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