Ethereum Price Analysis: ETH spikes below $3,100, set to slowly reverse today?

TL;DR Breakdown

• Ethereum price analysis is bullish for today.
• ETH/USD saw another decline overnight.
• Ethereum held the $3,100 support. 

Ethereum price analysis is bullish today as the market has retested the $3,100 support again, and a breakout was not seen. Therefore, we expect ETH/USD to reverse today to try to regain the loss seen overnight.

The overall cryptocurrency market traded in the red over the last 24 hours. Bitcoin is down by 1 percent, while Ethereum has dropped 0.41 percent. Binance Coin (BNB) still holds in the green, with a gain of 0.63 percent, and is among the best performers.

Ethereum price movement in the last 24 hours: Ethereum retraces to $3,100 support again

ETH/USD traded in a range of $3,060.23 – $3,249.66, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 3 percent and totals $19.28 billion. Meanwhile, the total market capitalization trades around $362.8 billion, resulting in market dominance of 18.11 percent.

ETH/USD 4-hour chart: ETH set to reverse higher?

On the 4-hour chart, we can see the Ethereum price consolidating around the $3,100 support today as the market prepares to reverse higher.

Ethereum price saw a strong advance over the past month. From the $1,725 previous significant swing low, ETH/USD rallied by more than 90 percent until resistance was found around the $3,300 price area.

Below the resistance, Ethereum has traded for several weeks now, with only a slightly higher high set. After a substantial decline last week to the $2,950 mark, ETH rallied to the $3,375 mark, where a higher high was set. However, no further upside was seen.

Over the next 24 hours, the Ethereum price saw another decline, this time to $3,100 price mark, where a higher low was set. This support was again retested overnight, indicating that ETH/USD is likely to reverse. 

Overall, Ethereum is expected to reverse from the second retest of the $3,100 support later today and finally set a strong higher high above the $3,300 resistance.  

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish as the $3,100 support prevented further downside again earlier today. Therefore, we assume that bears are exhausted once again and ETH/USD will reverse back to the upside later today.

While waiting for Ethereum to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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