ETH Price Closes in Near Next Resistance as Crypto Analyst Underlines Area of Interest

  • Lennaert Snyder has highlighted $4,200 as a resistance level for Ethereum tokens.
  • ETH price is up by 3.21% over the last 24 hours.
  • Crypto analyst has called $3,600/$3,700 his area of interest.

Lennaert Snyder, a crypto analyst, has underlined his area of interest following significant gains in ETH prices. Values are also inching closer to the next resistance level. This could potentially decide the course of movement for the Ethereum token on the price chart. Future estimates for the value of Ether are bullish but remain within a confined zone.

ETH Price and the Near Resistance Level

Lennaert Snyder, a notable crypto analyst, has said that ETH price was moving towards the nearest resistance level of approximately $4,200. He added that this milestone would either be good or bad for the Ethereum token. Snyder has anticipated that Ether could soon retest the support margin of $3,800.

The crypto analyst has drawn two points as his area of interest. These are $3,600 and $3,700. This possibly translates to two situations: a decline to $3,600 or $3,700 would be an accumulation zone; or, that would be a point beyond which heavy losses are likely for the community at a broader level. Nevertheless, Snyder has anticipated that ETH price may retest the support level of $3,800.

Movement of Ethereum Tokens on Price Chart

Ethereum tokens are currently valued at $4,122.36, up by 3.21% over the last 24 hours. But, the price is still down by 1.16% and 5.78% in the last 7 days and 30 days, respectively. The 24-hour trading volume has marked an uptick of 60.34% to around $28.83 billion. Movements of ETH price on the chart are showing the signs of potential recovery.

Interestingly, BTC and other cryptocurrencies have also started showing signs of possible recovery. The flagship crypto, that is Bitcoin token, is up by 2.39% in the last 24 hours, and is being traded at $112,173.04. Similarly, BNB has noted a surge of 3.75% during the same timeline for a value of $1,003.75. However, BNB price surge is likely based on the sentiment around Giggle Academy, which aims to make education accessible.

ETH Price Future Estimates

The resistance call stated by Lennaert Snyder features a rough value of $4,254.42, with the maximum value of $4,367.62. Reclaiming the resistance margin is likely to trigger long positions. Snyder has hinted at something similar in his X post. He has stated that longs are triggered after gains.

ETH price is expected to rise by around 11.50% to a value of almost $4,590.14, in the next 30 days. Ongoing volatility is 4.31% and the 14-Day RSI is 42.75 points. Sentiments around Ether are neutral but the FGI rating of 37 points out to fearful sentiments. The lowest support level has been set to around $3,858.19 – a decline any further could hint at a lower mark.

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Source: https://thenewscrypto.com/eth-price-closes-in-near-next-resistance-as-crypto-analyst-underlines-area-of-interest/