-【Review】-

①After rebounding to a high of 70090 last night, it started to decline. The pressure at 70000 is not a problem.

②At 4 am this morning, it dropped to a low of 66300 and then started to rebound. Breaking through the key position, it may drop below 68000. Although specific points were not mentioned, the train of thought is not seriously problematic.

③There are some issues with being long at the low. Because the retracement amplitude is large. However, the idea of shorting based on the resistance level is okay.

Summary: Yesterday was roughly a oscillation strategy. However, the market was much harsher than expected. It was caused by various news from the United States, such as interest rate cuts being delayed, strengthened regulation of digital currencies, and the review issue of spot Ethereum ETF.

-【Today's Market Analysis】-

Old Liquor Trading Diary: Daily Analysis 5.24

①Intraday ultra-short-term - Resistance: 67900-68100

This is the first major resistance that the rebound will face. Even if this resistance is broken, there will be stronger resistance at 68500. So, I will seize the opportunity to short at these two positions.

②Intraday ultra-short-term - Support: 66600-66800

If it falls below this level today, the market will probably touch 66000 again. I may not consider being long at the former, but 66000 is worth a try.

Summary: The overall direction is still dominated by the bulls. However, on the medium-term, the daily chart has begun to retrace. Pay attention to the imminent short-term risks.

-【Cryptocurrency News】-

Spot Ethereum ETF Receives Formal Approval from the U.S. Securities and Exchange Commission (SEC).

The U.S. Securities and Exchange Commission made a second milestone decision this year, approving the launch of Ethereum exchange-traded funds (ETFs) in the United States.

On May 23, the U.S. Securities and Exchange Commission approved the 19b-4 filings submitted by VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, allowing rule changes to permit spot Ethereum ETFs to be listed and traded on their respective exchanges. Although there has been speculation that the securities regulator has been investigating whether to label Ethereum, this milestone decision has been made.

Although 19b-4 has been approved, ETF issuers still need the SEC to sign their respective S-1 registration statements for spot Ethereum ETFs to officially begin trading. Industry analysts say this may take several days, weeks, or even months. It was reported that the SEC instructed applicants to expedite their 19b-4 applications on May 20. The removal of collateral is the most notable revision among multiple applications.

The SEC has not announced the approval of Hashdex's spot Ethereum ETF application. The asset management company's deadline for investment tools is May 30, earlier than Grayscale, Invesco Galaxy, BlackRock, and Fidelity. It is currently unclear whether the SEC will ultimately approve Hashdex's ETF.

The approval of spot Ethereum ETFs comes four and a half months after the SEC approved several spot Bitcoin ETF applications on January 10, marking the first time in the industry.

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