Ethereum Price Analysis: ETH spikes to $4,100, another lower high set?

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Ethereum price analysis is bearish today.
ETH/USD  has likely set a new lower high at $4,100.
The market currently consolidates in a narrow range.
Ethereum price analysis is bearish today as we expect a reversal to follow later today after a strong spike to $4,100 was seen late yesterday. Therefore, ETH/USD has likely set another lower high and is now ready to move lower again.

Ethereum Price Analysis: ETH spikes to $4,100, another lower high set? 1
Cryptocurrency heat map. Source: Coin360
The market overall has seen a steady increase over the last 24 hours. The market leader, Bitcoin, gained 1.69 percent, while Ethereum 4.65  percent. Avalanche (AVAX) is the top performer from the top altcoins, with a gain of almost 14 percent.

Ethereum price movement in the last 24 hours: Ethereum retests $3,650 support, spikes to $4,100
ETH/USD traded in a range of $3,664.72 – $4,086.37,  indicating strong volatility in the market over the last 24 hours. Trading volume has seen an increase of 44.68 percent, totaling $27.15  billion. Meanwhile, the total market cap trades around $480.68 billion, resulting in a market dominance of 21.17 percent

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