Weekly market recap (from May.21st to May.27th)

Sypool Protocol
3 min readMay 28, 2024

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Last week, the SEC unexpectedly approved the ETH ETF. Although it is still some time before the listing of the ETH ETF, the crypto market has entered a carnival. ETH started pumping, narrowing the gap with BTC in terms of gains in 2024. We believe that although the ETH ETF has been approved, the staking utility of ETH will still make the SEC cautious about ETH.

On the other hand, we saw last week that Donald Trump, the Republican candidate for the 2024 election, stated that he would accept donations from crypto tokens. He will support the development of crypto in the United States, and ban CBDCs if the election is successful. This is also the reason why meme coins based on Trump have risen recently. If Trump eventually becomes President of the United States, crypto will see an even bigger rise.

BTC

BTC (1D)

BTC performed weaker than ETH last week and became a follower. Although the price rebounded after the MBF indicator showed bottom-buying sentiment. After approaching a given resistance level, BTC entered a range again. The WTA indicator shows that there were no blue columns representing whales during last week’s trading, and trading volume was lower than past averages. The ME indicator maintains a bullish trend.

In summary, we believe that BTC will maintain low volatility. We keep our original resistance level 74000 and support level 61000.

ETH

ETH (1D)

ETH has performed well last week, with a price increase of nearly 30%, mainly due to the approval of the ETH ETF. Before last week’s long green candle appeared, we can see from the MBF indicator that ETH’s bottom-buying sentiment was sluggish. But after the ETF was approved, everything changed. On the WTA indicator, blue columns representing whales appear in groups, and trading volume also increases significantly. The wavy area of the ME indicator, which was about to turn into a bearish signal, has once again widened. For ETH, it is currently close to the high point of the year which is also a strong resistance level of 4000.

In summary, we believe that the gradually increasing selling pressure will cause ETH to fluctuate this week. Based on the strengthening bulls, we raise the resistance level to 4000 and maintain the original support level 2800.

Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.

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Sypool Protocol
Sypool Protocol

Written by Sypool Protocol

Sypool is a synthetic asset management protocol.This is another innovation that we have migrated finance from off-chain to on-chain.

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