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Ethereum [ETH] and Tron [TRX] Price Analysis: Bears continue to dominate market

Biraajmaan Tamuly

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Ethereum [ETH] and Tron [TRX] Price Analysis: Bears continue to dominate market and maintain sturdy grip
Source: Pixabay


Ethereum [ETH] and Tron [TRX] continued to take a bearish path as both tokens witnessed a minor fall in prices. At press time, Ethereum was dropping by 2.04 percent against the US dollar. The market capitalization recorded was around $17.34 billion, and the token was priced at $163.37.

Tron [TRX] witnessed a similar fall, declining by 1.01 percent. However, the drop was much more significant over the last seven days, during which it’s valuation plummeted by 13.76 percent. The token was valued at $0.0233 and the market cap remained at $1.55 billion.

Ethereum one-day chart

Ethereum’s [ETH] one-day chart suggested that its price was consolidating sideways. The support line remained at $105.78 and the resistance line was scaled at $181.84. The uptrend extended from $140.87 to $180.99 and the downtrend stretched from $180.99 to $174.54.

The Bollinger Bands indicated a volatile period for the coin as the bands were diverging on the chart.

The Fisher Transform appeared bearish for the token since the red line was hovering over the blue line.

The MACD line was below the red line in the chart, pointing towards a continuing bearish trend.

Tron one-day chart

Source: Trading View

Tron’s one-day chart exhibited an uptrend which stretched the valuation from $0.0243 to $0.0308, followed by a downtrend from $0.0296 to $0.0254. Strong resistance remained at $0.0309 and the long term support was lined at $0.0214.

The Parabolic SAR was bearish for the token as the dotted markers remained above the candlesticks.

The Awesome Oscillator implied bearish momentum for the token. However, the momentum was decreasing, at press time.

The Chaikin Money Flow line was below the zero line, indicating that the capital was flowing out of the market.

Conclusion

Indicators for both virtual assets appeared bearish as the market continued to lose valuation.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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