-【Replay】-
①After rebounding to the highest of 70090 last night, it began to fall. The pressure of 70000 is no problem.
② At 4 am today, after falling to the lowest point of 66,300, it began to rebound. It fell below the key position and fell below 68,000. Although the specific point was not mentioned, there was no serious problem in the thinking.
③ There are some problems with low-long trading because the retracement is large. But the idea of shorting based on the pressure level is ok.
Summary: Yesterday was generally a volatile market. However, the market crashed more than expected. This was due to various news from the US. One moment, the interest rate cut was delayed, and the next moment, the regulation of digital currencies was strengthened. Finally, the expected fulfillment was realized, and the review of the spot Ethereum ETF was a problem.
-【Today's Market Analysis】-
Old Wine Trading Diary: Daily Interpretation 5.24
① Intraday ultra-short-term pressure: 67900-68100
This is the first big pressure that the rebound will face. Even if this pressure is broken, there will be stronger pressure from 68500. Therefore, I will wait for the opportunity to make our great short orders at these two positions.
② Intraday ultra-short-term support: 66600-66800
If this position is broken today, the market will probably touch 66000 again. I may not consider buying more at a lower price in the former case. But 66000 is worth a try.
Summary: The overall trend is still bullish. However, in the medium term, the daily line has begun to retreat. Pay attention to the coming short-term risks.
-【Digital Currency News】-
The Spot Ethereum ETF has been officially approved by the U.S. Securities and Exchange Commission (SEC).
The SEC has made its second landmark decision this year, approving the launch of an Ethereum exchange-traded fund (ETF) in the United States.
On May 23, the SEC approved 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, approving rule changes that would allow spot Ethereum ETFs to be listed and traded on their respective exchanges. The landmark decision came despite speculation that the securities regulator had been investigating whether to label Ethereum.
Although 19b-4 has been approved, ETF issuers still need the SEC to sign their respective S-1 registration statements so that the spot Ethereum ETF can officially start trading. Industry analysts say this may take days, weeks or even months. The SEC reportedly instructed applicants to expedite 19b-4 applications on May 20. The removal of pledges is the most notable amendment among the multiple applications.
The SEC did not announce approval of Hashdex’s spot Ethereum ETF application. The deadline for the asset manager’s investment vehicle is May 30, earlier than Grayscale, Invesco Galaxy, BlackRock, and Fidelity. It is unclear whether the SEC will ultimately approve Hashdex’s ETF.
The approval of the spot Ethereum ETF comes four and a half months after the SEC approved several spot Bitcoin ETF applications on January 10, which is a first in the industry.
