Last night after reading the Federal Reserve meeting minutes, I looked at ETH's price trend, and it was really interesting. The $2,365 level actually reflects a subtle change in the market’s expectations for macro liquidity.

From a broader perspective, ETH is now at a very critical juncture. U.S. Treasury yields are hovering around 4.3%, and the DXY index has no clear breakout direction. In this environment, risk assets are actually waiting for a clear signal. The Fear and Greed Index at 47 perfectly reflects this "waiting" sentiment.
I think many people focus on ETF capital inflows, but what truly determines ETH’s medium- to long-term trend is the global liquidity environment. The current issue is that the Federal Reserve’s policy path is becoming increasingly uncertain, and the market is starting to reprice inflation expectations and growth prospects.
As the leading smart contract platform, ETH’s valuation logic is fundamentally similar to that of tech stocks. When liquidity is abundant, funds are willing to pay a higher premium for "future returns." But at this moment, the uncertainty in the cost of capital has everyone on the sidelines.
A 1.44% increase may not seem like much, but maintaining stability in this macro environment already indicates that underlying demand remains solid. In the coming months, the Fed’s stance may be more important than any technical indicator.