Weekly Analysis of BTC, ETH, and the Stock Market (Dec 2, 2024)
An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
Bitcoin is maintaining its bullish trend, though buyer enthusiasm has eased somewhat compared to earlier weeks. Over recent days, there have been three unsuccessful attempts to clear the $97,500–$98,800 resistance zone.
Following a minor correction, BTC is now hovering near $95,000. A sustained price above $94,800 could spark a recovery and set the stage for another drive toward the $100,000 psychological barrier.
In the event of further declines, Bitcoin is likely to revisit support levels around $90,600–$92,800 or potentially drop to $87,960.
BTC/USDT H4 Chart. Source: WhiteBIT
Ethereum (ETH)
ETH has displayed impressive upward momentum, climbing to $3,760 within a short span. The price has now corrected slightly to a key buyer’s range of $3,530–$3,580. Further movement will be determined by the strength buyers can show.
If bullish sentiment prevails, Ethereum could revisit its recent high and target the psychological resistance level of $4,000.
Conversely, if Bitcoin’s price falters further, ETH may see a similar reaction, with potential declines toward $3,338 or the broader support area at $3,190–$3,280.
ETH/USDT H4 Chart. Source: WhiteBIT
S&P 500 (SPX)
S&P 500 continues its impressive ascent, reaching a new all-time high of $6,044. The absence of notable corrections is keeping traders from cooling off and capitalizing on long-position opportunities, driving fears of FOMO and possible short squeezes.
A continuation of the bullish trend seems likely. However, while the $5,700–$5,800 range presents a potential zone for long entries, the crucial question is whether SPX will touch these levels in the near future.
SPX W1 Chart. Source: TradingView
Tether Gold (XAUT)
This week’s gold market showed no major shifts, with the asset continuing its overall upward trajectory. It’s currently locked between the $2,510–$2,560 support range and the $2,685–$2,750 resistance zone.
Could gold break through to its historic $3,000 milestone? That depends on whether the bullish momentum reignites.
If a deeper correction unfolds, prices could drop to the $2,462 and $2,402 levels, potentially triggering renewed long entries.
XAUT/USDT D1 Chart. Source: WhiteBIT
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin dominance is on a downward trend, now at 57.04%, as altcoins attract increasing attention. Analysts suggest this metric could drop further as the holiday season nears.
BTC Dominance Metrics. Source: tradingview.com
For the first time since March 2024, the Altseason Index has soared to 76 points, marking a definitive start to altseason. Liquidity is steadily flowing out of BTC and into altcoins, fueling their growth.
Altseason Index Data. Source: blockchaincenter.net
The Fear & Greed Index supports this optimistic outlook, hitting “Extreme Greed” with a score of 80. Investors are flocking to the crypto market, signaling a strong chance of continued growth in the short term.
Fear & Greed Indicator. Source: alternative.me
Key Economic Events for the Week Ahead
This week’s economic calendar features a series of notable events:
- December 2 (Monday): U.S. Manufacturing PMI
- December 3 (Tuesday): JOLTS Labor Market Openings
- December 4 (Wednesday): ADP Non-Farm Employment, Crude Oil Inventories, and Powell's Fed Address
- December 5 (Thursday): Unemployment Claims Data
- December 6 (Friday): Hourly Wage Growth, Non-Farm Employment Report (BLS), and U.S. Unemployment Statistics.
While the week lacks headline-making updates like inflation numbers or Fed rate decisions, the data points could still contribute to heightened market volatility, particularly in the cryptocurrency space. Plan trades accordingly.
Check out The Coinomist 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 The Coinomist:
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