The high-speed mode (3.4Mbps) is normally found only on LCD display, high bit count ADC or high capacity EEPROM devices due to the need to transfer large amount of data. Most maintenance and control applications, the typical reason to use the I²C-bus, continue to operate at 100 kbps.
I assume that "IC" in your post means master (microcontroller) ..
If you desperately need this high speed you have to check if your hardware (master = microcontroller and slave = EEProm) is rated for high speed.
If they are rated for different speed(s), depending on type of microcontroller, there will be a couple of bits to configure internal timer to generate different SCL speeds ..
In most applications I2C will happily operate at the standard speed of 100kbps and that is more than enough ..
Regards,
IanP