After the rate hike meeting, the market once again entered a dilemma. The old Powell from the Federal Reserve means they want to raise rates one more time, but the market now perceives that the end is near. Last night, U.S. stocks rebounded strongly, driving Bitcoin and Ethereum to perform relatively well, with tech stocks still soaring, especially those centered around the ChatGPT concept, so the Nasdaq has support. The capital appetite still believes that the end of rate hikes will benefit tech stocks, that's one aspect. Besides that, the market is still oscillating; it's uncertain whether it can break through directly or if we should wait until after the CPI to discuss the market, meaning funds have ideas but are not decisive. In crypto, Ethereum hit a new high but did not break new highs again.

Ethereum reached a new high overnight, but during the day it remained volatile and not fully stable, so the market became tangled. U.S. stocks are the same—rising sharply but then falling back, with short-term capital not very committed. Newly listed tokens are also being drained. Large funds are still hesitating, lacking independent subjective thinking, and seem to have concerns before the CPI. Bitcoin is just oscillating, and the impact on Ethereum is still there, so the momentum from Ethereum's new high was ultimately suppressed.
From a personal subjective perspective, I still see medium-term optimism, but short-term is uncertain, which also depends on the attitude of funds. Bitcoin can stay still, but Ethereum needs to continue making new highs to complete the market trend shift. If tech stocks remain strong next, then risk-averse assets should be absorbing liquidity. That’s why we keep emphasizing that Ethereum’s outlook is better than Bitcoin’s in the next phase; this is the logical basis.
There’s not much point this week.