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Ethereum [ETH] and Tron [TRX] Price Analysis: Ethereum’s bullish momentum wanes while bears control Tron

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Ethereum [ETH] and Tron [TRX] Price Analysis: Ethereum's bullish momentum wanes while bears control Tron
Source: Pixabay

Ethereum, the second largest cryptocurrency in the world, has been consistently facing competition from Tron. Ethereum has been struggling to scale, which has contributed to a lot of users migrating to Tron, even after Ethereum’s Constantinople update.

Tron has been doing well, with several developments in the ecosystem like, Tron and USDT partnership, the launch of Sun Network etc.

Ethereum 1 day chart

Source: TradingView

Support 1: $80.72
Resistance 1: $181.63
Resistance 2: $248.64
Resistance 3: $318.18
Resistance 4: $478.76

Bollinger Bands showed a widening of the band, indicating the influx of volatility into the market. The price was moving closer to the simple moving average, which indicated that bullish momentum was waning.

The Chaikin Money Flow indicator crossed the 0.2 line and was dropping, nearing the zero-line. This indicated a reduction in the money flow.

The Stochastic RSI indicated a bearish crossover after reaching an oversold zone.

Tron 1 day chart

Source: TradingView

Support 1: $0.0119
Resistance 1: $0.0267
Resistance 2: $0.0396

Bollinger Bands showed a similar scenario to that of Ethereum’s i.e., widening of the bands which indicated the influx of volatility in the Tron market. The price for TRX moved below the simple moving average, indicating bearish momentum.

The Chaikin Money Flow indicator crossed the zero-line, implying a reduction in the money flow and transfer of power from the buyers and into the hands of the sellers.

The Stochastic RSI for Tron showed an extended drop of the bearish crossover, about to hit the oversold zone.

Conclusion

The technicals for Ethereum looked like they might follow Tron’s lead. The indicators for Ethereum were lagging. Ethereum was partially bullish, when compared to Tron, as indicated by the Bollinger Bands, CMF, and Stochastic indicators.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

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EOS rises by over 6%; Ripple's XRP and Ethereum follows suit prompted by Bitcoin's rally
Source: Pixabay

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.

EOS:

Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.

Source: TradingView

Ethereum:

With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.

Source: TradingView

Ripple:

Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.

At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.

Source: TradingView





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