Ethereum [ETH/USD] and Tron [TRX/USD] Price Analysis: Bull’s reign comes to an end as prices stagnate

2019-4-10 18:00

The volatility of the cryptocurrency market was on show over the past few weeks as coin prices fluctuated from bullish highs to bearish lows and back to a sideways price movement. Tron [TRX], the Justin Sun-led cryptocurrency was in the news following its many developments and updates. Ethereum [ETH], the second largest cryptocurrency on CoinMarketCap, was still waiting for a massive price pump as Bitcoin outperformed it last week. However, Ethereum can take solace from the fact that it fared better than its closest competitor, XRP.

Ethereum 1 day

Source: TradingView

The one day chart for Ethereum showed a downtrend that lowered the price from $249.10 to $183.58. The long term support for ETH was at $85.82.

The Bollinger bands were diverging from each other after the recent price hike. Previously, the bands were closing in on each other owing to the lack of further price outbreaks.

The Chaikin Money Flow indicator was above the zero line as the capital coming into the market was more than the capital leaving the market.

The Awesome Oscillator indicated growing market momentum for ETH.

Tron 1 day

Source: TradingView

Tron’s one day chart painted a picture opposite to that of Ethereum, with the uptrend lifting the price from $0.0128 to $0.022. The support for Tron was at $0.0119.

The Parabolic SAR was below the price candles which meant that Tron was going through a bullish atmosphere.

The Relative Strength Index had breached the overbought zone, indicating that the buying pressure was much more than the selling pressure.

The MACD indicator witnessed the signal line and the MACD line making a bullish spike after having undergone a bullish crossover. The MACD histogram was a mix of both bearish and bullish signals.

Conclusion

The aforementioned indicators indicated that the bull’s reign had ended and prices had begun to stagnate. However, the rising market momentum in the cryptoverse was the solitary positive takeaway.

The post Ethereum [ETH/USD] and Tron [TRX/USD] Price Analysis: Bull’s reign comes to an end as prices stagnate appeared first on AMBCrypto.

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