HomeTodays NewsEthereum [ETH] and Tron [TRX] Price Analysis: ETH slips away into the bear’s market as TRX remains undecided
Ethereum [ETH] and Tron [TRX] Price Analysis: ETH slips away into the bear’s market as TRX remains undecided
May 4, 2019
The majority of the cryptocurrency market continues to be in the bull’s realm, irrespective of the controversy surrounding Tether [USDT], the largest stablecoin by market cap. This includes Ethereum [ETH], the second-largest cryptocurrency, which was trading at $163.78, with a market cap of $17.33 billion, according to CoinMarketCap. The coin recorded a trading volume of $6.552 billion and witnessed a significant rise of over 5 percent over the past seven days.
On the one-day chart, the downtrend for the cryptocurrency was outlined from $247.76 to $180.74. The uptrend for the coin was spotted from $83.74 to $103.22, and further from $103.22 to $152.40.
The immediate resistance for the coin was at $180.87 and the strong resistance was at $218.72 and $248.02. The coin’s immediate support was placed at $151.92 and the strong support was at $103.07 and $82.83.
Parabolic SAR indicated a bearish wave for the coin as the dotted lines had aligned above the candlesticks, influencing the coin to enter the bear’s realm.
Chaikin Money Flow showed that the bull was still in the market since money continued to flow into the market.
MACD showed that the moving average line switched to the bear’s lane, with the signal line taking over its place. Further, the histogram also forecasted a bearish line for the moment.
Ethereum’s competitor, Tron [TRX] on the contrary, did not record any significant movement in both the long-term and short-term chart. The coin was trading at $0.0236, with a market cap of $1.575 billion and a trading volume of $707.944 million.
Tron one-day price chart | Source: Trading View
The one-day chart demonstrated the downtrend from $0.0307 to $0.0242 and the uptrend was from $0.0129 to $0.0230. The immediate resistance for the coin was at $0.0246 and the strong resistance was at $0.0308. The immediate support for the coin was at $0.0229 and the strong support was at $0.0118
Bollinger Bands displayed a market with reducing volatility as the bands were closing in on each other, preventing massive price movements from occurring.
RSI showed that the coin’s buying pressure was evenly met by its selling pressure in the market, indicating neither a bearish market nor a bullish one.
Klinger Oscillator indicated a bearish wave as the reading line was pictured below the signal line after the two had a crossover in the market.
On one hand, Ethereum’s chart indicated that the coin would be taking the downward trend, slipping into the bear’s realm. On the other hand, Tron was yet to decide which way it would take, north or south.