Christmas Eve Trading Window: Technical Outlook on Ethereum, Gold, US Stocks, and Forex Markets

As the Christmas holiday approaches, market risk appetite has significantly increased. The Bank of Japan’s rate hike has been implemented, easing the pressure on carry trades to close positions. Coupled with strong earnings reports from tech stocks, this has driven both the stock and commodity markets to rally. The VIX and MOVE fear indices have fallen simultaneously, bringing new upward momentum to various asset classes.

Ethereum: Regained $3000, Potential to Challenge $3400 Next

Ethereum rose 1.44% on Monday (December 22), reaching a high of $3060, successfully reclaiming the $3000 level. Notably, over the past month, Ethereum has repeatedly found support in the $2780-$2800 range, indicating that a short-term bottoming pattern has largely formed. According to current real-time data, ETH is priced at $3.24K, and the daily chart shows a solid bottom structure, suggesting a new upward wave may unfold.

If Ethereum can hold above $3000, it may further challenge $3400 and even $3600. Conversely, a drop below $2780 could signal the continuation of the downtrend that has been in place since August.

Support levels: 3000, 2800, 2600
Resistance levels: 3200, 3400, 3600

Gold: Breakthrough of $4400, $4500 Becomes Next Target

Gold surged over $80 during Monday’s trading session, breaking through the psychological barrier of $4400 to reach $4420, further confirming the new rally that started on November 5. The daily chart indicates a healthy upward trend.

If gold can hold above $4400, the rebound could extend toward $4500 and even $4620, with the overall bullish momentum expected to continue into late January.

Support levels: 4400, 4300, 4220
Resistance levels: 4500, 4620, 4770

S&P 500 Index: Correction Over, 7000 Points as New High

The S&P 500 rose 0.88% last Friday (December 19), with a intraday high of 6840 points. From a technical perspective, the index remains above the key support at 6790, reflecting market risk appetite favoring risk assets.

If the index can hold above 6790, it may test higher levels around 6900 and even 7000 points. However, a breakdown below 6790 could raise the risk of further decline toward 6600.

Support levels: 6800, 6600, 6450
Resistance levels: 6900, 7000, 7320

USD/JPY: Holding at 157.0, Eyes on 162.0

USD/JPY traded around 157.40 on Monday, with a low of 157.23. The trend indicates that USD/JPY remains above 157.0, maintaining an overall upward direction and providing strong support for further gains.

If USD/JPY can firmly defend the 157.0 level, it may rise further toward 159.0 and even 162.0. However, a decisive break below 157.0 could increase the risk of a retest of 155.0 support.

Support levels: 157.0, 155.0, 152.0
Resistance levels: 159.0, 160.0, 162.0

Overall, gold, USD/JPY, the S&P 500, and Ethereum are all showing strong upward momentum. Market risk appetite continues to heat up, setting an optimistic tone for the year-end rally.