Ethereum Hits $6 Trillion Stablecoin Volume and Signals Long-Term Growth

• Ethereum is set to handle nearly $6 trillion in stablecoin transactions this quarter.
• USDT and USDC dominate trading via decentralized platforms, lending, and cross-chain bridges.
• Analysts indicate Ethereum has entered a long-term accumulation phase for potential growth.

Ethereum is showing strong signs of activity this quarter, with both in terms of record-breaking transfer amounts in the stablecoin space and a possible long-term accumulation trend.

Ethereum Sees Record Stablecoin Activity

Prominent crypto analyst, The DeFi Investor, indicates that Ethereum is on target to process close to $6 trillion worth of stablecoin transactions in the fourth quarter. This amount has already surpassed the last quarter’s figure in a quarter that still has a number of weeks to end.

Source: X

This indicates the magnitude of activity that takes place on the Ethereum blockchain network, in particular, given the prominent position of stablecoins in digital payments.

USDT, USDC, followed by other stablecoins pegged to the USD account for the majority of the trading. A significant portion of the trading activity comes from the decentralized trading platforms, lending services, and the bridge between the different blockchains. Analysts believe that the end of Q4 may see a new record for the number of transactions on the ETH network for the stablecoins.

Interestingly, the transactions of Ethereum’s stablecoins in Q4 already surpass the total number of transactions recorded in the last quarter by big payment systems such as Visa and Mastercard. This also goes to show that blockchain networks have already started to cope with even massive financial transactions.

Also Read | Ethereum (ETH) Set for Powerful 10% Rebound in 5 Days

Ethereum Enters New Long-Term Accumulation

Chart analysts on the Crypto GEMs suggest that Ethereum has started the new accumulation phase according to the framework of the Wyckoff Market Cycle. The new accumulation phase comes after the completion of the decline in the market in the year 2022-2023.

Source: X

The sideways movement in the ETH chart since 2023 resembles the accumulation phases prior to the jump in price. According to the Crypto GEMs forecasts for the sideways movements in the ETH chart, the price may reach $20,000 in 2026.

Market sentiment remains divided. Some people consider the sideways action a pause before a possible move, while others see the range as a trading opportunity to gain more exposure. Future significant movements in the price will depend on many factors.

In conclusion, ETH demonstrates a growing number of transactions and the onset of a possible long-term accumulation. With the high traffic of stablecoins present in the market, combined with a well-organized accumulation process in place, the possible groundwork for positive market action may have been established.

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