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 increased by more than 8%, managing to break the long-standing downtrend, indicating that the market is shifting towards bullish tendencies. Additionally, the BCH/BTC ratio has increased by 11% this week, signaling that BCH may perform better against Bitcoin. DOGE and SHIB are forming rounded bottoms that provide bullish signals as they bounce back from the lows.
The rise of Ether and bullish trend
Ether ended a long decline that began from peaks above $4,100 in December by increasing its price by more than 8%. This indicates that market demand has strongly surpassed supply and is shifting towards an upward trend. According to CoinDesk's analysis, Ether's daily charts provide strong signals supporting this bullish movement. The support level is between $2,300 and $2,400, which were seen as significant support areas last October and November.
CoinDesk analyst Godbole highlights the 11% increase in the BCH/BTC ratio. This ratio indicates that Bitcoin Cash may be able to make a strong breakout, breaking its annual downtrend against Bitcoin. The performance of BCH this week showcases the rising demand against Bitcoin and the potential superiority of BCH. This rise of BCH strengthens the possibility of it performing better compared to Bitcoin in the coming days.
DOGE and SHIB are experiencing increases of 7% and 5% respectively, and both altcoins are 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, these reversals of DOGE and SHIB suggest that investors are increasingly turning their attention to these altcoins, and the market is starting to move in a positive direction.
#CryptoObservers#
#TopContentChallenge#