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Looking at the essence through the phenomenon ⚠️ Only an objective market review, not investment advice The Federal Reserve announced a 25bp rate hike, with the dot plot releasing a hawkish signal, implying the possibility of another rate hike within the year. U.S. Treasury yields rose, and the dollar index strengthened. Coupled with the failure of the CLARITY Act vote, short-term regulatory optimism disappeared, with two major negative factors hitting simultaneously. From the market perspective, ETH did not experience a deep breakdown or crash and maintained oscillation within a key support range. In terms of capital, the market had already priced in this 25bp rate hike in advance. Before the hike was implemented, leveraged long positions had undergone a round of liquidation, easing selling pressure on the contract side. On-chain data shows continuous outflows of ETH from exchanges, with a large amount of tokens moving into staking addresses and cold wallets; no large-scale spot selling has occurred. Current core market variables: upcoming CPI, non-farm payroll, and other inflation and employment data will determine whether the market will reprice the next rate hike. On the regulatory front, progress on the CLARITY Act is temporarily stalled, and ETF-related narratives are on hold. Technical range reference: support at 2330-2370; resistance at 2440-2460. If support holds effectively, the market will maintain range-bound oscillation; if support is broken effectively, downward space will open; only by standing firm above resistance will a recovery rally start.