$ETH Ethereum [ETH] may finally be shaking off its months-long slump. After breaking its persistent downtrend for the first time since February, ETH is now holding firm above $1,600 and setting its sights on the psychological $2,000 level.

At the same time, Total Value Locked (TVL) on Ethereum Layer 1 has climbed to $190 billion – its highest in months – signaling a resurgence of investor confidence in the first altcoin.

Ethereum has officially broken out of its multi-month downtrend. The breakout, marked clearly with a yellow arrow, is Ethereum’s first major technical shift since February 2025.

ETH is now holding above the crucial $1,600 support, and if this level sustains, analysts suggest a push toward the $2,000 mark could be on the horizon.

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.