Ethereum [ETH] and Tron [TRX] Price Analysis: Coins steady as they ride the bull together

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Many cryptocurrencies surged after the market rejoiced in the presence of the bull. However, the bull seemed to have left the market as major coins acquired new normalcy.

While, Ethereum [ETH], the second largest cryptocurrency and Tron [TRX], the eleventh largest cryptocurrency, were battling it out in the coin market, Ethereum’s Vitalik Buterin and Tron’s Justin Sun have been battling it out on Twitter.

Ethereum [ETH] – 1 day chart

At press time, ETH was valued at $139.31 with a market cap of $14.68 billion. It noted a 24-hour trading volume of $4.50 billion, while noting a fall of 0.30% over the past day. ETH noted a seven-day growth of 1.73%.

Source: TradingView

According to the long-term chart of Ethereum [ETH], a massive downtrend was observed in its prices. The price of Ethereum dipped from $228.45 to $157.55. The price of the coin did manage to rise from $83.51 to $133.26 however, with immediate resistance marked at $157.55 and support at $103.22.

Bollinger Bands marked a bullish trend as the moving average line aligned under the candlesticks. The bands appeared to have converged, indicating reduced volatility in the market.

Awesome Oscillator pointed towards a weakened bullish momentum.

Chaikin Money Flow marked a bullish market as the marker stayed above the zero mark.

Tron [TRX] 1 day chart

At press time, Tron was valued at $0.0237 with a market cap of $1.58 billion. It registered a 24-hour trading volume of $234 million, while noting a growth of 1.71% over the last 24 hours. TRX noted a seven-day hike of 5.11%, but was dropping by 0.20% over the hour.

Source: Trading view

Source: TradingView

According to TRX’s long-term chart, a downtrend was seen from $0.0215 to $0.0119. This was followed by a gradual uptrend from $0.0128 to $0.0226. TRX marked immediate resistance at $0.0246, followed by another strong resistance at $0.0294. TRX marked support at $0.0215.

Parabolic SAR indicated a bullish market as the markers were aligned under the candlesticks.

MACD line was over the signal line, marking a bullish reign.

Relative Strength Index indicated that the buying and selling pressures evened each other out.

Conclusion 

According to the long-term charts for Ethereum and Tron, a bullish ride was forecast for the two cryptocurrencies.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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