Ethereum [ETH] and Tron [TRX] Price Analysis: Coins stumble as bear regains control of market

The cryptocurrency market’s return to the sideways movement pattern has discouraged many new investors and institutions from trying their hand at the field of digital assets. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Tron [TRX] were all subjected to this price clamp, as evidenced by the stagnation of their market volume and market cap.

Tron failed to witness any significant rise in prices, despite the vast number of updates and developments from the Justin Sun-led company.

Ethereum 1-day:

Source: TradingView

The one-day graph of ETH showcased a downtrend that lowered the price from $217.81 to $163.62. The long-term support was holding at $81.2.

The Bollinger Bands had started converging after the recent price hike increased the size of the Bollinger cloud.

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

The Awesome Oscillator had increased in amplitude, signifying a rise in market momentum after a period when it was almost non-existent.

Tron 1-day:

Source: TradingView

Source: TradingView

Tron’s one-day graph lifted its price from $0.0133 to $0.0222. The long-term support for Tron held at $0.0117.

The Parabolic SAR was below the price candles, a sign that the cryptocurrency was going through a bullish atmosphere.

The Relative Strength Index was in the middle of the graph and indicated that the buying and selling pressures evened each other out in the Tron market.

The MACD indicator saw the MACD line and the signal line undergo a bearish crossover after a slight bullish blip. The MACD histogram was a mix of bearish and bullish signals.

Conclusion:

The above-mentioned indicators stated that the cryptocurrency market was back to its earlier trend of a sideways price movement. This movement echoes the words of several proponents in the crypto-verse, who claimed that the bear market was not over yet, despite the recent bull run earlier this month which had stirred up the community.

Crypto Destroyer

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