Yesterday, Ethereum once again experienced a "false alarm"—rising sharply and then dropping back. During the US stock market open in the evening, the market was even more dull, as if the trend had already exhausted itself. Honestly, this market is now too prone to surprises. On the surface, it seems exciting, but in reality, there are undercurrents—liquidity is tight like a dried-up riverbed, and even a slight withdrawal of funds can stir up waves. Most people watching the market recently can feel it: this trend is indeed a bit strange.

**Why is the news environment so uncomfortable?**

Trump has made a big move again—publicly considering suing and replacing Federal Reserve Chair Powell. Although Powell's term is ending soon, these remarks are enough to shake market expectations. Federal Reserve policies, interest rate cut pace, liquidity releases—these key variables could be reshuffled, creating uncertainty for the upward trajectory of risk assets.

What’s more painful is that the precious metals market has already been crashing. The single-day plunge reached extreme levels, and gold also took a dive. This isn’t minor volatility; it’s a sign that liquidity is truly drying up. At the end of the year, all kinds of assets are asking one question: where did the money go?

**What about the outlook?**

In the short term, Ethereum will find it difficult to escape these emotion-driven fluctuations. Changes in Federal Reserve personnel, market liquidity shortages, fragile risk sentiment—all these factors stacking up will only increase volatility. If you’re still trying to buy the dip or chase highs, you’d better first see clearly the pitfalls beneath your feet.