AUS
NZ
UK
CA
USA
IND
_12_24_2024_07_31_45_610194.jpg)
Highlights
- Ethereum (ETHUSD) Faces resistance at $3425.50, with bearish trend likely to continue.
- Bitcoin (BTCUSD) Confirms bearish breakout below $95195, targeting lower levels.
- Wheat (WHEAT) Testing EMA50 resistance, bearish trend expected to continue.
- Sugar (SUGAR) Remains in a tight range, with bearish trend intact below $19.25.
Ethereum Price Analysis (ETHUSD) – December 24, 2024
Ethereum (ETHUSD) tested the resistance level at $3425.50 but was unable to maintain a breakthrough, resulting in the price staying below this level. Negative signals are evident through the stochastic oscillator, hinting at a potential continuation of the bearish correction. Should the price break below $3222.00, further downside may lead Ethereum toward the $3017.30 mark.
The 50-period exponential moving average (EMA50) is exerting downward pressure, further supporting the anticipated decline. However, if Ethereum breaks above the $3425.50 resistance followed by $3510.00, the bearish trend would be invalidated, shifting the price action back to the bullish direction.
Expected trading range for today
- Support: $3230.00
- Resistance: $3500.00
Bitcoin Price Analysis (BTCUSD) – December 24, 2024
Bitcoin (BTCUSD) has confirmed a break below the $95195.00 support level after closing below it on the daily chart. This indicates the continuation of the bearish correction, with the next potential downside targets at $90750.00 and $87055.00.
The intraday bearish channel remains intact, further supported by the EMA50. If Bitcoin manages to surpass $95195.00 and $96555.00, the bearish outlook will be invalidated, potentially triggering a return to the bullish trend.
Expected trading range for today
- Support: $91000.00
- Resistance: $96000.00
Wheat Price Analysis (WHEAT) – December 24, 2024
Wheat (WHEAT) experienced temporary positive movement yesterday but encountered resistance at the EMA50, which led to a bearish rebound. The price is expected to resume its downward trajectory, with the next key support level at $519.10.
Negative signals from the stochastic oscillator further confirm the anticipated decline, which remains valid unless the price manages to break and hold above the $551.90 level.
Expected trading range for today:
- Support: $520.00
- Resistance: $545.00
Sugar Price Analysis (SUGAR) – December 24, 2024
Sugar (SUGAR) showed little movement yesterday, fluctuating within a tight range around $18.65. The price remains below the key resistance level at $19.25, keeping the bearish trend intact. The next downside target remains at $18.00.
The expected bearish trend will persist unless Sugar breaks above the $19.25 resistance and sustains above it.
Expected trading range for today:
- Support: $18.25
- Resistance: $19.00
This analysis provides a snapshot of the market movements for Ethereum, Bitcoin, Wheat, and Sugar, highlighting the expected trends for today’s trading. Prices are anticipated to follow the bearish momentum unless significant support or resistance levels are breached.
