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The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of the Grayscale Spot Ethereum Mini ETF, as well as the rule change order for the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF shares. The first Spot Ethereum ETF may be launched on Tuesday, July 23rd; According to CME FedWatch, the probability of the Federal Reserve keeping the interest rate unchanged until September is 0%; In addition, Mt. Gox has repaid assets to over half of its creditors; The market is digesting Unfavourable Information and waiting for a major outbreak from a certain Node during trading. In the new landscape of the encryption market in 2024, it is important to follow changes in the news and be prepared in advance to avoid being trapped!

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Although BTC hit a new high of around 66100 yesterday, the daily chart currently forms a Long Wick Candle pattern. Currently, the daily Bearish line is decreasing, as we analyzed last night, there is still room for the bottom, and the current trend is still in a downward consolidation. The current pullback momentum is testing the 64000 level, rebounding after pulling out a Bearish line. Looking at the four-hour chart, the four consecutive declines led to a surge in shorts. Although many news aspects still show that long positions are dominant, the market still needs to have a pullback and consolidation. This downturn is also paving the way for a strong rise in the future, and longs are still accumulating momentum. From this trend, we can first look at the retracement and then the rise at the low position.

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The momentum of ETH has been much weaker than BTC in recent days, falling short of expectations. The intraday high tested 3520 resistance, and the overnight low retraced to around 3375. The market will not always move unilaterally. It needs time and patience to wait for the key points of the retracement. The trend reversal point has come above 3300, with continued volume increase in MACD and KDJ being blocked from the upward trend and starting to fall. After the failure of the Candlestick to impact the upper rail, it will seek new support points. The four-hour Candlestick currently shows a short bearish trend. Whether the 3350-3320 support in the four-hour Candlestick retracement can provide strong support, a breakthrough will likely form a large-scale gate pattern and test the support point near 3000 again. Currently, the key focus in intraday trading is the EMA30 trend support point. Without breaking, it can be laid out!