The darkness before dawn Can the approval of Ethereum ETF reignite the market

ETH
Yesterday, after Bitcoin fell to a low of 3325, it quickly rebounded to the 3420 resistance area, but failed to break through. This indicates that the downward trend has not changed, and “shorting the rebound” is still the main strategy. In the short term, the downward targets I give are still TP1: 3280 area, TP2: 3140 area.


ETF Good News for Ethereum
ETH may be approved by the U.S. Securities and Exchange Commission (SEC) on July 4th, and the cryptocurrency industry is eagerly anticipating the debut of the Ethereum Exchange Traded Fund (ETF). The SEC could potentially approve a spot Ethereum ETF as early as July 4th.
This development comes after discussions among regulatory agencies, asset management firms, industry insiders, and other relevant parties. SEC Chairman Gary Gensler previously expressed confidence in the approval process for spot Ethereum ETFs, noting that asset management firms are currently under pressure.
Asset management firms must provide complete disclosures for their registration statements to be effective. While there is still work to be done, Gensler stated that everything is progressing smoothly. Recently, executives of the companies awaiting approval revealed that the filing process currently only needs to address some “minor” issues. However, ETFs cannot be launched unless these filings are authorized.
How many asset management companies are seeking approval from the U.S. Securities and Exchange Commission (SEC)? Currently, eight asset management companies are awaiting SEC approval for spot Ethereum ETFs. These companies include BlackRock, VanEck, Franklin Templeton, Fidelity, ARK 21Shares, Invesco, Bitwise, and Grayscale Investments.


After three months of continuous volatility, the market’s negative sentiment has reached its peak. Currently, there are almost no new narratives in the market to support the trend, and the only hope lies in the approval of the Ethereum ETF. If this approval is achieved, I believe it will help to reverse the market’s decline and potentially re-enter a period of benign growth.
Darkness before dawn?
In the upcoming month of July, although the overall market may rebound, the magnitude is not expected to be significant. If a rebound does occur and stabilizes near 66000, it will be a good opportunity for altcoins to capture a small market rally.
We can take advantage of this by engaging in some swing trading, seizing these short but robust profit opportunities. By the months of August to October, the U.S. presidential election is approaching, which may have an impact on the market. Even if there is no interest rate cut in September, considering the economic situation after the election, an interest rate cut in November is almost inevitable.
By then, with the interest rate cut and the U.S. presidential election settled, various uncertainties will gradually be eliminated. Therefore, we should view the current decline as an opportunity, as there will be more suitable price chips to choose from. The approval of a Bitcoin spot ETF will bring in a large amount of funds, coupled with the gradual emergence of the trend towards deglobalization, Bitcoin may become another international settlement system besides gold. Therefore, from an overall perspective, there is no need to panic.