[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news-aggregator-ethereum-eth-price-poised-to-h20501924f24-9d97-75ac-8ad0-48032d28505a":3},{"id":4,"timestamp":5,"title":6,"content":7,"link":8,"preview":9,"tags":10,"predictedTags":11,"showTags":12,"source":13,"reactions":14,"selfReactions":15,"logo":16,"sourceId":17,"sourceUserId":18,"asset":19,"tagsCategories":20,"totalComments":21,"lang":22,"unique_views_count":23,"enrichStatus":19,"triageKind":18,"triageImportance":18,"expandEligible":18,"summarizeEligible":18,"eventEligible":18,"eventType":18,"eventAction":18},"ethereum-eth-price-poised-to-h20501924f24-9d97-75ac-8ad0-48032d28505a","1727902506000","Ethereum (ETH) Price Poised to Hit $2,200, Here’s Why","\u003Cimg src=\"https://image.coinpedia.org/wp-content/uploads/2024/07/25191438/Top-Reason-Why-Ethereum-ETH-Price-Is-Down-Today-1024x538.webp\" alt=\"Ethereum (ETH) Price\" />\u003Cp>The post \u003Ca href=\"https://coinpedia.org/news/ethereum-poised-to-hit-2200-heres-why/\">Ethereum (ETH) Price Poised to Hit $2,200, Here’s Why\u003C/a> appeared first on \u003Ca href=\"https://coinpedia.org\">Coinpedia Fintech News\u003C/a>\u003C/p>\u003Cp>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.\u003C/p>Current Price Momentum\u003Cp>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.\u003C/p>Ethereum Technical Analysis and Upcoming Level\u003Cp>According to the expert technical analysis, ETH recently broke its crucial support level of $2,400 and turned itself bearish. With the current \u003Ca href=\"https://coinpedia.org/news/why-the-crypto-market-is-crashing-today/\">market sentiment\u003C/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. \u003C/p>\u003Cimg src=\"https://image.coinpedia.org/wp-content/uploads/2024/10/03022034/ETHUSDT_2024-10-03_02-20-13-1024x448.png\" alt=\"\" />Source: Trading View\u003Cp>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. \u003C/p>Bearish On-Chain Metrics \u003Cp>This bearish thesis gains further support from on-chain metrics. According to the on-chain analytics firm \u003Ca href=\"https://www.coinglass.com/currencies/ETH\" target=\"_blank\">Coinglass\u003C/a>, ETH’s Long/Short ratio currently stands at 0.96, indicating bearish market sentiment among traders.\u003C/p>\u003Cp>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.\u003C/p>\u003Cp>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.\u003C/p>","https://coinpedia.org/news/ethereum-poised-to-hit-2200-heres-why/","https://image.coinpedia.org/wp-content/uploads/2024/07/25191438/Top-Reason-Why-Ethereum-ETH-Price-Is-Down-Today.webp","[\"News\",\"Crypto news\",\"Ethereum\",\"Price Analysis\"]","[\"Ethereum\",\"ETH\",\"ETH\",\"Near\",\"Sentiment\",\"Market\"]","[{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/ETH.png\",\"name\":\"ETH\"},{\"name\":\"Near\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/blockchains/near.png\"},{\"name\":\"Sentiment\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/sentiment.png\"},{\"name\":\"Market\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/market.png\"}]","205",[],[],"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/news-feeds/sources/coinpedia.png","CoinPedia",null,"","[\"Crypto\"]","0","EN","2"]