Ethereum is poised for a potential breakout to $5,000 in Q4, fueled by robust on-chain activity and a surge in stablecoin supply. The cryptocurrency is currently testing support at $4,500, with recent higher lows indicating bullish momentum. Ethereum's stablecoin supply has reached $172 billion, marking a 44% increase this year, while total value locked (TVL) has risen 6.37% to $167 billion. Exchange reserves for Ethereum have plummeted to an eight-year low, and $1.3 billion has flowed into Ethereum ETFs, suggesting a tightening supply. Despite Bitcoin's usual Q4 dominance, Ethereum is gaining ground with a 9% weekly rally, driven by strong on-chain fundamentals.