Ethereum

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<p>In the ongoing conflict between Iran and Israel, Ethereum (ETH) appears bearish and poised for a significant price drop as it fails to hold an important support level. In addition, ETH’s on-chain metrics, such as the Long/Short ratio and future open interest further support this bearish outlook.</p>  
<h2 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h2>  
<p>At press time, ETH is trading near $2,365 and has experienced a price decline of over 4.25% in the past 24 hours. During the same period, its trading volume dropped by 11%, indicating lower participation from traders and investors, potentially due to fear of further price decline.</p>  
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming-level"><strong>Ethereum Technical Analysis and Upcoming Level</strong></h2>  
<p>According to the expert technical analysis, ETH recently broke its crucial support level of $2,400 and turned itself bearish. With the current <a href="https://coinpedia.org/news/why-the-crypto-market-is-crashing-today/" rel="noopener noreferrer nofollow">market sentiment</a> and this breakdown, there is a strong possibility that it could fall by 7% to reach the $2,200 level in the coming days.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/03022034/ETHUSDT_2024-10-03_02-20-13-1024x448.png" alt="" class="wp-image-358956">
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  Source: Trading View
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</figure>  
<p>However, ETH is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. The 200 EMA is a crucial technical indicator that determines whether an asset is in an uptrend or downtrend.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bearish-on-chain-metrics-nbsp"><strong>Bearish On-Chain Metrics&nbsp;</strong></h2>  
<p>This bearish thesis gains further support from on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/ETH" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, ETH’s Long/Short ratio currently stands at 0.96, indicating bearish market sentiment among traders.</p>  
<p>The long/short ratio is an on-chain metric that shows how traders are positioning themselves in long or short bets. If long positions significantly exceed short positions, the ratio will be above 1, and vice versa.</p>  
<p>Additionally, ETH’s future open interest has dropped by 4.6% in the past 24 hours and has been steadily declining, indicating growing fears among traders following the recent breakdown of crucial support levels.</p>

Ethereum (ETH) Price Poised to Hit $2,200, Here’s Why

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