From its Feb. 25 to its April 14 lows, the iShares Nasdaq Biotechnology ETF (NasdaqGM: IBB) tumbled 21.2%.

That fits the definition of a bear market and IBB’s decline, along those of the other biotech ETFs, received ample attention due in large part to talk that the biotech sector’s usually frothy valuations had become too extended relative to their rich historical averages. [Biotech ETFs Hold Their Breath]

But IBB, the largest biotech ETF by assets, has surged 8.3% since April 14 and some analysts believe the fund has more upside ahead of it.

Oppenheimer technical analyst Ari Wald said IBB’s near-term strength can continue, Tomi Kilgore reports for the Wall Street Journal, citing an Oppenheimer note.

During IBB’s decline, the ETF only briefly violated its 200-day moving average on its daily chart and as the weekly chart shows, the ETF’s move below the 50-week line was short-lived.