Ethereum's native token, Ether (ETH), has been struggling to break above the $2,000 mark in 2023, despite gaining around 35% this year. Here are three reasons why:

1. Bear cycle fractal: Ethereum's current situation resembles the bearish rejection near $425 in 2018-2019, with the 0.236 Fib line acting as a selling area and pressuring ETH's price lower. 😅

2. Stronger U.S. dollar and Bitcoin: A strengthening dollar has dampened demand for Ethereum, while the ongoing Bitcoin ETF hype has led to Ethereum underperforming Bitcoin in 2023.

3. Ethereum network activity dips: The total-value-locked (TVL) across the Ethereum ecosystem has dropped, resulting in lower yields for investors and a drop in Ethereum network's gas fees.

Technical analysis suggests a potential rebound toward its 50-day exponential moving average (50-day EMA) near $1,665. However, a break below the triangle's lower trendline risks crashing the price to $1,465 and $1,560 in October 2023.