Xiao O's personal view on ETH's surge after Powell's speech last night
First, let's summarize Powell's speech last night: Powell hinted that the Federal Reserve may cut interest rates in September, primarily due to rising risks in the labor market. Although he is concerned about inflation, he stated that the impact of tariffs may be temporary. The market's expectations for interest rate cuts have heated up, and risk assets surged accordingly.
Current trend: Due to Powell's speech last night, BTC and ETH have surged significantly; additionally, Powell hinted at a possible rate cut, leading to a substantial rise in ETH, which briefly broke through $4650, with a 24-hour increase of over 9%. Market expectations for rate cuts are rising, and risk appetite is improving, but it is necessary to watch if it can hold the support level at $4560 to maintain the upward momentum.
Xiao O's personal view on ETH's future trend: ETH needs to hold above the $4500 support in the short term to continue its upward trend. In the medium to long term, if liquidity continues to improve, it may challenge $5000 per coin.