Ethereum started 2026 with a split signal: stablecoin transfer volume on the network topped $8 trillion in Q4, while ETH price climbed into a key resistance band. Traders now focus on whether ETH can reclaim $3,200 to $3,400 or slide back toward the $3,000 CME gap.
Stablecoin Transfer Volume Tops $8 Trillion on Ethereum
Stablecoin transfer volume on Ethereum exceeded $8 trillion in the fourth quarter, setting a new quarterly record, according to data shared by Token Terminal. The chart tracks quarterly stablecoin transfer volume on Ethereum and shows a sharp jump at the end of the year.
Stablecoin transfer volume quarterly Ethereum. Source: Token Terminal / X
Earlier quarters in 2024 already showed rising activity, and then Q4 pushed above the $8 trillion mark. The latest bar stands well above prior peaks, including earlier 2024 quarters that ranged in the low trillions.
An X post from the account BMNR Bullz highlighted the milestone and framed the move as payment activity “happening on chain.” The post also argued that broader integrations and tokenized real world assets could add to volumes later, although the chart itself only reports transfer totals.
Ethereum Nears 3,200 to 3,400 Ceiling as Traders Watch Next Break
Ethereum traded near $3,160 on the daily ETH USDT chart from Binance as it climbed back toward a marked resistance zone between roughly $3,200 and $3,400. The chart shared by Ted on X shows price pushing higher after a late year rebound, while multiple red supply bands sit above current levels.
Ethereum TetherUS 1D Binance. Source: TradingView Binance, TedPillows
First, the chart frames $3,200 to $3,400 as the nearest decision area. Several candles earlier rejected from that band, so it now acts as a ceiling that sellers previously defended. As a result, the next daily closes around that range matter more than the intraday wicks, because the level lines up with prior congestion.
If ETH reclaims the band and holds above it, the chart points to the next upside area near $3,800 to $4,000. A dashed marker around the high $3,600s to low $3,700s shows an intermediate barrier that could slow the move before price reaches the upper red zone.
However, the chart also maps the downside path if price fails at resistance. In that case, ETH could slide back toward the $3,000 area, which sits near the first green demand zone and matches the round number support that held during recent pullbacks. Below that, the chart highlights another broader support region around the upper $2,700s to low $2,800s, which acted as a base during the prior drop.
Ethereum Futures Rally Leaves a $3,000 CME Gap in Focus
Meanwhile, Ether futures traded near $3,181 on the 1 hour CME chart as the market cooled after a sharp run higher into early January. The TradingView snapshot, created on Jan. 5, shows ETH pushing from the high $2,900s into the low $3,200s before pulling back and then stabilizing.
Ether Futures 1H CME. Source: TradingView, CME,CW8900
CW, posting on X, said ETH still has an unfilled CME gap near $3,000 and called it a “potential risk.” On the chart, a highlighted band sits around the $3,000 level, marking the zone traders often watch when futures reopen and leave a price gap versus prior trading.
If price drifts lower, the chart implies the $3,000 region could act as a downside reference point, because it lines up with the marked gap area and sits below the latest consolidation. If ETH holds above recent higher lows instead, the gap remains unfilled, and the market can keep trading above that zone until momentum fades or a deeper pullback hits.
Source: https://coinpaper.com/13537/ethereum-s-8-t-stablecoin-quarter-meets-a-3-200-test-and-a-3-000-gap
