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

Rishi Raj

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Ethereum[ETH] and Tron[TRX] Price Analysis: Coins Bullish despite imminent bearish move
Source: Pixabay

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.





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Mastered the colonial language, inspired by music and places, crypto geek. Fries on mind 24/7, believes that Romeo and Juliet could have worked things out.

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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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