Ethereum Price Analysis: ETH still trades above $2,950, set for a decline to $2,850?

TL;DR Breakdown Ethereum price analysis is bearish for today.ETH/USD retested the $3,100 mark as a resistance yesterday.Ethereum moved lower again overnight. Ethereum price analysis is bearish for the next 24 hours as further upside was rejected earlier today, and another decline to the $2,950 support was made. Therefore, we expect ETH/USD to continue moving lower later today and target the $2,850 support next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with mixed results over the last 24 hours. Market leaders, Bitcoin and Ethereum, have declined by 0.98 and 0.81, respectively. Meanwhile, Cardano (ADA) is among the best performers, with a gain of almost 6 percent. Ethereum price movement in the last 24 hours: Ethereum declined back to $2,950 support ETH/USD traded in a range of $2,963.15 – $3,124.98, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.35 percent and totals $19.35 billion. Meanwhile, the total market capitalization trades around $350.2 billion, resulting in market dominance of 18.41 percent. ETH/USD 4-hour chart: ETH set to break below $2,950? On the 4-hour chart, we can see the Ethereum price testing the $2,950 for the second time, likely resulting in a further drop today. ETH/USD 4-hour chart. Source: TradingView Ethereum price action has seen a substantial increase over the last month. After retesting the previous major support aroun...