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. Cryptocurrency heat map. Source: Coin360 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. ETH/USD 4-hour chart. Source: TradingView 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.  Pre...