Ethereum (ETH) price is up about 35% so far in 2023, but multiple attempts to break through the psychological resistance level of $2,000 have been met with strong bearish rejections. 🤔Analysts believe this may be due to the following three reasons:

1. Ethereum price exhibits a bear cycle fractal, similar to the bearish rejection near $425 in 2018-2019. 🐻

2. A stronger U.S. dollar has dampened demand for Ethereum and reduced its ability to decisively close above $2,000. 💵

3. Ethereum network activity has declined, and the total value locked (TVL) has dropped from 18.41 million ETH to 12.79 million ETH, resulting in a decrease in investors' yields. 📉

Additionally, Ethereum has largely lagged Bitcoin in 2023, with Ethereum-linked investment funds holding $114 million less in net capital, while Bitcoin-based funds attracted $168 million over the same period Dollar. 😮

Technical analysis shows that Ethereum price may rebound towards $1,665, but in the longer term, ETH/USD may continue to be affected by a bearish continuation pattern. 📊