Ethereum crosses $1.6K – Is $2K now within reach for ETH?
Ethereum's Layer 1 ecosystem is showing signs of revitalization, with TVL now nearing $190 billion – the highest level since late 2022.
According to Token Terminal, the resurgence is being driven by a balanced uptick across stablecoins, lending, liquid staking, and DEX protocols.
Source: X
Notably, liquid staking and lending protocols are gaining ground, signaling investor appetite for yield-generating applications.
This shows that capital is rotating back into Ethereum's foundational infrastructure, reinforcing bullish sentiment in parallel with ETH's technical breakout.
What to watch for
As ETH holds above $1,600 following its recent breakout, traders are eyeing the $2,000 resistance as the next major hurdle.
A successful breach could open the path toward $2,500-$3,000 in the medium term. However, the $1,600 support remains crucial; a drop below this level might signal a potential reversal.
Upcoming macroeconomic events, particularly any indications of Federal Reserve rate cuts by June, could influence ETH's trajectory.
Cooling inflation increases the odds of such cuts, potentially boosting risk assets like Ethereum. Notably, a wallet linked to the Ethereum Foundation recently transferred 1,000 ETH to Kraken, raising concerns about a possible sell-off.
Such movements could impact market sentiment and price stability.
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