Ethereum is showing a positive outlook when compared to Tron, as Ethereum’s charts displayed the Golden Cross. This suggests that Ethereum’s price trend will flip in the near future.
The price of Ethereum at press time was $165, and that of Tron was $0.023. Ethereum is the second largest cryptocurrency in the world with a market cap of $17.5 billion, while that of Tron is $1.5 billion. Tron is currently the eleventh largest cryptocurrency in the world, just below Cardano [ADA].
The 24-hour timeframe showed that ETH’s price had fallen by 55%, while TRX fell by 6.53%. This dump was directly correlated to Bitcoin’s dump, which fell by ~3%. Altcoins like ETH and TRX fell by more than 7% in the wake of Bitcoin’s fall.
Ethereum one day chart
Support 1: $80.72
Resistance 1: $181.63
Resistance 2: $248.64
Resistance 3: $318.18
Resistance 4: $478.76
Bollinger Bands were slowly converging. ETH’s price bounced just before hitting the simple moving average, indicating slight bullish momentum.
The Chaikin Money Flow indicator resurfaced above the zero-line, indicating bullish momentum for the crypto.
The Stochastic RSI showed that it was struggling to recover some bullish momentum.
Tron one day chart
Support 1: $0.0119
Resistance 1: $0.0267
Resistance 2: $0.0396
The Bollinger Bands showed that the bands were continuing to diverge, indicating that there was volatility in the market. The price fell below the moving average, indicating bearish momentum for TRX.
The Chaikin Money Flow dipped below the zero-line, indicating that sellers were dominating the market.
The Stochastic RSI showed that the Stochastic line had dipped into the oversold zone, indicating bearish momentum for TRX.
All the aforementioned indicators suggested that while ETH was slowly building its bullish momentum in light of the Golden Cross, Tron was struggling to do so.
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