$4,000 Is Suddenly in Play for Ethereum Price as Key Network Metrics Accelerate

After breaking above the $3,300 level, the Ethereum price is now testing a technical zone that could determine whether the market is gearing up for a run toward $4,000 or setting up for another pullback.

Meanwhile, key metrics signal renewed hope for 2026, adding credence to the prospects of a move to $4,000.

Ethereum Tests Key $3,450 Resistance as $4,000 Comes into Focus

The Ethereum price has already cleared an important hurdle after breaking above $3,300, but now faces a decisive test, needing to reclaim the $3,450 level. According to analyst Ted Pillows, once this happens, the path to $4,000 could easily follow.

“ETH has broken above the $3,300 level. Ethereum needs to reclaim the $3,450 level, and a rapid rally towards the $4,000 level could occur,” wrote Pillows.

However, the rally is not guaranteed, as a rejection from the $3,450 resistance zone could invalidate the prospective rally.

Ethereum (ETH) Price Performance. Source: TradingView

What makes this setup different from past attempts is what’s happening beneath the surface. While price action remains relatively contained, Ethereum’s on-chain activity is accelerating at a pace rarely seen before.

Data shared by BMNR Bulls shows Ethereum recorded 393,600 new wallets in a single day, marking a new all-time high.

Over the past week, new wallet creation averaged around 327,000 per day, pushing the number of non-empty ETH wallets to a record level. According to BMNR Bulls, this growth is not driven by speculative price chasing.

“This isn’t price-driven speculation,” the post said. “It’s driven by lower fees post-Fusaka, record stablecoin settlement activity, and real users onboarding into apps, payments, and DeFi.”

Ethereum Network Growth and Total Amount of Holders. Source: CryptoQuant Ethereum Network Activity Hits New Highs Despite Rangebound Price

That adoption surge is clearly evident in transaction data. Network researcher Joseph Young noted that weekly transacting users on Ethereum have reached a new record, with 889,300 users actively using the network each week.

Ethereum Transacting Users. Source: Artemis

He attributed the growth to Ethereum’s dominance across stablecoins, DeFi, and trading platforms such as Uniswap.

“…post-Fusaka ethereum is scaling VERY effectively,” he added.

Analyst Leon Waidmann echoed the trend, noting that transaction volumes across the Ethereum ecosystem continue to rise.

Number of transactions processed across the ETH ecosystem keeps trending higher!