Ethereum [ETH] and Tron [TRX] Price Analysis: ETH rides bull wave while TRX follows suit

Ethereum [ETH] and Tron [TRX] Price Analysis: ETH rides bull wave while TRX follows suit

  17 May 2019

Ethereum [ETH] fell by 9.36% over the last 24 hours. The partnership with Bosch might bring some relief to ETH in the future. The second largest coin was priced at $230.09, with a market cap of $24.4 billion. The 24-hour trade volume came up to be $16.7 billion out of which, EXX contributed 3.23% via ETH/USDT pair.

Tron, which recently launched new privacy features called zk-SNARKs, was priced at $0.0256 with a market cap of $1.7 billion. The ‘Ethereum Killer’s’ 24-hour trading volume was $910 million out of which, OKEx contributed 8.35% via TRX/USDT pair.

1-Day ETH

Source: TradingView

The one-day chart for ETH showed an uptrend from $178.23 to $263.09. The support points stood at $83.89, $127.34, $146.53 and $180.38.

The Chaikin Money flow indicator showed a bullish trend as the flow of capital into the market was more than the outflow.

The MACD indicator showed a bullish crossover.

The Relative Strength Index also showed a bullish trend since buying pressure was overpowering selling pressure.

1-Day TRX

Source: TradingView

The one-day chart for TRX showed an uptrend from $0.012 to $0.023.

The Parabolic SAR showed a bullish trend as the dotted markers were formed under the candlesticks.

The Chaikin Money Flow indicator showed a bullish trend as the CMF indicator stood over the zero line, indicating the flow of capital into the market being more than the outflow. However, since the CMF was falling, a reversal in trends may be expected.

The Awesome Oscillator indicator suggested short term momentum being greater than the long term momentum, indicating a bullish trend.

Conclusion

The one-day chart for ETH and XRP showed a bullish trend, as indicated by the aforementioned indicators.

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