), 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.Let's take a closer looks at the three likely reasons why Ethereum price has failed to decisively retake $2,000 since May 2022.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..
That includes declines in the key metrics of popular apps, including decentralized exchange Uniswap V2, DEX aggregator 1inch Network, Ethereum staking providerEthereum price technicals meanwhile show a potential rebound toward its 50-day exponential moving average near $1,665. However, looking broadly, ETH/USD has been paining a bearish continuation pattern called an ascending triangle.
As a result, a break below the triangle's lower trendline risks crashing the price by as much as the pattern's maximum height. In this case, ETH's price can drop to $1,465 and $1,560 in October 2023, depending on the breakdown point.Short-term, a break above the 50-day EMA could have ETH's price rise toward the triangle's upper trendline near $1,730 in October 2023, coinciding with the 200-day EMA .
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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