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Since March 19, the second biggest cryptocurrency Ethereum has been trading above the $130 area. Despite some bullish forecasts, traders from TradingView have spotted a bear flag on Ethereum charts and are now expecting ETH to lose part of its recent gains soon.
‘ETHUSD might be moving in a Bear Flag’
Trader ‘Monetae_CB’ has shared his take on the course the ETH/USD pair is likely to take in the short term. In his TradingView post, he writes that the second biggest coin is about to make a strong decline due to a Bear Flag and move down to $114.70.
The bears are still in control of the market, the trader says and warns that another heavy price drop is coming.
‘Ethereum is in correction’
Trader ‘EminenceGrise’ spreads the word that Ethereum is having a correction at the moment. He says that ETH is likely to drop to the levels of $127-$128 and then test the nearest level of resistance.
‘ETH might catch a good decline’
‘David_Smith’ from TradingView has posted an ETH chart with his prediction of a possible upcoming price drop – down to $121, $114.95 or $109.
“We should keep an eye on the horizontal support again the prce can take a new correction to this zone. In case we have the support zone broken we might catch a good decline. Wait for confirmed signs.”