💦💦Signals of a Sharp Decline in Ethereum: Bears Are Taking Over the Market! 💦💦

Ethereum (ETH) has entered a downward trend by failing to maintain a significant support level. ETH's on-chain metrics also confirm this downward expectation. Long/Short ratio and forward open position data indicate the superiority of the bears.

Currently, Ethereum is traded at $ 2,365 and has lost over 4.25% in the last 24 hours. The 11% decrease in trading volume during the same period shows that investors and traders are hesitant to participate in the market due to fear of decline. According to experts' technical analysis, ETH recently broke the critical $ 2,400 support level and started to decline. Considering the current market sentiment and this breakout, there is a high probability that Ethereum's price will fall by 7% in the coming days and fall to $ 2,200.

Also, ETH is trading below the 200 EMA (Exponential Moving Average) on the daily timeframe, indicating a clear downtrend. The 200 EMA is a key technical indicator to determine whether an asset is trending up or down. This downtrend is also supported by on-chain metrics. According to Coinglass data, ETH’s Long/Short ratio is currently at 0.96, indicating a dominant bearish bias among market participants. The Long/Short ratio is a metric that indicates the direction of traders’ positions; above 1, long positions are dominant, below 1, short positions are dominant.

Finally, Ethereum’s futures open interest has decreased by 4.6% in the last 24 hours, indicating that traders’ fears have increased after critical support levels were broken.

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