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Ethereum

Ethereum [ETH] and Tron [TRX] Price Analysis: Bulls prepare to charge as market corrects itself

The cryptocurrency market saw a fall in prices as most cryptocurrencies fell owing to correction forces, despite Bitcoin [BTC] recording considerable gains. Ethereum [ETH] and Tron [TRX] corrected themselves after noting significant rises.

Ethereum [ETH]

At press time, ETH was valued at $190.02 with a market cap of $20.15 billion. The 24-hour trading volume of the coin was noted to be $9.86 billion as the coin dropped by 3.04% over the past day. Over the past week, the coin noted a growth of 17.29% and was up by 0.13% over the past hour.

Source: Trading view

Source: Trading view

Resistance- $191.77

Support 1- $154.63

Support 2- $134.79

Bollinger Bands appeared to have converged, indicating reduced volatility in the market. The moving average line was under the candlesticks, marking a bullish market.

Awesome Oscillator indicated a strengthening bullish market.

Chaikin Money Flow pointed towards a bullish trend as the marker line moved above zero.

Tron [TRX] 

At press time, TRX was valued at $0.0245 with a market cap of $1.63 billion. The 24-hour trading volume of TRX was noted to be $840 million as it grew by 5.55% over the past week. In the past day, the token plunged by 3.15%, but managed to report a growth of 0.14% in an hour.

Source: Trading view

Source: Trading view

Resistance- $0.0309

Support- $0.0229

Parabolic SAR indicated a bullish trend as the markers aligned under the candlesticks.

MACD line was above the signal line marking a bullish market.

Relative Strength Index indicated that the buying and the selling pressures had evened each other out.

Conclusion 

According to the long-term charts of ETH and TRX, a bullish market was forecast.

Source/ambcrypto

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