Ethereum, Dogecoin Signal First Bullish Trend Reversal in 2 Years

Publicado en by Cointele | Publicado en

Not only can it be concluded that this support/resistance flip was essential, but it is also the first notable trend shift for the first time in 2 years.

Ether the indicator? Interestingly enough, the chart for Ethereum's native token Ether is identical to the altcoin market capitalization chart as it mirrored the same bounce.

The latest bounce reintroduces some bullish sentiment as the $150-170 area has flipped into support.

If it breaks the next bullish target in the $360 zone, the charts suggest the price could even reach as high as $800-850.Dogecoin as an altcoin bellwetherAnother major market indicator for altcoins is Dogecoin.

Previously, Dogecoin has always shown bullish divergences to signal the trend reversal.

If we compare that to the movements right now, a similar pattern is emerging as Dogecoin is posting these bullish divergences again.

Bullish scenarioIn a bullish scenario, Ether holds the $200 area as support.

If the resistance of $230 turns support, the next targets are $280 and $360.Essentially, the bullish scenario seems to be more likely in the current market environment, as the strength is mostly coming through the ETH/BTC pair.

In a bearish scenario, Ether can't keep up the pace and is unable to break upwards above $230. If Ether doesn't have the strength to do that, the first level to test is the $200 support area.

Overall, altcoins are starting to look better and could be gearing up for a new bull cycle, especially with major altcoins gaining momentum.

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