Will record $2.82T stablecoin volume push ETH higher?

Ethereum (ETH) is holding firm around $3,604 as on-chain data shows the network processing a record $2.82 trillion in stablecoin volume this month. The surge underscores Ethereum’s dominant position as the settlement layer of choice for digital dollars, and could be a leading indicator of stronger demand for ETH itself.

The milestone comes amid a broader pickup in decentralized finance (DeFi) activity, with total value locked (TVL) on Ethereum up nearly 8% week-on-week. Following the Federal Reserve’s recent rate cut, liquidity has been rotating back into risk assets, and ETH appears to be a key beneficiary.

Ethereum price landscape on November 3rd

Ethereum’s price is fluctuating between $3,540 and $3,670, holding comfortably above its 100-day simple moving average. Market capitalization stands around $433 billion, while daily trading volume hovers near $15 billion.

Stablecoins, particularly USDT and USDC, continue to drive network utility, accounting for the bulk of Ethereum transaction throughput. Analysts view the surge as a reflection of growing demand for trust-minimized settlement and a sign of expanding global stablecoin adoption.

DeFi lending, tokenized real-world assets, and increased Layer-2 settlement volumes are also feeding into Ethereum’s fee markets, reinforcing ETH’s value capture narrative as “digital oil.”

Ethereum price could attempt a breakout

If on-chain activity and stablecoin flows remain elevated, ETH could attempt a breakout above $3,850, targeting the $4,000–$4,200 zone. Institutional flows into Ethereum-based ETFs have also accelerated in recent weeks, suggesting renewed investor confidence in ETH’s mid-cycle positioning.

A sustained move above $4,000 would likely signal the resumption of Ethereum’s post-merge structural uptrend, particularly as staking yields and Layer-2 growth continue to support network fundamentals.Ethereum price prediction.

ETH rally’s sustainability is shaky

However, the rally’s sustainability depends on continued on-chain momentum. A slowdown in stablecoin velocity or reduction in issuance could weaken the demand case for ETH. A failure to defend the $3,500–$3,550 zone would expose downside targets near $3,300–$3,400.

Broader macro risks, including renewed dollar strength or geopolitical shocks, could also dampen risk appetite across crypto markets.

Ethereum price prediction

At current levels, ETH remains technically and fundamentally supported. The record-breaking $2.82 trillion in stablecoin volume underlines Ethereum’s deep liquidity and enduring relevance as a financial settlement layer.

As long as ETH holds above $3,500, momentum favors a gradual climb toward $4,000–$4,200. A decisive breakout above $3,850 could confirm trend continuation into year-end.

The Ethereum outlook: bullish while network activity and liquidity stay strong, but vulnerable if the stablecoin engine powering demand begins to cool.