USDC Activity on Ethereum Hits ATH as ETH Targets $5K

USDC on Ethereum hits record highs in supply, volume, and transactions, signaling growing adoption and network utility in early 2025.

ETH charts show bullish momentum as price nears $2,500 resistance, with technicals hinting at a potential breakout toward $5,000.

Ethereum’s rising stablecoin activity and price recovery reflect strong institutional interest and foundational strength in Web3 finance.

As per data shown by analyst That Martini Guy B on X, USDC usage on Ethereum has reached new all-time highs, signaling rising demand and network activity. According to recent on-chain data, metrics like outstanding supply, transfer volume, and transaction count have all surged. These movements suggest a renewed wave of institutional and retail engagement in both Ethereum and its stablecoin ecosystem.

Source: That Martini Guy B

Besides the rise in stablecoin activity, Ethereum’s price also shows strong recovery patterns. ETH currently trades around $2,567.73 and continues to test major resistance zones. After bottoming near $1,000 in 2022, Ethereum entered an extended accumulation phase before breaking out in mid-2023. Since then, the price has gradually reclaimed higher levels, indicating the start of a larger bullish cycle.

USDC Supply and Transfers Surge to Record Highs

Outstanding USDC supply on Ethereum now approaches $40 billion, matching previous peaks seen in 2021. Moreover, monthly transfer volume has surpassed $700 billion, beating the prior $600 billion peak from late 2022. These gains highlight Ethereum's critical role in global stablecoin settlement and DeFi utility.

Additionally, monthly transaction counts have jumped to 7.2 million, marking the highest level ever recorded. This synchronized increase in volume, count, and supply reflects a healthy and expanding ecosystem. green markers on the chart emphasize these new highs, underlining the bullish sentiment building around Ethereum’s core stablecoin infrastructure. Hence, the resurgence of stablecoin activity suggests Ethereum remains a foundational layer for Web3 payments and financial operations.

ETH Technical Structure Signals Strong Breakout Potential

According to Crypto GEMS analysis, Ethereum’s price shows a well-defined structure with resistance and support levels. Following the 2021 high near $4,800, ETH corrected sharply through 2022. The asset then entered a prolonged consolidation between $1,000 and $2,400, forming a classic accumulation pattern.

Source: Crypto GEMS

Consequently, the breakout in 2023 established a new bullish trend. After retesting the $1,500 level in late 2024, ETH bounced back sharply. The price now pushes toward the $2,500 resistance, with bulls eyeing a move past $5,000. Moreover, indicators suggest strong momentum returning to the market. The current chart setup points to Ethereum’s potential to reclaim and exceed its previous all-time high.

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