Ether (ETH) has surged over 8%, breaking a downtrend marking a bullish market shift. Bitcoin Cash’s (BCH) ratio against Bitcoin has increased by 11%, suggesting BCH’s potential for outperformance. Meanwhile, both Dogecoin (DOGE) and Shiba Inu (SHIB) show signs of recovery with rounding bottom patterns hinting at a forthcoming market upswing.
In the latest analysis, Ether (ETH), Bitcoin Cash (BCH), and leading meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are showing distinct signs of a potential market turnaround. Ether’s price has surged over 8%, breaking a long-standing downtrend and signalling a bullish market shift. Meanwhile, the BCH/Bitcoin (BTC) ratio has experienced an 11% jump this week, indicating BCH may perform better than Bitcoin in the near term.
Ether’s recent breakout was a significant event as it pierced through a critical trendline that had indicated a downtrend since December, when prices were above $4,100. This change suggests demand has begun to overcome supply, hence confirming a bullish shift. The accompanying three-line break chart reinforces this by filtering out the noise from erratic price movements, thus providing more reliable signals for traders. According to analysts, targets are now focused on key resistance levels ranging from $2,300 to $2,400, which previously acted as a support zone in the latter part of last year.
Turning to Bitcoin Cash, the positive trend in the BCH/BTC ratio is noteworthy. The recent rise has broken through a trendline that has been in play during a challenging bear market lasting over a year. This bullish behaviour indicates potential for BCH to outperform Bitcoin in the coming days and weeks.
On the memecoins front, both DOGE and SHIB have observed market caps increasing by 7% and 5%, respectively. Their price charts are exhibiting what’s known as a “rounding bottom” pattern. This formation typically comes after a downward trend, suggesting a market shift may be on the horizon as buying interest begins to pick up. The transition from lower highs to higher lows often points to increased investor confidence.
This analysis has been put together by Omkar Godbole, a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai. With a master’s degree in Finance and credentials as a Chartered Market Technician (CMT), Godbole brings valuable insight to the cryptocurrency market. Previously, he wrote research on currency markets and worked as a fundamental analyst in currency and commodities desk roles at brokerage firms in Mumbai. He currently holds small amounts of cryptocurrencies including Bitcoin, Ether, BitTorrent, Tron, and Polkadot.
