It is not super difficult to create, although it may be slightly more advanced if you have never touched shaders before.
To create the effect that you see on screen, you will need a few nodes like TexCoord, Panner, Lerp. The idea is to create the base shape, make it move upwards then fade out, reset the base shape and do it all over again.
For the base shape you can just use a texture or a stretched sphere mask:
To move the sphere up and then reset it use a time node and a frac node connected to the G channel of the TexCoord Mask:
For the fade out effect create a mask like this:
You can then have everything fade out like this:
If you want to fade it out without a gradient simply make the material translucent and lower the opacity to 0 with the help of the Time node, like this:
For color simply plugin a scalar 3 value with a multiply to the Emissive Color Input:
Here is how you can cycle colors:
You can then use the Rotate About Axis to rotate the effects direction:
All together:
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