaction volume of stablecoins on Ethereum exceeded $1.91 trillion for the second time.
This increasing use of stablecoins and whale piling has led analysts to predict that ETH could finally be heading towards the much-coveted $5,000 mark, which it tried to reach back in August when it was rejected around $4,953.
Matt Sheffield, CIO at Ethereum treasury strategy firm Sharplink Gaming, he said that after the large leverage losses that the crypto market witnessed two weeks ago, the price is expected to deviate substantially from acceptance.
But the reality is that Ethereum adoption, despite market-wide panic, is still ongoing “breaking speed”.
according to him “If you zoom out, it’s clear how much room there is. SWIFT processes ~$150,000 worth of payments per year. That’s 20x the current volume of USDT on Ethereum, where most institutional transactions happen most often.”
CME futures explode as institutions position for major ETH breakout
Data from CryptoQuant this confirmed and showed that institutional interest in Ethereum is growing rapidly, which can be seen in the increase in open interest in CME futures, indicating that the smart money is preparing for a big move forward in ETH.
This is in line with what Tom Lee, CIO of Fundstrat Capital, recently said he saidthat Ethereum could recover towards $5,000 if the ETH/BTC pair breaks above the 0.087 resistance level.
According to Lee, a clean break above 0.087 would mark a structural shift for Ethereum, similar in scale to the macroeconomic transitions that reshaped Wall Street in the 20th century.
Crypto analysts pointed out that ETH just confirmed a triple bottom at $3,600, a bullish signal for growth towards $5,000.
Charting expert Ash Crypto also shared that Ethereum is forming a Wyckoff re-accumulation pattern that points to $8,000-$10,000 ETH before the end of the bull run.
Technical Analysis: Elliott Wave, Fibonacci Charts Reveal ETH’s Path to $5,000
From a technical point of view, the Ethereum (ETH/USD) chart depicts an Elliott wave structure that suggests the completion of wave (4) and the potential start of wave (5) towards higher levels.
The current price, around $3,887, is just above the 0.618 Fibonacci retracement at $3,781, a key support area where a bullish reversal usually forms.
The 50-day moving average (red line) is acting as dynamic resistance, while the 200-day moving average (blue line) remains well below the level, confirming a broader uptrend structure.
If ETH holds above the 0.786 ($3,640) retracement level and avoids a rundown to $3,443, the chart predicts a rally targeting $5,125 to the 1.618 Fibonacci extension with the potential to go as high as $6,021 if wave (5) fully unfolds.
Momentum will remain bullish as long as ETH remains above the invalidation zone, and a retracement of the descending trendline could confirm the start of another bullish part to the upside.
