Why Can’t Ethereum Break Above $2,000?
Ethereum has struggled to break above $2,000 in 2023, echoing a #bearish pattern from 2018-2019.
Factors include a stronger U.S. dollar, Ethereum's #underperformance compared to Bitcoin, and reduced investment in Ethereum.
The ecosystem's total value locked has decreased, leading to lower yields for investors, and Ethereum's gas fees have dropped. NFT activity has also declined.
Technically, Ethereum might #rebound to $1,665 but faces a bearish pattern, potentially dropping to $1,465 or $1,560 in October 2023. Breaking above $1,665 could push it to around $1,730.
