Bullish Shift: Ether and BCH/BTC Ratio Break Long-Term Downtrends; DOGE and SHIB Form Bottoms

Bullish Signals Emerge for Ether, Bitcoin Cash, and Memecoins DOGE & SHIB

As Bitcoin (BTC) rallies, traders looking for tokens poised for accelerated gains may want to turn their attention to ether (ETH) and the Bitcoin Cash (BCH)-Bitcoin (BTC) ratio, both of which have recently broken out of long-term downtrends. Additionally, leading meme coins DOGE and SHIB are showing signs of bullish reversals with clear bottom patterns forming.

Ether’s Breakout

Ether has gained over 8% today, breaking through a key trendline that had marked the downtrend from December’s highs above $4,100. This move suggests that demand has overwhelmed the supply zone represented by the trendline, signaling a shift toward a bullish market for Ethereum.

A line break chart also confirms this breakout, offering a more reliable signal by filtering out short-term price fluctuations. This chart’s focus on price movement rather than time makes it a valuable tool for traders seeking stable trends. With this breakout, the next key resistance zone lies between $2,300 and $2,400, where the support held in October and November.

Bitcoin Cash Outperformance

The BCH/BTC ratio has surged 11% this week, breaking above a long-standing downtrend that had marked the challenging bear market of the past year. This indicates that Bitcoin Cash may begin to outperform Bitcoin in the coming days, presenting an opportunity for traders to capitalize on BCH’s relative strength.

DOGE & SHIB Show Signs of Recovery

DOGE and SHIB have seen market caps increase by 7% and 5%, respectively, with their daily charts showing a “rounding bottom” pattern. This pattern typically forms after a significant downtrend and signals a potential reversal to the upside, indicating that buying interest is increasing.

The rounding bottom pattern, seen in both DOGE and SHIB, marks a shift from lower highs to higher lows, a clear sign that the market may be turning bullish and that these meme coins could see an upward trend in the near future.