Recently, news in the Ethereum market has all pointed to the approval progress of the Ethereum spot ETF. Although the market believes that the approval progress has entered the final stage, relevant sources revealed yesterday that the estimated listing date has been postponed from the original July 2 to after July 8.
According to people familiar with the matter, the SEC has returned the S-1 form to the issuer of the Ethereum spot ETF with a few corrections and comments, asking them to fix the problems and resubmit the documents. The issuer has been asked to respond to these comments and submit updated documents before July 8. These documents will need to go through at least one more round of review before they can be approved and take effect. After that, the Ethereum spot ETF can start trading. As soon as the news was released, the price of Ethereum fell again, from the intraday high of $3,487 to the lowest of around $3,365. As of the time of writing, the price was $3,391, down 1.3% in the past 24 hours.
Ethereum four-hour chart
First of all, according to the Bollinger Band indicator in the Ethereum 4H level chart, the current price fluctuates between the middle track and the lower track, and consolidates near the middle track. If the price can effectively break through the middle track and stand firm, it may move upward. If it fails to break through the middle track or moves to the lower track, the market will continue to decline.
Secondly, according to the KDJ indicator in the Ethereum 4H level chart, the K-line value and the D-line value form a golden cross cross upward, and the J-line value rises rapidly and approaches the overbought area, indicating that there is still room for a certain rise in the short term, but it is necessary to pay attention to whether the turning point of the J-line value can continue above.
Finally, according to the MACD indicator in the Ethereum 4H level chart, the DIF line and the DEA line are running below the 0 axis, and the two lines tend to converge and stick together. If the DIF line breaks through the DEA line upward to form a golden cross, then there will be an upward trend in the short term, but if it continues to remain below the DEA line, then the bearish market will continue.
Ethereum one-hour chart
First of all, according to the Bollinger Band indicator in the Ethereum 1H level chart, the current price is running between the middle track and the upper track of the Bollinger Band, indicating that the price has a certain upward space, but the resistance of the upper track is strong and fails to effectively break through the upper track. If the price can be supported on the middle track, then the price will continue to test the upper track. If it fails to get effective support on the middle track, then it will reverse and fall.
Secondly, according to the KDJ indicator in the Ethereum 1H level chart, the three KDJ line values are currently running around 80, which is in the overbought area, and the K-line value and D-line value have a tendency to turn downward, indicating the possibility of a pullback in the short term.
Finally, according to the MACD indicator in the Ethereum 1H level chart, both the DIF line and the DEA line are running near the 0 axis, and the MACD red bar chart begins to shorten, which shows that the bulls are weak and a bearish reversal signal is about to appear.
Comprehensive analysis: From the Bollinger Bands, the current price is between the middle track and the upper track, indicating a certain upward space, but it is supported by the middle track, and attention should be paid to the support strength of the middle track. The KDJ indicator shows that it is in the overbought area, with the risk of callback, and there may be some adjustments in the short term. The MACD indicator shows that the bullish force is weakening, and there may be a risk of short reversal.
To sum up, the following suggestions are given for reference
Ethereum rebounds to the 3395-3400 level and short, with the target at 3360-3345 and the defense at 3420.
Writing time: (2024-06-30, 20:00)
