Ethereum’s price shows signs of a bullish breakout, targeting the $3,000 level as traders eye a recovery after a prolonged downtrend. With a surge in Ethereum’s Total Value Locked (TVL) by 41% to $52.8 billion in the last 30 days and a 22% increase in daily transactions to 1.34 million, the network displays strong recovery signals. Technical analysis indicates that ETH price may encounter resistance at levels between $2,100 and $2,800. The recent break above a six-month descending trendline at $1,600 suggests a positive trend reversal. The 50-day SMA at $1,775 is now acting as immediate support for Ethereum’s price. The Relative Strength Index (RSI) has surged from 56 to 66 in the last 24 hours, indicating growing bullish momentum. Key levels to watch on the upside are the 100-day SMA at $2,100 and a congestion zone between $2,500 and $2,800. Analysts project a bullish reversal with targets set between $2,500 and $3,500. Ethereum’s on-chain metrics also look robust, with TVL increasing to $52.8 billion and a 22% rise in daily transaction count to 1.34 million. However, a 95% drop in Ethereum fees year-to-date suggests that the rise to $3,000 might take longer. Despite positive signs, low transaction activity on Ethereum raises concerns about ETH burning and inflationary pressure. US-listed spot Ether ETFs saw net outflows, adding to recovery worries. The article does not provide investment advice, and readers should conduct their research before making financial decisions.