– The price of Ethereum’s native token, Ether (ETH), has gained around 35% in 2023 but has struggled to break above the $2,000 level.
– The price rejection at $2,000 resembles a bearish fractal from 2018-2019, indicating a potential selling area and pressuring ETH’s price lower.
– The strengthening U.S. dollar and the ongoing hype around Bitcoin ETFs have dampened demand for Ethereum and caused it to underperform compared to Bitcoin.
– Ethereum’s network activity has also dipped, with a decrease in total-value-locked (TVL) and a drop in NFT volumes and unique active wallets.
– Technical analysis suggests a potential rebound towards the 50-day exponential moving average (50-day EMA) near $1,665, but a break below the ascending triangle pattern could lead to a significant price drop.
– This article does not provide investment advice and readers should conduct their own research before making any decisions.