Ethereum($ETH) market fluctuations have recently attracted attention. From the latest announcements, we can interpret some important potential signals. Notably, the phrase "if not for tariffs" actually reveals the reality that the forces of bulls and bears in the market cannot coexist.

This information indicates that due to the existence of tariff policies, the likelihood of interest rate cuts is currently quite low. In other words, the continuation of tariff policies provides a basis for the bearish trend, as it is this "if not for the tariffs" condition that constrains the shift in monetary policy.

From an economic perspective, tariff policies are often viewed as bearish factors, as they increase trade costs and suppress economic activity; while interest rate cuts are seen as bullish factors, capable of stimulating market liquidity and enhancing asset valuations.

For now, market participants need to pay close attention to the dynamics of the Fed's FOMC meeting, as well as the possible ripple effects of trade policy. Together, these factors will determine the short-term direction of cryptocurrencies such as Ethereum.