[Market view on the evening of May 21]

Due to the news this morning, Ethereum rose rapidly, recovering 70,000 lost ground in one fell swoop. Ethereum is stronger than Bitcoin and has now recovered 3,800 lost ground. Everyone has been waiting for this catalyst for too long. It has been more than a month, and it is not an exaggeration to say that it has been a long time. The SEC has shown through various positive factors today that the next Ethereum resolution will be passed with a high probability. This is an unprecedented moment. We must pay close attention to the upcoming changes in the next two days. The approval of the Ethereum ETF involves two key steps. The first is the approval of 19B-4 and the second is the approval of S-1. At present, the approval of 19B-4 may be completed this month. The approval of S-1 may take weeks to months, but with this expectation, market sentiment has been greatly boosted. I have been saying that it will eventually fall, including interest rate cuts. How to get through this turbulent stage is extremely important.

As for the cottage industry, you can see that apart from the Ethereum series of LDO, METIS, and ENS, other cottage industries have not made much movement. This atmosphere was captured 20 days ago. Due to my own confidence, I entered the market too early, which led to a hasty ending. It is actually quite regrettable, but don't be discouraged. As long as we are still in the market, we still have opportunities. The whale zone will make up for this miss. As for the cottage season, I still maintain my consistent view. The big cake will bloom everywhere only when it hits a new high again. I have reminded to enter the market several times at the bottom of 60,000. There was no ambush in the early stage. It is only suitable for waiting and watching at the moment, not suitable for FOMO. From a technical perspective, the big cake daily line sees a big positive line breaking through the upper track. The current market is running above the upper track. The 4-hour K-line retreats and adjusts to close the high cross at 72132 after a continuous positive. Overall, this wave of market has exceeded expectations and is temporarily biased towards bulls, but there are risks in directly intervening at the current price. After all, the previous high resistance area, last night's rise was completely driven by good news. Let's look at a retracement in the short term. Bitcoin 4h support: 69300 Pressure: 72800

Yintai 4h support: 3693 Pressure: 3953

Hot news of the day:

🪅The US SEC asked Nasdaq and CBOE to modify the spot Ethereum ETF application on Monday

🪅Yesterday, IBIT funds had a net inflow of US$65 million and GBTC had a net inflow of US$9 million

Thanks for your likes and attention, don’t get lost in the future bull market!

BTC

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