This time, the SEC cooperated with the bulls to make a perfect overall plan. First, it released the news that it was impossible to approve the Ethereum spot ETF, saying that the possibility of approval was only 7%. So last night, countless people were smart enough to eat this "certainty cake" and open short positions waiting for the SEC to reject or postpone the approval of the Ethereum spot ETF today to play a short position!

The approval of the Ethereum spot ETF is the key point to start this round of bull market. After all, Ethereum is the leader of the cottage.

After the ETF is approved, the issuer also needs its S-1 application to be approved. It may take weeks to months between the S-1 approval and the actual launch of the Ethereum ETF before the product can start trading.

Another time point that deserves the most attention is August. August 3 is the deadline for Fidelity's Ethereum ETF, and August 7 is the deadline for BlackRock's Ethereum ETF.

Even if it fails this time, there is still an expectation for August, and ETH may not pull back too much. Another thing to pay attention to is when Grayscale's application will be approved.

Since the purchasing power of ETH is seriously inferior to BTC in this round, the GETH opening price is at a lower level, the selling pressure factor still needs to be taken into account, but it is still safe before that.