- 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.
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