Ethereum [ETH] and Tron [TRX] Price Analysis: Bears loom large as bullish momentum stalls

Ethereum [ETH] and Tron [TRX] Price Analysis: Bears loom large as bullish momentum stalls

May 24, 2019

After yesterday’s bearish movement, the cryptocurrency market was back in bullish pastures on May 24. The 24-hour trading volume of Ethereum [ETH] stood at $10.67 billion, with the market cap at $26 billion, at press time. Tron [TRX] moved back to the 11th position on CoinMarketCap. Its 24-hour trading volume stood at $660 million and the market cap was at $1.85 billion.

1-Day ETH chart

Source: Trading View

The first uptrend was seen from $82.41 to $102.90, with the second one between $102.90 and 152.24. The downtrend was from $625.73 to $270.13. The resistance stood at $296.64, while the support was at $81.08, at press time.

The Chaikin Money Flow indicated that the money inflow into the market was more than the money flowing out of the market.

The Awesome Oscillator signified a bullish buying opportunity in the market. However, a trend reversal to a bearish move could be expected.

The MACD suggested an imminent bearish crossover.

1-Day TRX chart

Source: Trading View

The uptrend was from $0.012976 to $0.023633 and the downtrend stretched from $0.081602 to $0.031289. The resistance was seen at 0.040594 and the support was at $0.011292.

The Parabolic SAR signified a bearish market as the markers were above the candlesticks, at press time.

The Relative Strength Index indicated strong buying pressure in the market, at press time.

The Aroon indicator signified a sideways trend in the market.

Conclusion

Ethereum recorded bullish projections. However, a bearish phase was imminent. The same could be said for Tron which was struggling to post significant gains.

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