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Overnight, Biden vetoed the controversial [SAB 121] encryption rule by Congress on the US SEC, which requires financial institutions to include customers' digital assets on their balance sheets. Why is this important? First, it will reduce the cost of cryptocurrency custody: abolishing [SAB 121] will lower the cost for banks to provide cryptocurrency custody services, and the abolition may enhance cryptocurrency investment and confidence. Of course, the veto may lead to Congress attempting to overturn the resolution, thereby exacerbating legislative tensions, and [FIT 21] will also be affected.
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In addition, BlackRock disclosed information about Ethereum Spot ETF seed investors, which is expected to start trading in late June or early July. Regarding Ethereum, the only unfavourable information outside the technical side is the dump of grayscale ETHE. For three consecutive days, some Fed officials have been hawkish, and expectations for interest rate cuts in the second half of the year have generally dropped. Among them, the probability of an interest rate cut in September is about 45%, and the probability of a rate cut in November is about 60%. There are also some dovish comments that the frequency of two rate cuts will be maintained during the year. After Nvidia breaks through the all-time high, it is about to welcome the Super AI Alliance (ASI) in the circle, that is, AGIX, and the three tokens of FET and OCEAN will be merged into one. The birth of artificial superintelligence is expected to lead to a new round of AI market outbreak, and related zones can be focused on in the short and medium term after the phased shutdown of meme. In a market full of manipulation and full of aggressive dumping, not getting out of the car at will, let alone entering a position at will, is an essential skill for long-term survival. Since the market adjustment, the mainstream zone has been eager to try, I hope it is not a flash in the pan!
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After Bitcoin hit a high of 69000, the bulls were unable to continue, and the price gradually fell after encountering strong resistance. The lowest point for BTC reached the support range of 66600, and the bottom support at 67000 has still not been effectively broken in this round of decline, completing another round of defense. Currently, the price has seen some upward movement during the day session, but it still falls into a stagnant situation after encountering resistance at the high point. The overall trend over the weekend is still a range-bound fluctuation. Due to the relatively slow trend, there is not much technical change. The key support at 65500 is also the daily MA60 moving average support for BTC, which has not been broken since the middle of last month until the end of the month, supporting the upward price movement continuously.
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After the strong performance of the bulls at the end of last month, Ether experienced a period of volatility in the last few days of the month. After the monthly line change, the price returned to the inside of the Bollinger Bands, completing the recovery. In the subsequent performance, we should pay attention to the release of this month's non-farm payroll and CPI data, which may enhance market confidence and push the price higher! The market is also optimistic about the start of trading for the spot ETF of Ethereum. It is possible to open trading in mid-June, which is undoubtedly a major positive development for Ethereum. Combined with the recent stable price trend of Ethereum and strong support at the bottom, it has been maintaining at a relatively high level. Therefore, it is very likely that Ethereum will break through the strong resistance and reach new highs this month! The Bollinger Bands on the 4-hour chart of Ethereum are narrowing, and the market is testing the resistance of the 60-day moving average and the upper band. If it fails to break through, it will still be in a short-term consolidation phase. The upper level should pay attention to the line at 3820-3850. If it can break through, it may extend to 3880-3920-3950. The short-term support is at 3750-3720. If it doesn't break, the market will still be biased towards consolidation with an upward trend. If it breaks, the probability of holding the 3700 support will decrease. For now, let's focus on the short-term support level. If it breaks, then we need to look at the line at 3670-3650.
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