As Bitcoin [BTC] pushed below $5,300, the collective market looks to take a massive hit dropping below $180 billion as several coins were trading in red following weeks of optimism. Since touching $176, Ethereum [ETH] the top altcoin has been in a downtrend, shaving over $8 in the past two days alone. Tron [TRX], its DApp competitor has seen an even more severe decline, dropping by over 11 percent in the same period.

Ethereum 1-day:

Source: Trading View

The top altcoin has seen varied movements since the close of February, starting with a downtrend that dragged the price from $160.85 to $143.75 for the better part of the month. Bitcoin’s April ascendance saw the coin rise, in two cycles albeit, from $142.84 to $182.16.

Ethereum found immediate resistance at $181.5, while the coin’s immediate support level was pegged at $160.02.

The Bollinger Bands pointed to a decline in volatility as the bearish phase had been consolidating for some time, while the Moving Average showed a mildly bullish market.

The Awesome Oscillator indicated a rise in short-term momentum, with bullish activity in the offing as the concluding bars were green.

The Chaikin Money Flow tool showed positive money inflow into Ether as the CMF line was above 0.

TRON 1-day:

Source: Trading View

Currently occupying the eleventh spot on the coin ladder, Tron saw its March incline continue into the following month, largely due to the Bitcoin bulls. This incline caused the coin to spike from $0.023 to $0.030. The subsequent correction dragged the coin’s price down from the aforementioned high to $0.026.

Tron found immediate resistance at $0.0308, which tracked the early-April peak. The coin’s immediate support level stood at $0.022, which the coin inched closer towards.

The Parabolic SAR indicated a bearish market as the dotted lines were above the coin’s trendline.

The Relative Strength Index showed a decline in investor interest as the RSI dropped from 74.25 last month to 43.11 at press time.

The MACD pointed to a rise in bearish momentum as the MACD line was below the Signal line.

Conclusion:

It’s no surprise that the collective market correction, coupled with Bitcoin’s descent from the highs of $5,300, resulted in a bear attack. Ethereum and Tron declined by 3.54 percent and 7.18 percent respectively.

Among the two, the top altcoin displayed signs of recovery as the money flow was above 0 and the short-term momentum was increasing with green bars. On the flipside, Tron showed bearish signs as the MACD was down with the investor interest in constant decline since March.

The post Ethereum [ETH] and Tron [TRX] Price Analysis: Market woes usher bears as bulls nowhere in sight appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

217 +