Crypto Price Prediction For December 23: ETH, NEAR, SEI
Crypto Price Prediction: The cryptocurrency market has recently seen a surge of bullish activity, primarily influenced by positive market sentiments in anticipation of the U.S. Securities and Exchange Commission’s (SEC) impending decision on spot Bitcoin ETFs. With this small trigger the second largest cryptocurrency Ethereum, and fellow altcoins Near Protocol(NEAR), and Sei(SEI) showed a notable upswing this week.
The total market capitalization of the global cryptocurrency market is currently valued at $1.66 trillion, experiencing a slight decrease of 0.39% over the past day. In contrast, the total trading volume in the crypto market has seen a significant increase, rising by 12.04% over the last 24 hours, reaching a total of $87.22 billion
Also Read: Here’s Why Bitcoin Jumps 160% YTD Despite Multiple Setbacks
Ethereum Price Analysis: Fake Breakdown Hints 12% Upswing Ahead
Ethereum Price Analysis| TradingView Chart
Over the past ten weeks, the Ethereum(ETH) price has demonstrated a notable recovery, largely guided by a well-defined rising channel pattern. This pattern’s lower trendline has consistently provided crucial support, encouraging buyers and extending Ether’s upward trajectory.
On December 19th, the ETH price broke below the pattern’s lower trendline, signaling a potential correction in an uptrend. However, with the newfound demand pressure at $2100, the buyers gave a counterattack to re-enter the channel pattern. On December 22nd, the coin price reclaimed the lost support, bolstering buyers for a 12% recovery to hit $2500.
The upswing in the lower boundary of the Bollinger band indicator shows the bullish momentum is active.
NEAR Protocol Price Analysis: Is $NEAR Price Heading Back to $2.2
NEAR Protocol Price Analysis| TradingView Chart
In late October, the Near Protocol coin price entered a robust recovery phase, rebounding sharply from the $0.971 level. This resurgence was fueled by a general bullish sentiment in the market and strengthened by significant partnerships formed in early November. As a result, this altcoin experienced a remarkable surge, approximately 293%, reaching a 15-month peak at $3.8.
During this bullish rally, the coin’s price successfully overcame the previous swing high of $2.76, signaling a pivotal shift according to Dow Theory from a downtrend to a potential new uptrend. However, a notable challenge emerged as buyers struggled to maintain momentum above the $3.43 resistance level.
This suggests that the ongoing rally might require another correction to regain and reinforce bullish momentum. A decline below $3.43 could lead to a 16.75% fall, potentially bringing the price down to retest an ascending trendline coinciding with $2.76.
The midline of Bollinger band indicators continues to act as dynamic support to rising prices.
SEI Price Analysis: $SEI Offer Dip Opportunity Before the Next Leap
SEI Price Analysis| TradingView Chart
Defying the general sentiment of uncertainty in the market, the SEI token price shows a strong rebound from the 0.22 support. Within a week, the coin price surged 89% to reach a new all high of $0.418.
However, in the mid-week, the coin price witnessed renewed supply pressure as the short-term traders must have exited early. Following long-wick rejection candles, the SEI price tumbled 13%, teasing a new correction. Interestingly, the coin has shown some similar pullbacks obtained suitable support at 38.2% and 50% Fibonacci retracement levels.
Thus, the possible pullback can witness sufficient demand pressure at $0.34, $0.3, and $0.26, coinciding with the crucial support of the FIB tool. This pullback could recuperate the exhausted bullish momentum and resume the recovery trend. The rising 20-and-50-day EMA continues to act as a strong pullback support.