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#Will BTC Hit a New ATH? Ethereum and These 3 Altcoins Surpassed Critical Levels: Bull Trend Has Started!
Ether (ETH), Bitcoin Cash (BCH) and popular meme coins DOGE and SHIB are giving positive signals in the markets.
According to analyst Omkar Godbole's technical analysis, the price of Ether has managed to break the long-standing downtrend by rising by more than 8%, indicating that the market is shifting towards bullish trends. Moreover, the BCH/BTC ratio has increased by 11% this week, indicating that BCH may outperform Bitcoin. DOGE and SHIB are reversing from the bottom, forming round bottoms that give bullish signals.
The rise of Ether and bullish trend
Ether reversed a long decline that started from peaks above $4,100 in December, increasing its price by over 8%. This indicates that market demand has strongly outstripped supply and shifted toward a bullish trend. According to the analyst, Ether's daily charts are providing solid signals supporting this bullish movement. The support level is between $2,300 and $2,400, and these levels were seen as significant support areas in the past October and November.
BCH/BTC Ratio: BCH is expected to gain strength against Bitcoin.
Analyst Godbole also emphasizes the 11% increase in the BCH/BTC ratio. This ratio indicates that Bitcoin Cash may break its annual downtrend against Bitcoin and make a strong breakout. BCH's performance this week highlights the rising demand against Bitcoin and the potential BCH superiority. This rise in 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, 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 the analyst's analysis, the reversals of DOGE and SHIB suggest that investors are increasingly turning to these altcoins with growing interest, indicating that the market is beginning to move in a positive direction.
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