5.07 ETH spot ETF rejected again, large-scale support takes effect, oversold rebound, pay attention to intraday pressure
SEC postpones decision on proposed Invesco Galaxy spot Ethereum ETF. SEC sets next deadline for approval or rejection of proposed spot Ethereum ETF as July 5, 2024. This round of expected Ethereum hype ends, and the next expected hype point is July. Then Ethereum will continue to weaken compared with Bitcoin in the near future. Wait for funds to enter the market or retrace in 4 hours to see the follow-up situation.
Robinhood's crypto department received a Wells notice from the U.S. Securities and Exchange Commission (SEC) on May 4. The market sentiment weakened again in the short term. Even if the future expectations are good, the current market will not be too good. It will take some time to digest the expectations brought by the SEC's crypto regulation.
The overall market temporarily pulls back from the strong pressure position for four hours. Pay attention to what position below the support is effective. If the news will still affect the market, then the next few supports in the near future may fail to fall continuously.
The only good news in this round is that the macroeconomic outlook is slightly better. Although the probability of interest rate cuts in June is still 91%, the market is relatively calm in the subsequent interest rate cut expectations. It is expected that there will be two interest rate cuts this year, and the US stock AI track is slowly rising.
Daily level market
- Daily level upward trend, the upper middle track pressure is around 64800. At the same time, this position is the dividing line between strong and weak. It can still be a strong pressure position when it comes again. The bottom support is around 62200.
4-hour level market
-4-hour level large-scale slow rise and shock trend, the upper key pressure is around 66000, and the support is around 62700 as a strong support level. The overall swing is large, and the strong shock rebounds at the support position temporarily.
Intraday level analysis
---- Bitcoin's downward trend encountered support rebound during the day, with upper pressure around 63,800. If it breaks through 63,800 and stabilizes during the day, it is considered a reversal. There are two supports near 62,800 and 62,200 at the bottom. There are still concerns about the impact of news on the market during the day. It can be considered an oversold rebound in the short term. When there is pressure above, still pay attention to risks.
Ethereum weakened Bitcoin, and the sentiment of EFT needs to be digested in the short term. The bottom support is around 3,000, and the upper pressure is 3080, 3100, and 3150. These positions can be watched for breakthroughs.
The market has changed very quickly recently. If you want to adjust your position or don't understand the trend, you are welcome to communicate and learn. If you want to follow, please leave a message in the comment area. #ETH #5月市场关键事件 $BTC $ETH
