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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH leads bull race as TRX follows suit

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The recent bull run in Bitcoin’s [BTC] market resulted in a recovery spree for the altcoin universe. While several altcoins made headlines for incurring massive spikes in value, Tron [TRX], the ‘investor friendly’ altcoin, exhibited sideways trajectory through the year. On the other hand, thanks to a bullish wave, Ethereum [ETH] still held enough room to maintain its position as the world’s second largest cryptocurrency.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day chart for Ethereum [ETH] showed the coin being comfortable after surviving the crypto-winter. While ETH did not hold any prominent support or resistances, it continued to maintain its value recovery along with BTC’s bull run. The strongest altcoin was trading at $230.52, after rising by 10% change over 24 hours. Further, it had a trading volume of $13.2 billion and a market cap of $24.4 billion.

Awesome Oscillator: The green histogram bars suggested a strong bullish trend for

the coin.

Relative Strength Index: Similarly, the RSI indicator exceeded the upper range, indicating an increase in the buying pressure.

Bollinger Bands: The diverging mouth of the bands indicated high volatility.

Tron [TRX] 1-Day

Source: TradingView

Support 1: $0.022

Resistance 1: $0.027

The “Ethereum-killer” showed a positive change of 9.56% during the reading, placing its value at $0.028928 during press time. Additionally, the crypto maintained a trading volume of $1.1 billion and market cap of $1.9 billion. Although the coin has displayed bearish movements for the past month, it crossed its previous resistance at $0.027.

MACD: The MACD line was positioned over the signal line, indicating a rising bull market.

Parabolic SAR: On a similar note, the dotted markers formed below the candlesticks and suggested an ongoing bullish trend.

Chaikin Money Flow: The CMF was above the zero-line, confirming a bullish market.

displayed a strong bullish trend, TRX was eventually able to ride the bull wave.

While ETH displayed a strong bullish trend, TRX was eventually able to ride the bull wave.

Source/ambcrypto

Ethereum

Ethereum Price Analysis: ETH/USD breaks above flag formation and $170 barrier

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  • The SMA 20 curve has crossed above the SMA 50, which is a bullish sign.
  • The RSI indicator is creeping along the edge of the overbought zone.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls made a comeback this Friday, following a bearish Thursday. The price went up from $164 to $171, breaking above the flag formation in the process. After falling back into the

20-day Bollinger Band this Thursday, the price managed to climb back above it, indicating that the asset is currently overpriced. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. Finally, the Relative Strength Index (RSI) indicator is creeping along the edge of the overbought zone, hinting that the market may go up a bit more before it faces bearish correction

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Ethereum (ETH/USD) forecast and analysis on January 18, 2020

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Cryptocurrency Ethereum (ETH/USD) is trading at 165. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

As part of the Ethereum forecast, a test of level 160 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 183. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at level 147.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

Cancellation

of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​142. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020 implies a test level of 160. Further growth is expected to continue to the area above level 183. The conservative buying area is located near area 147. The breakdown of the growth option for cryptocurrency will be the breakdown of level 142. In this case, we should expect further fall.

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This technical formation could mean Ethereum is in for massive short-term upside

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It has grown increasingly unclear in recent times as to whether or not the aftermath of the recent uptrend seen by Bitcoin and major altcoins like Ethereum (ETH) marks any type of fundamental shift in market structure, or if it is simply another lower-high that will be followed by further losses.

In spite of this lack of clarity, analysts are now pointing to some bourgeoning technical patterns for guidance as to where the markets will trend next.

In the case of Ethereum, these technical signs seem to favor the cryptocurrency’s bulls, as they may signal that it will soon see some further upwards momentum.

Ethereum inches lower as it closely tracks Bitcoin

At the time of writing, Ethereum is trading down nominally at its current price of $165, and it appears to be closely tracking Bitcoin’s price action as the markets attempt to establish some momentum.

Despite facing a swift rejection at highs of over $170 earlier this week, ETH has been able to maintain some stability within the $160 region and it appears to be in a consolidation phase that could be followed by a major movement.

One technical factor that should be considered in the near-term is that Ethereum appears to be currently trading within a bull flag, which could mean that this bout of sideways trading will be followed by a massive upwards movement.

“Ethereum: What was a bullish pennant, now perhaps a bull flag. Volume decreasing,

textbook for a pennant,” Mr. Jozza, a prominent cryptocurrency analyst on Twitter, explained while pointing to the chart seen below.

Ethereum ETH
Image Courtesy of Mr. Jozza

These factors could bolster eth’s bulls and perpetuate a major upside swing

The bull flag that Ethereum is currently in the process of forming isn’t the only factor currently counting in the favor of the cryptocurrency’s bulls, as Bitcoin Jack – another prominent analyst – pointed out a few other key factors that should be considered by investors.

He notes that ETH has been able to break its volume downtrend and has been able to flip its previous resistance level into a support level – two factors that suggest it will soon see notable upside.

“ETH vs BTC daily chart update: Volume down-trend broken on sharp move up. Rejection of resistance was met with flipping old local resistance in to support. If price can breach into old range above, target 1 becomes viable quickly. A pullback into green is for buying,” he said while referencing the levels marked on the below chart.

Ethereum ETH
Image Courtesy of Bitcoin Jack

Bitcoin’s price action may have significant influence over that of Ethereum and other altcoins, but the technical factors discussed above may be enough to allow ETH to break its BTC correlation and garner some independent momentum.

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