Weekly Analysis of BTC, ETH, and the Stock Market (Dec 23, 2024)

Bitcoin (BTC)

After setting a record high at $108,339, Bitcoin corrected to $92,300 and is now trading within a narrow band. Support is holding firm at $92,200–$94,200, while resistance is capping gains at $98,700–$100,800.

With holiday-driven liquidity constraints on the horizon, Bitcoin is likely to remain range-bound for the next few weeks. That said, temporary spikes in volatility are not out of the question.

If BTC breaks through $100,800 and holds above it, the upward momentum could return. However, losing the support zone could push the price down to $90,800.

BTC/USDT H2 Chart

Ethereum (ETH)

Ethereum’s current trading pattern sees it oscillating between $3,035–$3,200 support and resistance at $3,530–$3,680. As with Bitcoin, the next few weeks are likely to bring lower trading volumes, keeping ETH within these boundaries.

If Ethereum manages to break past its resistance zone, the price could climb further, with $3,910 as the first target. Looking at the bigger picture, ETH still has the potential to reach a new all-time high, particularly since, unlike Bitcoin, it hasn’t set a new ATH this year.

ETH/USDT H2 Chart

S&P 500 (SPX)

After last week’s localized correction to $5,832, the S&P 500 remains an attractive option for traders eyeing new long positions, as highlighted in previous analysis.

The index continues to trend within a rising channel, with the most likely outcome being a push to fresh peaks and a sustained level above $6,099.

SPX W1 Chart

Tether Gold (XAUT)

The past week has seen no significant shifts in gold's performance. XAUT remains confined within a range of $2,510–$2,560 at support and $2,685–$2,745 at resistance, with minimal volatility.

For now, activity appears subdued, and this trend is likely to persist over the coming weeks. Should prices drop further to $2,462 or $2,402, spot purchases aimed at breaking above the previous all-time high may offer strong potential.

XAUT/USDT D1 Chart

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Bitcoin’s dominance index surged to a local high of 59.92% last week but has since adjusted to 58.75%. This highlights Bitcoin’s increasing attractiveness as market volatility persists.

BTC Dominance Index. Source: tradingview.com

The Altcoin Season Index now sits at 49, reflecting diminished investor focus on altcoins, many of which suffered during the market's recent downturn.

Altcoin Season Index. Source: blockchaincenter.net

With a current score of 70, the Fear and Greed Index remains in the “Greed” range, though it has retreated from last week’s high of over 80. This decline hints at potential market uncertainty.

Fear and Greed Index. Source: alternative.me

Weekly Economic Outlook

This week’s macroeconomic highlights include:

• Consumer Confidence Metrics (Monday, December 23);
• U.S. New Home Sales Report (Tuesday, December 24);
• Crude Oil Inventory Update (Thursday, December 26).

Given the lack of major updates, the impact on cryptocurrency trends should remain minimal.

Check out GNcrypto for the latest cryptocurrency rates and chart analysis.

Disclaimer

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

Abbreviations

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Initial materials

This analysis was informed by the following educational materials and articles from GNcrypto:

• TOP 5 Useful Chart Analysis Tools on TradingView
• How Are Trading Volumes Useful in Cryptocurrency Analysis?
• Candlestick Patterns: Types and How They Work in Trading
• The Most Popular Chart Patterns for Crypto Trading