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Analysis

Ethereum [ETH/USD] Price Analysis: Bull drops by for short visit

Priya

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Ethereum [ETH/USD] Price Analysis: Bull drops by for a short visit
Source: Unsplash

The cryptocurrency market continued to show signs of a dilemma in terms of choosing the bull or the bear on March 15. Ethereum [ETH], the second largest cryptocurrency by market cap, was also following the same trend and was in the bear’s territory. According to CoinMarketCap, at press time, Ethereum was trading at $134.66 with a market cap of $14.17 billion. The coin’s trading volume was recorded to be $4.58 billion and dropped by over 2% in the past seven days.

1-hour

Ethereum one-hour price chart | Source; Trading View

Ethereum one-hour price chart | Source: Trading View

The one-hour price chart demonstrated a strong downtrend from $137.13 to $132.73. The uptrend for the coin was noted from $129.29 to $130.81.

The immediate resistance for the cryptocurrency was at $133.66 and the strong resistance was at $135.59. The support grounds for the cryptocurrency were positioned at $130.69 and 129.27.

MACD pointed to a bull market as the moving average line shifted lanes and placed itself above the signal line after a crossover.

Bollinger Bands made space for more price movements and forecasted a volatile market for the cryptocurrency.

RSI showed that the buying pressure for the coin canceled the selling pressure. However, the line was moving towards the overbought side.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The downtrend for the cryptocurrency on the one-day chart was outlined from $218.66 to $157.55 and further down to $132.81. The uptrends for the cryptocurrency were from $83.74 to $103.21, and from $103.22 to $131.16.

The coin’s immediate resistance was at $137.88 and the strong resistance was at $157.66. The immediate support for the coin was at $125.19 and the strong support was at $82.72.

Klinger Oscillator showed that the long-term future for the coin sided with the bear as the reading line was below the signal line after a crossover.

Parabolic SAR was also on the same page as the dotted lines were above the candlesticks.

CMF showed that the money was moving out of the market, making a move towards the bear’s kingdom.



Conclusion

Despite a green wave on the one-hour chart, the long-term wave continued to forecast red. This was because of the unwavering support of Klinger Oscillator, Parabolic SAR and CMF from the one-day chart.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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