Wosh completed his first speech early this morning. After sorting out the relevant news, his stance was far more hawkish than market expectations. Previously, the market generally predicted a dovish and neutral stance, but now the expectation has been directly revised to hawkish pause, while signaling at least one more rate hike within the year. The three major US stock indices all closed lower simultaneously, and the crypto market also came under pressure and weakened. Last night, Ethereum repeatedly tested the 1790 level but failed to hold above the 1800 threshold; on the hourly chart, the middle band of the Bollinger Bands, after a downtrend, has now turned into a strong resistance level. After a continuous rebound and closing positive in the early trading session, it encountered resistance and fell back, with momentum to test the 1730 support. Short-term bearish momentum has not been fully released; the trading strategy remains bearish.