Ethereum price recently showed a triple bottom pattern near $4,230, pointing to a possible breakout if $4,540 resistance is crossed.
Meanwhile, stablecoin supply on Ethereum reached $172.2 billion, the highest on record.
Amid the current ETH price profiling, analysts are anticipating a jump to possible price targets between $5,800 and $6,200 later in the fourth quarter.
Ethereum’s chart showed a triple bottom formation that traders are closely watching.
The pattern formed between late August and early September, with three separate bounces around $4,230.
Each time the Ethereum price touched this level, it rebounded, suggesting that sellers were running out of momentum.
Analysts explained that the critical line to watch was $4,540 as Ethereum tested this resistance several times but failed to push higher.
If the price closed above that level, it could open the way to stronger gains.
Many traders described it as the trigger that would confirm the triple bottom and push the market higher.
The charts also showed the three bottoms marked with arrows, making the structure clear.
The idea is simple: once resistance gave way, Ethereum could move quickly, as past sellers would no longer block the advance.
This pattern has been used in trading for years and often points to a reversal after a downtrend.
At the time of reporting, Ethereum traded near $4,303. It was down slightly on the day, but attention stayed on the $4,540 resistance.
A breakout above it could confirm the triple bottom and open a path to new targets.
Alongside the chart pattern, Ethereum also saw a new shift in its total stablecoin supply.
Reports showed that $172.2 billion worth of stablecoins were now issued on the Ethereum network.
This marks the highest level recorded and is a significant milestone for the blockchain.
Stablecoins are tokens tied to the value of traditional currencies, usually the US dollar.
They are widely used in trading and decentralized finance. A larger supply often means more liquidity is available for market activity.
Traders viewed the growth as a sign of stronger utility and ongoing demand for Ethereum’s network.
Data also showed that 8.80% of the supply is now on Layer 2 solutions.
Notably, this shows the push to move some transactions away from the main chain to reduce costs and improve speed.
Analysts said the record supply underlined Ethereum’s role as the largest platform for stablecoin activity.
The link between stablecoin growth and price action has been noted before.
More supply on Ethereum can make it easier for traders to move funds, which in turn can affect price movements.
With $172.2 billion now in circulation, the network is standing at its strongest point so far.
Similarly, with the triple bottom in play and stablecoin supply rising, analysts turned to give possible price targets.
Some suggested that Ethereum could reach between $5,800 and $6,000 if it breaks its key resistance and momentum holds.
Others placed the target higher, at around $6,200 in Q4 2025. Arthur Hayes predicted that Ethereum could reach $10,000
One chart shared by Titan of Crypto showed a broadening wedge pattern that also pointed to the $6,200 level.
This aligned with other forecasts, which highlighted the importance of a confirmed move above $4,540.
While projections looked strong, there are still risks. Ethereum has continued to struggle to hold above $4,500, and momentum slowed after the recent peak around $4,800.
Notably, as September unfolded, Ethereum traded below resistance, but all eyes stayed on the $4,540 mark.
Traders and analysts believe that this is the key level to watch. A successful breakout could set the stage for the next leg higher, with year-end targets ranging between $5,800 and $6,200.
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