- Ethereum has seen some immense strength in the time following its capitulatory plunge towards $1,000
- The cryptocurrency’s V-shaped recovery has allowed it to gain serious ground against Bitcoin, even posting a massive breakout against the benchmark crypto
- Where it trends next will undoubtedly depend largely on whether or not bulls can maintain their control over the market
- BTC remaining stable is also important, as any intense BTC selloff could create headwinds that hamper ETH’s near-term growth
- One analyst is now noting that Ethereum is on the cusp of posting an incredibly bullish long entry signal
- If confirmed, this could be a sign that ETH’s uptrend is just getting started
Ethereum and the aggregated altcoin market is performing quite well as Bitcoin’s price action stagnates.
It appears that investors are moving further along the risk branch as they rotate out of BTC and into assets that have yet to see full-fledged price discovery.
There’s a strong possibility that Ethereum will lead the altcoin market’s next wave higher – as it is doing presently – which may mean that it has further room to rally in the short-term.
One analyst is pointing to a technical pattern that suggests ETH has massive upside potential in the near-term.
Ethereum Surges Towards All-Time Highs as Momentum Builds
At the time of writing, Ethereum is trading up nearly 10% against both its USD and BTC trading pairs, with a current price of $1,355.
The crypto is still trading off of its all-time highs, which sit around $1,450. There is a strong possibility that this is the next level that the cryptocurrency targets in the coming weeks.
It also recently broke out against its BTC trading pair, which indicates that it could be poised to see near-term upside.
Analyst: ETH is About to Post a Massive Long Signal
One analyst explained in a recent tweet that Ethereum is on the cusp of flashing a long entry signal with significant historical accuracy.
This could mean that a move past all-time highs is imminent.
“4h ETH: bullish TK cross above Cloud potentially coming soon (long entry signal),” he said while pointing to the below chart.
Image Courtesy of Josh Olszewicz. Source: ETHUSD on TradingView.
Unless Bitcoin plunges lower and takes the wind out of Ethereum’s sails, the crypto could be positioned to see upside.
Featured image from Unsplash. Charts from TradingView.