The value of the global cryptocurrency market has recently seen a surge of bullish activity, mostly due to optimistic market sentiment in the anticipation of the U.S. Securities and Exchange Commission’s (SEC) upcoming decision on spot Bitcoin ETFs. Ethereum, Near Protocol (NEAR), and Sei (SEI) have responded to this small trigger by showing a marked upswing in the past week.
The total market capitalization of the crypto market is currently at $1.66 trillion, with a 0.39% decrease over the past day. On the other hand, the total trading volume has seen a 12.04% rise in the last 24 hours, totaling $87.22 billion.
Ethereum Price Analysis
Ether (ETH) has demonstrated a notable recovery over the past ten weeks, largely guided by a well-defined rising channel pattern. This pattern’s lower trendline provided crucial support for buyers and prolonged the upward trajectory. On December 19th, the ETH price dropped below the lower trendline, which could have been an indication of a correction. Nevertheless, the newfound demand pressure at $2100 encouraged buyers to reclaim the lost support and achieve a 12% increase to hit $2500. The upswing in the lower boundary of the Bollinger band indicator suggests a continuation of the bullish momentum.
NEAR Protocol Price Analysis
The Near Protocol coin price rose sharply from $0.971 in late October, empowered by a bullish market sentiment and strengthened by partnerships formed in early November. This led to a 293% increase and an all-time high of $3.8. After overcoming the previous swing high at $ 2.76, buyers faced difficulty in maintaining the momentum above the $3.43 resistance level. This could mean that a correction is needed to solidify the bullish trend. A drop below $3.43 could bring the price down to $2.76, which coincides with an ascending trendline. The midline of the Bollinger bands continues to offer support to rising prices.
SEI Price Analysis
The SEI token price has had a strong rebound from the 0.22 support and seen an 89% increase to a new all-time high of $0.418. However, the mid-week saw a renewed influx of supply due to short-term traders exiting. This led to a 13% slide and corrections at the 38.2% and 50% Fibonacci retracement levels. A pullback could provide an opportunity to buy at support levels of $0.34, $0.3, and $0.26. This could help the coin recuperate the exhausted bullish momentum and resume the recovery trend. The rising 20-and-50-day exponential moving averages (EMAs) continue to act as a strong pullback support.
