Ethereum [ETH] and Tron [TRX] Price Analysis: Cryptocurrency rivals hit bearish roadblock

The cryptocurrency market has seen a lot of controversies, with the major players being the proponents of various cryptocurrencies. One major example of a crypto feud is the ‘Twitter war’ between Ethereum’s [ETH] Vitalik Buterin and Tron’s [TRX] Justin Sun.

Justin Sun captured a lot of headlines earlier this week by stating that Tron would overtake Ethereum in terms of DApps and developments, while at the same time, Buterin retorted by claiming that he “would lose hope in humanity if Tron overtook Ethereum”.

Although the tussle between the two has been going on for a long time, Sun revealed that it has resulted in some good progress in the cryptocurrency market as the incessant developments helped the cryptocurrency market escape a bear market.

Ethereum 1-day:

Source: Trading View

Ethereum’s one-day chart showed a significant downtrend that resulted in the price dropping from $285.16 to $121.63. The long-term support was holding at $83.28.

The Parabolic SAR was below the price candles, which meant that ETH was going through a bullish phase.

The Relative Strength Index was in the middle of the graph, a sign of the equilibrium between the selling pressure and the buying pressure.

The MACD indicator showcased the signal line and the MACD line moving as a conjoined pair. The MACD histogram also showed a distinct lack of movement.

Tron 1-day:

Source: Trading View

Source: Trading View

Tron’s one-day graph painted a picture quite opposite to that of Ethereum, with the uptrend lifting the price from $0.0131 to $0.0221. The long-term support was holding at $0.0118.

The Chaikin Money Flow indicator was above the zero-line, which meant that the capital coming into the market was more than the capital leaving the market.

The Awesome Oscillator displayed a lull on the graph, which was a sign of reduced market momentum in the Tron ecosystem.

The Bollinger bands had converged towards each other after the price stagnated without any significant breakouts. The lack of price breakouts was also shown by the smaller size of the Bollinger clouds.

Conclusion:

Looking at the indicators, Ethereum’s bearish woes look to continue. Tron had enjoyed an uptrend earlier, but recently, the Justin Sun-led cryptocurrency hit a bear roadblock that caused the price to fall into a sideways movement pattern.

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