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.
Ethereum Forms Potential Bottom Around $380 as Buyers Step Up
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.
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