After surpassing 3,300 USD, Ethereum's price is now testing a key technical level. This area could indicate whether the market is ready to move toward 4,000 USD or if another pullback will occur.
Meanwhile, key metrics show a new leap ahead toward 2026, strengthening the possibility that Ethereum could reach 4,000 USD.
Ethereum is testing a key resistance level at 3,450 USD as 4,000 USD approaches
Ethereum's price has already cleared a crucial level by surpassing 3,300 USD. Now, Ethereum needs to reclaim 3,450 USD. Analyst Ted Pillows says that if this happens, the path to 4,000 USD could become straightforward.
"ETH has broken above 3,300 USD. Ethereum must reclaim 3,450 USD, and then a rapid rise toward 4,000 USD could occur," wrote Pillows.
But the surge is not guaranteed. If the 3,450 USD level is not broken, the anticipated rise may not happen.
What makes this situation different is what's happening beneath the surface. Even though the price is moving calmly, Ethereum's activity on the chain is increasing faster than ever before.
Data from BMNR Bulls shows that Ethereum reached 393,600 new wallets in a single day, which is a record.
Over the past week, an average of 327,000 new wallets were created daily. Thus, the total number of ETH wallets has also reached a new peak. BMNR Bulls say the increase is not due to speculation.
"This is not speculation on price," they write. "The drivers are lower fees post-Fusaka, records in stablecoin payments, and real users beginning to use apps, payments, and DeFi."
This increase is clearly visible in transaction data. Network researcher Joseph Young notes that the number of active Ethereum users per week has reached a new record, with 889,300 using the network each week.
He says the increase is driven by Ethereum's dominant role in stablecoins, DeFi, and trading platforms like Uniswap.
"...after Fusaka scales Ethereum VASTLY effectively," he writes.
Analyst Leon Waidmann sees the same trend. He points out that transaction volumes within Ethereum's ecosystem continue to grow.
Other analysts, such as Kyle Doops, point out that the gap between price and fundamentals is growing.
"The price has been calm. But the network hasn't been," he says. He sees records in wallet creation, rising transactions, and ETH staking at an all-time high. Doops believes this is something to watch throughout January.
Major players are also taking action. Onchain data from Onchain Lens shows that the wallet "pension-usdt.eth" has just closed a leveraged long ETH position. Thus, they secured 4.72 million USD in profit from the deal.
So far, the wallet has earned approximately 27 million USD in ETH profits, showing the scale of capital moving around Ethereum's recent surge.
Meanwhile, institutions are becoming increasingly optimistic. Standard Chartered, cited by Walter Bloomberg, says Ethereum's future looks brighter and that the asset is likely to perform better than Bitcoin.
The bank highlights Ethereum's leadership in stablecoins, real-world assets, and DeFi, along with higher network speed and potential clear U.S. regulations. Standard Chartered believes Ethereum could reach 7,500 USD this year and 30,000 USD by 2029.
Adoption, activity, and institutional interest are growing rapidly. Therefore, Ethereum's test of the 3,450 USD level could be decisive for short-term development. It could also determine whether 4,000 USD becomes a reality soon.
