Ethereum [ETH] and Tron [TRX] Price Analysis: Bulls march in as coins post significant rallies

Ethereum [ETH] and Tron [TRX] Price Analysis: Bulls march in as coins post significant rallies

May 12, 2019

Ethereum [ETH] and Tron [TRX] managed to surpass the bear and smashed resistances at different points following the latest Bitcoin sprint.

1-day ETH chart

The second largest cryptocurrency by market cap, Ethereum [ETH], exhibited a massive rally of 10.38% over the last 24 hours and was priced at $196.67. The coin registered a 24-hour trading volume of $13.06 billion and held a market cap of $20.85 billion.

Source: TradingView

The one-day ETH chart registered a significant uptrend from $85.62 to $135.3 and another uptrend from $135.3 to $154.8, following market correction. No significant downtrend was noticed on the chart above.

The latest market pump resulted in ETH breaking major resistance points as the coin continued to trade higher. The digital coin found support at $105.9 and $137.9.

Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for the crypto-asset.

MACD: The MACD line was also above the signal line, indicating that the coin was following a bullish course.

Klinger Oscillator: The reading line was also above the signal line, pointing towards a bullish price pattern for Ethereum.

1-day TRX chart

The eleventh largest crypto-asset on CoinMarketCap, Tron [TRX] held a market cap of $1.69 billion. The digital coin was priced at $0.025 after surging 7.91% over the past 24 hours. At press time, the coin registered a 24-hour trading volume of $960 million.

Source: TradingView

The one-day Tron [TRX] chart registered an uptrend from $0.029 to $0.023 and another uptrend from $0.023 to $0.029, catapulted by subsequent upswings. A downtrend from $0.03 to $0.025 was also observed on the chart above. The resistance point for the coin was at $0.035, while the support stood firm at $0.013.

Bollinger Bands: The mouth of the bands depicted a period of low volatility.

Awesome Oscillator: The closing bar of the indicator was green, suggesting some bullish activity for the coin.

Chaikin Money Flow: The CMF was also below the zero-line, indicating money outflow from the market and a bearish period for TRX.

Conclusion

Ethereum [ETH] projected strong bullish signals in the near term, while Tron [TRX] was mildly bullish with no potential price break out signs.

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