- Ethereum has seen tremendous strength over time after its capitulating plunge towards $ 1,000
- The cryptocurrency’s V-shaped recovery has allowed it to gain serious ground against Bitcoin, even making a massive breakout against the benchmark crypto
- Where the next trend develops will no doubt largely depend on whether bulls can maintain their control of the market
- Staying BTC stable is also important as any intense BTC sell-off can create headwinds that will hinder short-term growth of ETH.
- An analyst now notes that Ethereum is about to release an incredibly bullish long entry signal
- If confirmed, it could be a sign that ETH’s uptrend is just starting
Ethereum and the aggregate altcoin market is performing quite well now that Bitcoin’s price action is stagnating.
It seems that investors are moving further into the risk branch as they exit BTC and move into assets that have not yet seen full price discovery.
There is a high probability that Ethereum has the altcoin the next wave of the market higher – as it is currently doing – which could mean it has more room to recover in the short term.
An analyst points to a technical pattern that suggests ETH has huge upside potential in the near term.
Ethereum is rising to 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 on its own all-time highs, which are around $ 1,450. There is a strong possibility that this is the next level that the cryptocurrency is targeting in the coming weeks.
It also recently broke up against its BTC trading pair, indicating that it could see an upward trend in the near term.
Analyst: ETH is about to post a very long signal
An analyst explained in a recent tweet that Ethereum is about to flash a long input signal with significant historical accuracy.
This could mean a move beyond record highs is imminent.
“4h ETH: bullish TK cross over Cloud may be coming soon (long input signal),” he said, pointing to the chart below.
Image Courtesy of Josh Olszewicz. Source: ETHUSD on TradingView.
Unless Bitcoin plunges lower and takes the wind out of Ethereum’s sails, the crypto can be placed in such a way upside down.
Featured image from Unsplash. Charts from TradingView.