Price Analysis

Crypto Price Prediction For December 23: ETH, NEAR, SEI

Crypto Price Prediction: Positive improvement in market sentiment hints comeback opportunity for altcoins.
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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

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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.

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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.

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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.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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