Ethereum and These 3 Altcoins Surpassed Critical Levels: Bullish Trend Started! - Coin Bulletin

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Ether (ETH), Bitcoin Cash (BCH) and popular meme coins DOGE and SHIB are giving positive signals in the markets.

According to CoinDesk analyst Omkar Godbole's technical analysis, the price of Ether has risen by more than 8%, managing to break the long-standing downtrend, indicating that the market is shifting towards bullish trends. Additionally, the BCH/BTC ratio has increased by 11% this week, signaling that BCH could perform better against Bitcoin. DOGE and SHIB are forming rounded bottoms that provide bullish signals as they recover from the lows.

The rise of Ether and bull trend

Ether increased its price by more than 8%, ending a long decline that began from highs above $4,100 in December. This suggests that market demand is strongly outstripping supply and is shifting towards an uptrend. According to CoinDesk's analysis, Ether's daily charts provide solid signals that support this bullish move. **The support level is between $2,300 and $2,400, which were seen as important support zones last October and November.

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BCH/BTC Ratio: BCH is expected to gain strength against Bitcoin

CoinDesk analyst Godbole also highlights the 11% increase in the BCH/BTC ratio. This ratio indicates that Bitcoin Cash may be able to make a strong breakout by breaking its annual downtrend against Bitcoin. The performance of BCH this week showcases the rising demand against Bitcoin and the potential BCH superiority. This rise in BCH strengthens the possibility of it performing better than Bitcoin in the coming days.

DOGE and SHIB have seen increases of 7% and 5% respectively, with both altcoins showing rounded bottom formations. These formations emerge after a prolonged decline and typically indicate the beginning of a bullish trend in the markets. According to CoinDesk's analysis, the reversals of DOGE and SHIB suggest that investors are increasingly turning to these altcoins, signaling that the market has started to move positively.