In the early hours of today, the Ethereum market experienced a sudden and intense fluctuation. The source of this fluctuation can be traced back to the latest decision by the Federal Reserve.

At 2 a.m., the Federal Reserve announced that it would maintain the federal funds rate in the range of 4.25% to 4.5%. This decision itself did not come as a surprise to the market, but the Federal Reserve deliberately removed the statement 'economic uncertainty has diminished' from its latest announcement, drawing the market's attention.

What is even more surprising is that some Federal Reserve officials have openly expressed support for the possibility of interest rate cuts. This shift in attitude, along with some policy signals released in the political arena, has significantly increased the uncertainty of the overall economic environment.

Against this complex backdrop, the ETH market reacted strongly. Around 2:30 AM, the ETH price briefly climbed to a high of $3813. However, this peak did not last long.

In the next 35 minutes, the price of ETH experienced a sharp decline, rapidly dropping from $3806 to $3670, a decrease of 3.57%. During this process, a large number of investors' stop-loss orders were triggered, which also led to a series of chain liquidation events.

Although around 3:30, the ETH price experienced a slight rebound, rising to 3722.99 USD, the overall market volatility remains high, and investor sentiment is generally cautious.

Analysis suggests that the recent volatility in the ETH market is primarily attributed to two factors: first, the increased uncertainty surrounding macroeconomic policies, and second, the chain reaction on the technical front. Changes in the Federal Reserve's stance and shifts in the political environment have introduced new uncertainties to the market, which in turn have triggered panic among investors, ultimately leading to significant market fluctuations.

This event reminds us once again that changes in macroeconomic policy can trigger significant market reactions in the cryptocurrency market. Investors need to pay close attention to various factors that may affect the market and be prepared for risk management.