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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.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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