Ethereum nears six trillion dollars in Q4 stablecoin volume as analysts flag a new Wyckoff accumulation phase on long-term charts.
Ethereum Is Quietly Having One of Its Strongest Quarters
Ethereum is having a busier quarter than it might look at first glance. Stablecoin activity on the network is exploding again, and some long-term chart watchers think Ethereum might be settling into a new accumulation phase after the long comedown of the last couple of years.
Stablecoin Transfers Are Surging Toward Six Trillion Dollars
According to Token Terminal, Ethereum is on track to move almost six trillion dollars in stablecoin transfers in Q4. That number is already higher than last quarter, and there’s still time left before the books close.
It’s a reminder of how often stablecoins run through Ethereum, whether it’s trading, moving money between platforms, or everyday transfers. USDT and USDC still account for most of the flow, and both continue to dominate DeFi and bridge activity.
The volume is now so large that it’s outpacing the latest quarterly numbers from major payment networks. The comparison isn’t one-to-one, but it does show how much value has shifted to blockchain rails. If this pace holds, Q4 could end up being Ethereum’s biggest stablecoin settlement quarter ever.
A New Accumulation Phase Taking Shape
At the same time, some analysts say Ethereum’s long-term chart is starting to fit the Wyckoff accumulation pattern. Crypto GEMs is one of the voices pointing this out, noting that the big drop in 2022 and 2023 aligns with the “mark-down” part of the cycle. The sideways range since then looks to them like the early stages of accumulation.
In simple terms, this is the type of price behavior you often see when larger players slowly rebuild positions in a quiet market. Past cycles on the chart show similar ranges that eventually led to stronger uptrends once liquidity and sentiment improved. Their long-range outlook sees room for Ethereum to work toward the 20,000-dollar area by 2026 if the broader environment supports it.
Not everyone buys that idea, of course. Some traders think Ethereum is still stuck in a range with no clear direction. Others see the chop as a chance to average in while things are quiet. As always, any real move depends on market liquidity, macro conditions, and how much demand continues to show up across Ethereum’s apps and infrastructure.
For now, the combination of huge stablecoin flows and a patient long-term structure shows that Ethereum is far from idle. Traders watching the market on Binance will likely be keeping a close eye on how these trends develop through the rest of the quarter.$ETH
