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Analysis

Ethereum [ETH/USD] Technical Analysis: Bull to be the knight in shining armour for coin

Priya

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on

ethereum-eth-usd-technical-analysis-bull-is-going-to-be-the-knight-in-shining-armour-for-the-coin
Source: Unsplash

Ethereum [ETH], the third-largest cryptocurrency by market cap, is currently in the jaws of the bears. The coin, which used to be the second biggest currency, has now plunged to its lowest point for the year, crushing the sentiments of the investors.

According to CoinMarketCap, at press time, Ethereum was trading at $99.52, with a market cap of $10.31 billion. The coin shows a trade volume of $2.31 billion and has plunged by more than 7% in the past 24 hours. Notably, the previous time the cryptocurrency was trading at this level, is recorded to be in the month of May 2017, showing that the coin is not up for the run as that of December 2017.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, Ethereum shows a downtrend from $123.25 to $118.49. It also records another steep fall from $101.32 to $98.46. The immediate resistance for the coin is at $102.17 and the strong resistance is at $107.44.

Parabolic SAR has thrown the coin to the bear’s clutches as the dots are aligned on top of the candlesticks.

Chaikin Money Flow, on the other hand, has convinced the bull to rescue the coin as the money has started to flow into the market.

Bollinger Bands have started to make more room for the duo with the bands expanding, predicting a more volatile market for the coin.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the coin shows a from downtrend $499.01 to $208.77 and another slope from $203.20 to $109.37. The immediate resistance is set at $122.20 and the strong resistance is at $218.60.

Klinger Oscillator has made a bullish crossover, showing that the coin still has hopes of returning to the bull’s realm.

MACD is also hoping the same, as the moving average line has made a bullish crossover.

RSI, however, has given up its ambition as it shows that the coin is oversold in the market.



Conclusion

The coin could be saved by the bull as it is pushed forward by Klinger Oscillator and MACD from the one-day chart and CMF from the one-hour chart. However, RSI from the one-day chart and Parabolic SAR from the one-hour chart are showing that their resolve is weak, which could have a negative impact on the coin.





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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

Ethereum [ETH] and Tron [TRX] Price Analysis: Coins suffer as bears push bulls aside

Yash Rajan

Published

on

Ethereum and Tron Price Analysis: ETH bulls show swiftness as TRX bulls tread behind
Source: Pixabay

Ethereum [ETH] was priced at $238.381 and fell by 5.88% over the past 24 hours. With a market cap of $25.312 billion, ETH was ranked 2nd on the list of the world’s top cryptocurrencies. ETH had a 24-hour trade volume of $10.622 billion, at press time.

1-Day ETH 

Source: TradingView

Source: TradingView

ETH saw an uptrend from $157.671 to $262.903, but started slowing down as ETH’s price closed at $235.712. Resistance stood at $266.142 and the support lines stood at $150.453 and $104.64.

Bollinger Bands indicated high price volatility in the ETH market

Awesome Oscillator presented a bullish buying opportunity as the short-term momentum was greater than the long-term momentum

Chaikin Money Flow depicted bullish trend as the money flowing into the market was more than the money flowing out of the market. However, the indicator was starting to fall by press time

1-Day TRX

TRX slipped to 12th on the list of top cryptocurrencies. TRX was priced at $0.026, with a market cap of $1.77 billion, at press time. TRX fell by 6.04% with a 24-hour trading volume of $697.061 million.

Source: TradingView

Source: TradingView

TRX saw its first uptrend  from $0.030 to $0.031, and the second uptrend from $0.028 to $ 0.031. The graph showed a downtrend from $0.030 to $0.028. Resistance line stood at $0.030. and support was at $0.022.

Parabolic SAR suggested a bearish trend as the dotted markers were above the candlesticks

Moving Average Convergence/Divergence [MACD] indicator showed a bullish trend as the MACD line crossed over the signal line

Relative Strength Index indicator revealed that the buying pressure was high



Conclusion

After weeks of upward movement, both Ethereum and Tron were ravaged by the bears. Largely bearish projections were predicted for both coins in the near term. However, some bullish signs remained visible in the market.





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