The signals of the Federal Reserve's policy shift are becoming increasingly clear, what does this mean for risk assets like ETH?

Currently, ETH is trading sideways around $2,265, with a 24-hour slight decline of 0.30%, but what’s more worth paying attention to is the underlying macro logic.
The Fear & Greed Index at 29 indicates market sentiment is cautious, which actually reflects investors' uncertainty about future liquidity conditions.
Historically, whenever the Fed's policy cycle turns, the crypto market always reacts first.
As the value carrier of Web3 infrastructure, ETH's movements tend to lead macroeconomic conditions by 6-12 months.
The current sideways trading may be digesting future policy expectations.
Deeper logic suggests that ETH is not only a risk asset but also the "oil" of the digital economy.
With the ongoing development of RWA, DeFi, and Layer2 ecosystems, ETH's fundamental demand is improving.
Even if short-term macro factors suppress it, its long-term value anchoring remains solid.
In an environment where the DXY is strengthening and U.S. Treasury yields are rising, no risk asset can remain unaffected.
But just like at the end of 2022, when macro expectations reach their peak, it often marks the beginning of a reversal.
Smart money has already started to position itself—are you feeling it?