Hyperliquid Price Resembles Ethereum in November 2020, Analyst Says

The price behaviour of Hyperliquid reminds a well-known analyst of Ethereum during one of the most explosive periods in crypto history. According to CryptoJelleNL, HYPE is currently showing strong similarities to ETH in November 2020, just before that coin embarked on a massive upward move.

Hyperliquid is available at OKX and Bybit.

Classic Pattern of Vertical Accumulation

CryptoJelleNL states that HYPE is currently in what he describes as a classic case of vertical accumulation. This pattern is characterised by a gradual but sustained build-up of price pressure, followed by a sharp price rise. The pace is slightly lower than Ethereum’s back then, but the structure is comparable in his view.

The chart shows that HYPE’s price has recently surged significantly and is already approaching the first partial profit-taking zone around $96.000. The current price level is around $62.000, while a strong support zone is visible near $41.988. The white moving average line is clearly bending upward, further supporting the bullish reading.

Analyst Expects Further Upside

The comparison with Ethereum in November 2020 is not made lightly. In that period, ETH was at the start of a multiple price increase that lasted for months. If HYPE makes a similar move, it would mean that the current rally has only just begun.

CryptoJelleNL indicates that he holds HYPE himself, which puts his analysis in perspective. Still, the technical rationale is clearly visible on the chart, with a strong break above previous resistance levels and a chart structure that leaves room for further gains. Whether history actually repeats itself will become clear in the coming weeks.