Cryptocurrency continued to spend the weekend peacefully, and Bitcoin found buyers at a level of $28000. Although it cannot exceed the critical level of $28300, the fact that Bitcoin prices are hovering near the limit gives investors hope
Cryptocurrency continued to spend the weekend peacefully, and Bitcoin found buyers at a level of $28000. Although it cannot exceed the critical level of $28300, the fact that Bitcoin prices are hovering near the limit gives investors hope. However, the US inflation data to be released in a few days may bring losses to investors.
Why did Ethereum (ETH) not reach $2000?
EtherThe Price of the Internet CoinsThe price increased by 35% in 2023, but despite multiple attempts, the psychological resistance level of $2000 has not been permanently surpassed. In addition, a considerable portion of counterfeit coins have achieved greater returns this year.
So, what exactly is causing itEtherHas the price been repeatedly defeated and failed to break through this psychological resistance level?
ETH Price Bear Fractal
2018-2019425EtherFibonacci0.236 Fib2018-20190.236 Fib425Ether20232000
The strengthening of the US dollar
Butoxy groupThe increase has affected the entire market and also reduced the demand for ether. In 2023, the weekly correlation coefficient between Ether and the US dollar index (DXY) continued to weigh on stock prices.Effects of the entire market and as some reduce the demand for Ether. In 2023, the weekly correlation coefficient between Ether and the USDollarindex (DXY) continuously updates the price
CoinShares Ether 2023 1.14
In addition, the daily trading volume of ETHETF, which opened for trading on Monday, reached a pitiful $2 million, which is an indicator of weak risk appetite.
Ether
As of 2023, TVL has decreased from 18.41 million ETH to 12.79 million ETH. Online activities are decreasing, and ETH's transaction costs reached their lowest level this year on October 5th. The reduction in transaction costs has also had a negative impact on the combustion rate. Although inflation has turned negative during the transition to PoS, it has returned to a positive value within 30 days.
Ether
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