5.21 Market Analysis
Technical side:
Yesterday morning, I kept reminding everyone that a pullback is an opportunity to get on board. At the same time, I reminded everyone that if 67200 can stand firm, it will go above 70,000. After getting up this morning, you will find that it is indeed as we expected. At present, the market has come to the previous pressure zone, so focus on whether this position 73200 can effectively stand firm, and only if the medium-yang line breaks through can it start an acceleration at the weekly level. During the day, it will fluctuate or fluctuate a small pullback. Focus on whether this level can be supported in the morning of July. The lower defense is 67200, and the upper resistance is 73100!
ETH experienced the stimulation of the news last night, which caused a wave of market pull-ups. The market expectations have been formed. Next, focus on whether it can continue. The upper short-term resistance is 3728, the lower support is 3600, and the lower defense is 3450. The market needs to be repaired during the day
News side:
Fed officials said they did not see any reason to raise interest rates.
Dr. Peng raised the approval probability of Ethereum ETF from 25% to 75%. Previously, the market generally believed that Ethereum ETF would not be approved, which means that the SEC has a chance to approve Ethereum ETF, it's just a matter of time!
There are two stages in the approval of Ethereum ETF:
One is the approval of 19B-4, and the other is the approval of S-1. 19B-4 looks like it will be approved, maybe this month. The approval of S-1 may take a few weeks to a few months, but in any case, there is this expectation!
From a big cycle point of view, the global interest rate cut cycle is already underway, and more than a dozen major central banks have cut interest rates.
From now until the end of June, the European Central Bank, the Swiss National Bank, the Bank of Canada, and the National Bank of Poland will cut interest rates.
The Federal Reserve may start the first interest rate cut in September. Although the interest rate has been cut, the global base interest rate is still high. After several interest rate cuts by the European Central Bank, it may still be 3%. After the Federal Reserve cuts interest rates this year, it is estimated that there will still be 4.8%. The era of low interest rates is gone, and the golden age of high-risk assets has ended!
So in the crypto market, we must also lower our expectations and go with the flow!
