📉 Ethereum (ETH) has not been able to break above the $2,000 level since May 2022. Here are three likely reasons:

1. The failure in 2023 is reminiscent of the bearish failure around $425 in 2018-2019.

2. A stronger US dollar reduces demand for Ethereum, and the correlation between ETH and the dollar index (DXY) remains negative.

3. Decrease in activity on the Ethereum network: reduction in the total value of locked funds (TVL), reduction in gas fees and a drop in NFT volumes.

A possible ETH rebound could reach the 50-day exponential moving average ($1,665), but the long-term outlook remains bearish.