Ethereum Price Analysis: ETH retraces to $3,100, ready to reverse?

TL;DR Breakdown

• Ethereum price analysis is bullish for today.
• ETH/USD saw a sharp decline yesterday.
• Ethereum found support at the $3,100 support.

Ethereum price analysis is bullish for today as the market spiked to the $3,100 mark earlier today as saw rejection for further downside. Therefore, we expect ETH/USD to reverse today and make another attempt to break the $3,300 later this week.

The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 3.73 percent, while Ethereum is down by 5.63 percent. Meanwhile, Dogecoin is among the worst performers, with a loss of 8 percent.

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

ETH/USD traded in a range of $3,086.11 – $3,326.60, indicating mild volatility over the last 24 hours. Trading volume has increased by 1.37 percent and totals $19.75 billion, while the total market capitalization trades around $367 billion, resulting in market dominance of 18 percent.

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

On the 4-hour chart, we can see the Ethereum price action rejecting further downside, which should lead to a reversal later today.

Ethereum price action has seen a substantial advance over the past month. After setting a major swing low at the $1,725 mark on the 20th of July, ETH/USD began to rally. 

Previous swing highs at the $2,400 and $2,900 were broken, resulting in a move the $3,300 resistance. However, the $3,300 mark has proven to be a very strong resistance level as the market has traded below it for several weeks now.

On Monday, ETH/USD briefly rallied above the resistance and consolidated, indicating bullish momentum building up. However, bears took over the Ethereum price action, and another drop was seen yesterday.

Ethereum found support at the $3,100 mark earlier today and currently rejects further downside. Overall, this should lead towards another attempt to push past the $3,300 resistance over the next days.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as support was found above the $3,100 mark and the further downside was not seen after a slight retracement overnight. Therefore, we expect ETH/USD to recover and attempt another push past the $3,300 resistance later this week.

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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