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Ethereum, MATIC, Tron Price Analysis: 06 September

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Ethereum, MATIC and Tron Price Analysis: 06 September
Source - Pexels

After Ethereum’s uptrend took a breather it was back to appreciating on its charts, trading close to its overhead price ceiling of $4033.45. Tron logged a 2.2% gain over the last 24 hours and moved near its multi-month high. MATIC registered a 2.7% fall but its parameters flashed bullish signals.

Ethereum (ETH)  

Ethereum, MATIC and Tron Price Analysis: 06 September

ETH/USD, TradingView

Ethereum noted an uptick of 1.7%, over the last 24 hours. The altcoin was priced at $3930.65 and has been oscillating between $4033.45 and $3855.11 price levels, over the last three days. Technicals for the coin indicated mixed trading signs. 

MACD flashed red bars in its histogram. Awesome Oscillator too demonstrated that bearish price movement hadn’t fizzled out just yet. In case of a move to the downside, the immediate support was at $3855.11, while the additional levels stood at $3387.05 and $2946.43. The latter price level marked a four-week low for ETH.

On a positive note, ETH remained above the 4- hour 20-SMA line, which implied that the market was in favor of the buyers. In correspondence, Relative Strength Index stood above the 60-mark. With a push from the bulls, ETH could trade near its all-time high at $4033.45.

Polygon (MATIC)

Ethereum, MATIC and Tron Price Analysis: 06 September

MATIC/USD, TradingView

MATIC declined 2.7% after securing a multi-month high in the last 24 hours. It was trading at $1.70. The nearest support line for the coin stood at $1.53. The other support line waited at $1.38 and $1.28, respectively. 

MACD continued to flash green histograms, although they were receding over the past trading sessions. The Relative Strength Index, on the other hand, remained bullish above the 60-mark.

Chaikin Money Flow moved up, north of its midline, after noting an uptick signifying increased capital inflows. If MATIC witnesses an upswing, the overhead resistance stood at $1.76. 

In a latest development, Polygon completed its integration with Dharma, an Ethereum-based wallet that helps connect bank accounts to DeFi platforms. This announcement could interest investors as users could now buy DeFi tokens without having to worry about network fees. 

Tron (TRX)

Ethereum, MATIC and Tron Price Analysis: 06 September

TRX/USD, TradingView

Tron rose by 2.2% over the last 24 hours and was trading at $0.104. It was seen trading near its four-month high price level and with a maintained upward movement, it could retest $0.107. 

Relative Strength Index was parked above the 60-mark, implying that buying strength existed in the market. Bollinger Bands were squeezed which signaled extremely low price volatility. 

Conversely, MACD flashed red bars on its histogram. If the bears gain control, prices could push down to sit on $0.095. Failing to trade above the same would result in TRX trading near its weekly low of $0.088.

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Anushmita is a full-time journalist at AMBCrypto with a background in Mass Communication. She is inclined towards writing about the socio-political aspects of the crypto market and also has an interest in analyzing market trends.