Ethereum (ETH) Price Likely to Drop, Targeting $180

News
Tue, 03/10/2020 - 15:20
Yuri Molchan
Traders are making bearish forecasts, predicting that Ethereum (ETH) is likely to decline towards $180
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Contents

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.

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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.

Earlier, analysts predicted that ETH was likely to break out of the trading range and surge towards $220 and then towards $449.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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