Pattern Shows Ethereum Could Be Ready to Surge Despite Pullback

“Some bull hopium for ETH. 4h Cloud showing the same pattern before we pumped from 364 to 420. Price riding the 2D Cloud and it just printed a bullish TK-Cross,” he said while pointing to the below chart.

Ethereum could be on the cusp of seeing a strong push higher in the near-term despite its recent weakness.

Over the past 24-hours, the cryptocurrency has seen some intense weakness, with the lack of intense buying pressure at $400 opening the gates for intense downside after Bitcoin saw a sharp selloff.

ETH is now showing signs of forming a bottom in the lower-$380 region. This level has held strong on multiple occasions throughout the past few days and weeks, with $380 long being a pivotal level for the cryptocurrency.

So long as this level continues holding strong, it may form a double bottom and see further upside in the near-term.

One analyst is now pointing to a few key patterns that suggest ETH is bound to see some notable upside in the near-term.

He notes that its 4-hour cloud is printing the same pattern seen just before the surge from $360 to $420.

If history rhymes, these patterns indicate that Ethereum could be on the cusp of seeing a serious push higher despite its recent weakness.

Bitcoin saw a notable decline from its recent highs of $13,800 yesterday, with the resistance at this level proving to be too significant for bulls to break.

It dropped as low as $12,800 this morning before seeing a notable rebound that sent it surging back up to the lower-$13,000 region.

This created shockwaves that forced Ethereum lower as well, with the slight support it had at $400 shattering, causing it to plunge all the way down to $380.

Bulls have defended this level ardently thus far, and it could be forming a double bottom here.

While sharing his thoughts on Ethereum’s current technical outlook, one analyst explained that he expects it to see some upside in the near-term due to a few bullish patterns he observed.

One such pattern is seen while looking towards its 4-hour cloud, but this pattern will only be validated if the crypto can break back above $391.

“Some bull hopium for ETH. 4h Cloud showing the same pattern before we pumped from 364 to 420. Price riding the 2D Cloud and it just printed a bullish TK-Cross,” he said while pointing to the below chart.

Ethereum will likely track Bitcoin’s price action in the near-term, but there’s a high likelihood that ETH will continue underperforming the benchmark cryptocurrency.

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