The price of Ethereum’s native token, Ether (ETH), has gained around 35% so far in 2023. But its attempts to break above $2,000, a psychological resistance level, have witnessed strong bearish rejections multiple times.

Let’s take a closer looks at the three likely reasons why Ethereum price has failed to decisively retake $2,000 since May 2022.

Ethereum price paints bear cycle fractal

Ethereum’s inability to cross above $2,000 in 2023 resembles the bearish rejection near $425 in 2018-2019.

In both cases, Ether appears to be in a recovery phase while eying close above its 0.236 Fib line of the Fibonacci retracement graph.

In 2018-2019, the 0.236 Fib line was near $425 and was instrumental in limiting Ether’s recovery attempts. In 2023, the same line is near $2,000, enforcing itself again as a selling area and, thus, pressuring ETH’s price lower.

Stronger U.S. dollar, Bitcoin

A strengthening U.S. dollar has dampened demand for Ethereum in recent months, thus reducing its ability to close decisively above $2,000.

The prevailing negative correlation between top cryptocurrencies and the dollar has been the main culpri

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Author: Yashu Gola

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