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.
Bearish support from other traders
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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