Ethereum [ETH] and Tron [TRX] Price Analysis: Coins bullish despite imminent bearish move

2019-5-25 15:30

After the delay of the Programmatic Proof of Work audit, Ethereum’s most controversial upgrades, ETH is still under uncertain lens in terms of market trend. The second largest cryptocurrency heaved a sigh of positive relief with the introduction of Switch for non-custodial trading by Kava Labs. Ethereum [ETH] was priced at $250.78, with a market cap of $26 billion. The trade volume came up to $9.6 billion, out of which LATOKEN contributed 5.19% via the ETH/BTC pair. ETH saw a gain of 0.95% in the past 24 hours, at press time.

Tron [TRX], which recently announced a partnership with Bitpie to aid start-ups, was priced at $0.0281, with a market cap of $1.8 billion. The 24-hour trade volume came up to $741 million, out of which Fatbtc contributed 8.17% via the TRX/ETH pair. TRX saw a gain of 0.21% in the last 24 hours, at press time.

1-day ETH

Source: TradingView

The one-day chart of ETH showed an uptrend from $264.1566 to $160.7751. The support point stood at $104.5560, which was tested in February 2019, and $161.8582 was the previous resistance point, which is now a support. The resistance point was at $262.6382.

Bollinger Bands showed the bands diverging, indicating volatility in prices.

Relative Strength Index displayed the buying pressure to be more, indicating a bullish trend.

MACD indicator showed a bullish trend, but a bearish crossover was imminent as the MACD line was about to cross the signal line.

1-day TRX

Source: TradingView

The one-day chart of TRX showed an uptrend from $0.0128 to $0.0234. The support points were at $o.0128, which was tested in December 2018, and $0.0224, which was tested multiple times earlier this year. The resistance points were seen at $0.02786 and $0.03084

Chaikin Money Flow showed an equilibrium between the inflow and outflow of capital.

MACD indicator showed a bullish trend as the MACD line was above the signal line, but directed downwards indicating an imminent bearish crossover.

Awesome Oscillator showed an increase in momentum, indicating a bullish trend.

Conclusion

The one-day charts of ETH showed a bullish trend with a hint of bearish momentum as indicated by the aforementioned indicators. The same can be said about TRX.

The post Ethereum [ETH] and Tron [TRX] Price Analysis: Coins bullish despite imminent bearish move appeared first on AMBCrypto.

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eth ethereum imminent bearish market despite move

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