- Ethereum has seen immense strength in the aftermath of its capitulatory slump towards $ 1,000
- The cryptocurrency’s V-shaped recovery has allowed it to gain a serious foothold against Bitcoin and even have a massive breakout against benchmark crypto
- Where trends are next will no doubt largely depend on whether or not bulls can keep their control of the market
- It is also important that BTC stays stable as any intense BTC sell-off can create headwinds that hinder ETH’s short-term growth
- An analyst now notes that Ethereum is on the verge of issuing an incredibly bullish long entry signal
- If confirmed, it could be a sign that ETH’s uptrend is just beginning
Ethereum and the aggregated altcoin market are doing quite well as Bitcoin’s price development is stagnating.
It appears that investors are moving further down the risk industry as they move from BTC to assets that are not yet fully priced.
There is a strong possibility that Ethereum – as it is now – will lead the next wave of the altcoin market higher, which could mean it has further headroom for a rally in the short term.
An analyst points out a technical pattern that suggests that ETH has huge upside potential in the short term.
Ethereum is rising to an all-time high with momentum
At the time of writing, Ethereum is trading nearly 10% versus its USD and BTC trading pairs, with a current price of $ 1,355.
The crypto is still trading from its all-time highs which are around $ 1,450. There is a high probability that this will be the next level the cryptocurrency is targeting in the coming weeks.
It also recently broke out against its BTC trading pair, suggesting that it could see an uptrend in the short term.
Analyst: ETH will publish a massive long signal
An analyst recently stated in a tweet that Ethereum was about to flash a long input signal with significant historical accuracy.
This could mean a move above all-time highs is imminent.
“4h ETH: bullish TK-Cross over cloud possibly soon (long entry signal)”, he said and pointed to the following graphic.
Image courtesy Josh Olszewicz. Source: ETHUSD on TradingView.
If Bitcoin doesn’t drop lower and take the wind out of Ethereum’s sails, the crypto could be positioned to face up.
Featured image from Unsplash. TradingView charts.