Ethereum Soars to New Highs, Breaking Through the $1,600 Barrier: Is $3,000 on the Horizon?

Ethereum [ETH] has broken free from its months-long bearish trend, exceeding the $1,600 mark for the first time since February. This significant surge is generating optimism within the market, with many analysts predicting a potential rally towards the $2,000 and beyond. The price movement comes alongside an increase in on-chain activity, with Ethereum’s Total Value Locked (TVL) exceeding $190 billion – reaching its highest point since late 2022. This indicates renewed confidence among investors across various sectors, including stablecoins, liquid staking, lending, and decentralized exchange protocols, according to Token Terminal.