#美联储恢复降息进程 The latest statement from the Federal Reserve Chairman caught the market off guard, leading to a sudden shock. After the phrase "not considering a rate cut for now" was announced, the total liquidation across the network reached 1.2 billion USD within 30 minutes, and the fear index briefly surged to a high of 23.8.

However, behind the market panic, the technical narrative of Ethereum is quietly taking shape. It is noteworthy that mainstream institutions maintain a high probability of 87% for a rate cut in December. Meanwhile, Ethereum is about to迎来关键的技术突破 - the block Gas limit will expand from the current 15 million to 60 million, which means that the network throughput will achieve a qualitative leap, and it also clears the obstacles for the subsequent Fusaka upgrade.

Looking back at history, each major agreement upgrade has been accompanied by a significant revaluation of prices:
• During the Byzantine upgrade in 2017, ETH rose from $300 to $1400.
• After the Berlin upgrade in 2021, the price range expanded from $1600 to $4371.
• In May 2025, before and after the upgrade, it broke through from 1300 USD to 4956 USD.

The current timing is quite dramatic: on the macro level, liquidity expectations have not yet been falsified, while on the micro level, technological upgrades are on the verge of happening, yet market sentiment is in an extremely pessimistic state. This misalignment often gives rise to structural opportunities.

What do you think about this round of adjustments? Is it catching flying knives halfway up the mountain, or is it the window period for laying out the next round of upgrade market? Feel free to share your operational thoughts.