This interest rate hike is something the market has been speculating about for almost a month – a ‘foregone conclusion.’ Institutions had already sold ETH in advance to reduce their positions, fully digesting the expectation that ‘an interest rate hike will lead to a decline.’

When the actual result comes out, there is surprisingly little selling pressure – just like knowing it will rain tomorrow, you gather your clothes in advance, and when it actually rains, you’re not flustered. In fact, some people take the opportunity to pick up cheap chips, directly pushing the price up.

This upward movement is the result of three factors coming together: ‘expectations have been digested + a non-hawkish statement + CPI support.’ However, with funds being cautious towards the end of the year, whether the upward trend can be sustained depends on whether the resistance level of 2870-2900 can hold.

From a technical perspective, Yu Ge feels that this morning's upward movement looks more like a trap for bullish positions. ETH can be shorted at the position of 2920, and there is still a gap to be filled at 2700 below.