Ethereum [ETH/USD] and Tron [TRX/USD] Price Analysis: Price consolidation becomes apparent even as market momentum becomes positive

2019-4-17 13:15

The cryptocurrency market’s volatile movement was put on show again as the prices bounced slightly in the bullish spectrum of the chart. The volatility was apparent throughout the entire market as cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] were all affected by the market fluctuations. Ethereum has been enjoying a slow and steady climb on the charts recently with the main aim of keeping its closest rival in terms of price, XRP, at bay.

Ethereum 1 day:

Source: TradingView

The one-day graph for Ethereum showed a downtrend that lowered the price from $218.44 to $164.78. The long-term support was holding at $81.78.

The Parabolic SAR was above the price candles which meant that Tron was going through a bullish atmosphere.

The Relative Strength Index was close to the overbought zone, a sign of the buying pressure being more than the selling pressure.

The MACD indicator saw the MACD line and the signal line undergoing a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.

Tron 1 day:

Source: TradingView

Tron’s one-day graph painted a picture opposite to that of Ethereum as multiple uptrends lifted the price from $0.013 to $0.026. The Justin Sun-led cryptocurrency’s long-term support was at $0.0117.

The Bollinger bands had started a convergence after the end of the recent bull run. The Bollinger cloud was at its 2019 peak as the last major outbreak occurred in the middle of December 2018.

The Chaikin Money Flow indicator was below the zero line which meant that the capital leaving the market was more than the capital coming into the market.

The Awesome Oscillator had increased in amplitude, indicating the spike in the Tron market momentum.

Conclusion:

The indicators mentioned above point to the prices in the market consolidating after the sudden bullish spike. The charts also show that the prices have settled into a sideways groove as the bear regained control of the cryptocurrency market.

 

The post Ethereum [ETH/USD] and Tron [TRX/USD] Price Analysis: Price consolidation becomes apparent even as market momentum becomes positive appeared first on AMBCrypto.

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