Ethereum [ETH] and Tron [TRX] Price Analysis: Bears dominate market as tokens bleed
Ethereum [ETH] and Tron [TRX] registered a fall in prices since the recent bull run. At press time, Ethereum was priced at $162.48 and with a market capitalization of $17.26 billion. The token also witnessed a decline of 1.48 percent against the US dollar over the past day.
Tron [TRX] garnered $304 million in trade volume over the last 24 hours and the token was priced at $0.0262. The market capitalization was around $1.7 billion and the 24-hour decline rate was about 1.94 percent.
The one-day chart of Ethereum exhibited an uptrend which pushed the valuation from $136.74 to $180.87. The resistance line, at press time, was placed at $181.42 and the long-term support line was at $82.21.
The Bollinger Bands pointed towards a stable price movement for the coin and the markers converged on the chart.
The Relative Strength Index indicated that the selling pressure and buying pressure remained neutral in the market.
The Awesome Oscillator or AO indicated that the market was heading towards a bearish region as the red bars dominated the chart.
Tron 1-day chart:
The one-day chart saw sideways movement for the valuation of the token as the prices kept moving between the resistance line at $0.0309 and the support line of $0.0214. An uptrend from $0.0246 to $0.03083 was also seen on the chart.
The Parabolic SAR indicator hovered over the candlesticks and indicated a bearish trend for the token.
The MACD line remained below the red line on the chart and exhibited a bearish trend.
The Fisher Transform line followed suit and stayed under the red line, which indicated a bearish run in the market.
The tokens seem to have embraced the bearish market and the drop in valuation could possibly continue for a longer period of time.
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