3 reasons why Ethereum price can’t break $2K

Looking broadly, ETH/USD has actually been paining a bearish continuation pattern called an ascending triangle.As an outcome, a break below the triangles lower trendline dangers crashing the price by as much as the patterns maximum height. In this case, ETHs rate can drop to $1,465 and $1,560 in October 2023, depending on the breakdown point.ETH/ USD daily cost chart. Source: TradingViewIn the short term, a break above the 50-day EMA might have ETHs rate increase towards the triangles upper trendline near $1,730 in October 2023, corresponding with the 200-day EMA (the blue wave).

The cost of Ethereums native token, Ether (ETH), has actually gained around 35% in 2023 so far. Ethereum cost paints bear cycle fractalEthereums failure to cross above $2,000 in 2023 resembles the bearish rejection near $425 from 2018 to 2019. In 2023, the very same line is near $2,000, enforcing itself once again as a selling area and, therefore, pushing ETHs price lower.Stronger U.S. dollar, BitcoinA enhancing United States dollar has moistened demand for Ethereum in current months, hence minimizing its capability to close decisively above $2,000. In this case, ETHs price can drop to $1,465 and $1,560 in October 2023, depending on the breakdown point.ETH/ USD everyday rate chart.

The cost of Ethereums native token, Ether (ETH), has actually gained around 35% in 2023 so far. Ethereum price paints bear cycle fractalEthereums inability to cross above $2,000 in 2023 resembles the bearish rejection near $425 from 2018 to 2019. In 2023, the very same line is near $2,000, imposing itself again as a selling area and, therefore, pressing ETHs rate lower.Stronger U.S. dollar, BitcoinA enhancing United States dollar has dampened demand for Ethereum in recent months, therefore minimizing its ability to close decisively above $2,000.