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Market News The Reason Ethereum Is Unable to Surpass $2,000

The Reason Ethereum Is Unable to Surpass $2,000

A historical resistance level near the 0.236 Fibonacci retracement line, a negative correlation with an appreciating U.S. dollar, a lag in performance relative to Bitcoin, and a decline in the value and activity of the Ethereum network and its applications all contribute to Ethereum's inability to surpass $2,000.

TOP1 Markets Analyst

2023-10-08

8089

Ether (ETH), the native token of Ethereum, has increased by approximately 35% in 2023, according to Cointelegraph. However, it has encountered multiple instances of severe bearish rejections while attempting to surpass the $2,000 psychological resistance level. Since May 2022, three probable factors have contributed to Ethereum's inability to reclaim $2,000 with decisiveness.

Ethereum's failure to surpass $2,000 in 2023 is comparable to the adverse rejection near $425 in 2018 and 2019. Ether appears to be in a recovery phase in both instances, as evidenced by its proximity to the 0.236 Fib line on the Fibonacci retracement graph. The same line is located near $2,000 in 2023, reestablishing itself as a selling point and exerting downward pressure on the price of ETH.

Secondly, in recent months, demand for Ethereum has been dampened by the strengthening U.S. currency, which has diminished its ability to close decisively above $2,000. The primary cause has been the prevailing negative correlation that exists between leading cryptocurrencies and the greenback. The weekly correlation coefficient between Ether and the U.S. dollar index (DXY) has exhibited a consistent negative trend throughout the year 2023. In contrast, Ethereum has performed considerably worse than Bitcoin in 2023 as a result of the ongoing spot Bitcoin ETF craze. Thus far in 2023, investment funds associated with Ethereum have experienced a decline of $114 million in net capital, whereas funds based on Bitcoin have managed to attract $168 million during the same time frame.

In conclusion, thus far in 2023, the total-value-locked (TVL) within the Ethereum ecosystem has decreased from 18.41 million ETH to 12.79 million ETH, indicating a diminished supply of funds and consequently lower investor returns. The decrease in TVL has coincided with the annual low of petrol fees on the Ethereum network, which was attained on October 5. According to Dapp Radar, Ethereum's NFT volumes and distinct active wallets have decreased by 30% and 16.5%, respectively, over the past 30 days.