Ethereum [ETH] and Tron [TRX] Price Analysis: Rival tokens struggle to shrug off bearish pressure

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Vitalik Buterin’s Ethereum [ETH] and Justin Sun’s Tron [TRX] are two of the top-10 cryptocurrencies in the world directly competing against each other as both digital assets provide users with a platform to develop DApps.

At press time, Ethereum boasted a market cap of $14.6 billion and witnessed a bullish growth of 2.92% against the US dollar. The price of the token was recorded to be $138.78, at press time.

Justin Sun’s Tron held a market cap of $1.5 billion and the token garnered a trading volume of $217 million in the last 24 hours. Similar to ETH, TRX was bullish by 2.65% against the US dollar.

Ethereum 1-day

Source: TradingView

The one-day chart of Ethereum indicated multiple bullish and bearish phases as the token kept moving sideways between the resistance line at $157.39 and the support line at $83.66.

The Parabolic SAR was found above the candlesticks, indicating a continuing bearish trend for the token.

The MACD line indicated a bearish run for the coin. However, the red line and the blue line remained in close proximity to each other, suggesting an imminent change in trend.

The Chaikin Money Flow or CMF line was above the zero-line, which implied a significant inflow of capital into the market.

Tron 1-day

Source: TradingView

The one-day chart for TRX witnessed a recovery of losses as the coin stabilized between the resistance line at $0.0293 and the support line at $0.0119. A significant uptrend was seen from $0.0157 to $0.0224.

The Bollinger Bands remained parallel to each other, indicating a less volatile period for the coin.

The Fisher Transform line remained under the signal line and pointed towards a bearish trend for the token.

The Relative Strength Index or RSI observed a neutral trend for the token as the buying pressure and selling pressure evened each other out.

Conclusion

The indicators for both the coins pointed towards a persistent bear run as the tokens struggled to break the long-term bearish grip.


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Biraajmaan Tamuly

Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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