Ethereum price prediction: 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.

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.