ETH: Ethereum’s market performance rose significantly following the news that a spot Ethereum ETF was approved by the U.S. Securities and Exchange Commission (SEC). Yesterday, a high-volume trend line was closed, and the trading volume increased significantly, but the long and short competition was extremely fierce! The market is currently in a bullish trend. In addition, the RSI indicator is 82.35, which is slightly overbought. There may be a slight correction in the short term, and the magnitude of the correction may be limited. It is expected that the bulldozer mode may start in the market outlook and it will fluctuate upward along the 5-day and 10-day moving averages.

The SEC approved the 19b-4 documents of 8 spot Ethereum ETFs, including big-name fund companies such as BlackRock, Fidelity, and Grayscale, but they need to wait for the S-1 registration statement to take effect before they can be officially traded. This process usually takes several months, but it may be accelerated this time, and it is expected that ETF trading may be opened as soon as June. $ETH