Ethereum Deploys Record 8.7M Contracts as Charts Target $3,143
Ethereum closed Q4 2025 with a quarterly record of 8.7 million smart contract deployments, according to Token Terminal data shared by BMNR Bullz. The surge marks the highest quarterly developer activity on the chart dating back to 2016 and signals increased on‑chain building, though deployments do not guarantee sustained contract usage. On price action, short‑term technical analysis from More Crypto Online mapped an Elliott Wave count on a 30‑minute ETHUSD chart and identified $3,143 as the first target for wave (c). The chart showed ETH breaking above a descending trendline after holding support between about $2,827–$2,895 (the 61.8%–78.6% Fibonacci retracement zone), pushing back above $3,000. The $3,143 level corresponds to the 100% Fibonacci projection for the current move; higher extensions were marked but not emphasized. Key takeaways for traders: materially higher developer activity may support longer‑term network utility and sentiment, while near‑term technical structure frames $3,143 as an initial resistance/target — watch price reaction there and whether the corrective structure extends or stalls.
Bullish
The news combines a clear on‑chain growth signal (record 8.7M contract deployments) with a constructive short‑term technical setup. Higher developer activity is a positive fundamental indicator — it can support ecosystem growth, new dApps, and long‑term demand for ETH. Short‑term, the technical projection identifies $3,143 as an initial upside target after a trendline breakout and support at the 61.8%–78.6% Fibonacci band; that suggests momentum to test resistance levels above $3,000. Together these factors tilt the immediate outlook bullish. Caveats: contract deployments don’t guarantee active usage or revenue, and the technical structure is labeled corrective — failure at $3,143 or a reversal from higher Fibonacci extensions could produce sharp pullbacks. Trade implications: consider taking partial profits near $3,143, use stop placement below the $2,827–$2,895 support band, and monitor on‑chain metrics (active addresses, fees, TVL) to confirm sustained network adoption before adding long exposure for the medium term.