According to TechFlow, Matrixport released today's chart saying that on May 20, ETH ETF made great progress, and the SEC required exchanges that submitted ETFs to modify their applications. Three days later, on May 23, the SEC approved the 19b-4 document, but the ETF issuer's S-1 application was still not approved, and ETH subsequently rose by 20%.
Due to the July 4 holiday and the long weekend, the SEC may postpone approval until the week of July 8 (today). Matrixport noted that since ETH has fully reflected the positive approval sentiment, ETH prices may rebound if the SEC takes action this week.