Ethereum [ETH] and Tron [TRX] Price Analysis: Bears retain control despite bullish possibilities

2019-4-29 12:00

The cryptocurrency market’s valuation fell after the Bitfinex-Tether fiasco, with top altcoins suffering. At press time, Ethereum [ETH] witnessed a 24-hour decline of 0.07 percent, but suffered a major fall of 7.07 percent over the past seven days. The token was valued at $164.01 and the market capitalization was around $16.7 billion.

Tron [TRX] experienced a minor hike of 0.39 percent over the past day, but like Ethereum, plummeted by 5.21 percent over the week. The trade volume over the last 24 hours was $587 million and the market cap was at $1.58 billion.

Ethereum one-day chart

Source: Trading View

The one-hour chart for Ethereum [ETH] appeared marginally bullish. However, since the price surged earlier this month, the price had been on a downtrend. The resistance was placed at $181.84 and the support line was at $102.93. The token experienced an uptrend from $140.96 to $181.23 and the downtrend extended from $171.01 to $164.01.

The Bollinger Bands were wide apart, indicating significant volatility in the market. However, they were holding at press time.

The Fisher Transform line and the red line remained in close proximity of each other, suggesting a possible trend reversal in the near future.

The MACD line appeared bearish for the token since the red line was found above the blue line.

Tron one-day chart

Source: Trading View

Tron’s [TRX] prices were consolidating between the resistance line at $0.0309 and the support line at $0.0214. An uptrend was seen from $0.0242 to $0.0307, but the price plummeted severely as the downtrend stretched from $0.0299 to $0.024.

The Parabolic SAR exhibited bearish traits for the token as the dotted markers remained above the candles.

The Awesome Oscillator was predominantly bearish, but a green bar towards the final trading cycle implied a possible change in trend.

The Chaikin Money Flow line exhibited an absence of capital flowing into the market as the CMF line was below zero.

Conclusion

Both tokens suffered a major fall in valuation over the week, but the Fisher Transform and Awesome Oscillator indicators suggested a possible change in trends in the near future.

The post Ethereum [ETH] and Tron [TRX] Price Analysis: Bears retain control despite bullish possibilities appeared first on AMBCrypto.

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