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As Bitcoin has stepped over the $8,000 threshold and started going up, the rest of the crypto market seems to be in the green as well. Ethereum is trading at $204, showing a rise by 2.43 percent, as per CoinMarketCap.
Still, traders on Twitter and on TradingView are expecting the second largest cryptocurrency to follow a bearish scenario. The target they have set to far is located at the $180 mark.
Doubts about an upward breakout
Analyst Michael van de Poppe has shared a chart with a level for a bullish breakout of Ethereum. However, he tweets about his doubts regarding the upward movement.
The analyst rather expects ETH to nosedive below the $200 level – down to $170-$180.
$ETH #ETHEREUM
— Crypto Michaël (@CryptoMichNL) March 10, 2020
Bouncing from the $195 level here. Main key zone to break is $212-216.
Doubt we'll break it.
Looks more natural for a bearish retest and dropdown after towards $170-180. pic.twitter.com/1yoOddpSiL
Bearish support from other traders
Several other traders on TradingView have also shared bearish scenarios on the further ETH movement, naming the next stop for the ETH price to be $180. ETH is forming a bearish flag, as per them.
As a reminder, a month ago, on February 6, Ethereum broke through the $200 resistance and went higher. Now, it may reverse and return to the previous price level.
Crypto trader @George1Trader believes that either scenario is possible – ETH will either increase to reach $221 or it will drop into the $200 area.
$ETH
— George (@George1Trader) March 10, 2020
Green or red, trade whatever the fek you get! pic.twitter.com/BTrabUeT87
Earlier, analysts predicted that ETH was likely to break out of the trading range and surge towards $220 and then towards $449.