3 reasons why Ethereum price can't break $2K
A bearish Ethereum fractal meets lower network activity as Ether's price struggles to break above $2,000. 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. ETH/USD daily price chart. Source: TradingView 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. ETH/USD weekly price chart. Source: TradingView 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, ...