Ethereum [ETH] and Tron [TRX] Price Analysis: Bear’s looming presence drags down a leading coin

The cryptocurrency market continued to be a mixture of red and green. Majority of the coins such as Ethereum and Tron did not record any drastic price change.

According to CoinMarketCap, at press time, Ethereum was trading at $172.64 with a market cap of $18.252 billion. The coin recorded a surge of over 5 percent in the past seven days, with a trading volume of $6.663 billion.

Ethereum one-day chart:

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart of the cryptocurrency demonstrated downtrends from $218.66 to $180.74, and further to $174.15. The uptrends for the cryptocurrency were outlined from $82.82 to $103.22 and further from $140.91 to $160.01.

The immediate resistance for the cryptocurrency was placed at $180.80 and the strong resistance was at $218.76. The coin’s immediate support was laid at $157.45 and the strong support was at $82.71.

Parabolic SAR forecasted a bearish market as the dotted lines had aligned above the candlesticks.

Chaikin Money Flow, on the contrary, continued to indicate the bull’s reign as the money was still flowing into the market for the coin.

Bollinger Bands showed a high volatile market for the cryptocurrency as the bands were apart from each other. However, the indicator showed signs of a less volatile market as the bands were attempting to get closer to each other.

Tron [TRX], at press time, was trading at $0.0266 with a market cap of $1.774 billion, according to CoinMarketCap. The trading volume for the cryptocurrency was $328.168 million and the coin had recorded a slump of around 1 percent in the past seven days.

Tron one-day chart:

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: Trading View

The downtrend for the coin in the one-day chart was from $0.0300 to $0.0269. The uptrends for the cryptocurrency were from $0.0129 to $0.0226, and $0.0226 to $0.0263. The immediate resistance for the cryptocurrency was set at $0.0307. The coin’s immediate support was pictured at $0.0225 and the strong support was at $0.0128.

MACD showed the moving average line slumping below the signal line after a crossover, indicating a bearish market for the cryptocurrency.

Klinger Oscillator was also on the same track as the reading line had decided to shift below the signal line after a crossover, forecasting a bearish wave.

RSI showed that the buying pressure for the cryptocurrency was evened out by the selling pressure in the market.

Conclusion

On one hand, Ethereum indicated a trend reversal, while on the other hand, Tron had already set foot into the bear’s realm.

The post Ethereum [ETH] and Tron [TRX] Price Analysis: Bear’s looming presence drags down a leading coin appeared first on AMBCrypto.

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