Ethereum price to recover as bulls appear in the horizon

Ethereum, the 2nd ranked second digital asset recorded a market cap of around $20 billion and was valued at $189 at press time. The coin exhibited a growth of 4.58 percent in the past 24 hours with a trade volume of $7.2 billion.

1-Hour

Source: Trading View

On the one-hour chart. The coin recorded an uptrend from $183.59 which extended to $190.10. ETH faced resistance at $190.25 while support is seen at $177.48.

Bollinger Bands were converging, resulting in reduced volatility in the market.

Chaikin Money Flow pointed that capital inflow was less than capital outflow as the marker is seen below the zero lines.

MACD line was below the signal line, indicating a bearish market for ETH.

1-Day

Source: Trading View

If the price of ETH continues to rise it will face resistance at $317.63 and $332.92. ETH saw an upward trend from $157.87 to $332.92 and a downtrend from $231.16 that extended to $166.36.

Parabolic SAR indicated a bullish market as the markers were aligned below the candlesticks.

Awesome Oscillator pictured a bullish selling opportunity with green bars in th chart.

MACD indicated a bullish trend, as the MACD line hovered over below the signal line.

Conclusion

The charts revealed that ETH showed a bullish trend as per the indicators.