#美国核心物价涨幅不及市场预估 The market pace has been a bit fast recently, and tonight's Federal Reserve officials' speeches will be an important turning point. Honestly, the core of this round of ups and downs is still the repeated swings in rate cut expectations; a single statement can change the sentiment of bulls and bears.

**Key time to watch today: from 00:00 to 04:30 tomorrow**

During this half-hour, three Federal Reserve officials will speak intensively, and their comments on inflation and interest rates will directly influence the direction of risk assets. Hawkish remarks tend to cause sell-offs, while dovish signals can boost market sentiment — simple logic.

There are also a few other data points to watch:
- Bank of England Governor Bailey will speak at 18:00 today, to see if the pace of global central banks is synchronized
- US December industrial production (22:15) reflects the current state of the real economy
- January NAHB Housing Market Index (23:00) indicates the temperature of interest rate-sensitive sectors

**What is the current situation in the crypto market?**

Yesterday, several Fed officials already made quite a few hawkish comments, which pushed the rate cut expectations further back. Bitcoin and Ethereum have been oscillating at key levels, with the total liquidation amount across the network hitting $383 million in 24 hours, and longs being heavily liquidated.

But there is good news — the US core CPI data cooled off recently, easing market fears of rate cuts in the short term. Plus, crypto spot ETFs are still attracting capital, and institutional accumulation sentiment hasn't fully dissipated.

From a technical perspective, Ethereum needs to focus on the $3300 and $3461 levels. Once the price breaks through or falls below these levels, leverage liquidations could be fierce, leading to high volatility.

**How to respond?**

Basically, a few points:
1. Reduce leverage — high volatility makes both longs and shorts vulnerable to being squeezed
2. Pay close attention to officials' speeches — especially how they describe "how stubborn inflation is" and "when will rate cuts happen," as these will determine the next direction
3. Keep an eye on the $3300 to $3350 zone for Ethereum — this could be a watershed for short-term strength or weakness

Overall, today’s market will be shaken by macro news, and choppy movements at the retail level are inevitable. My advice is to stay cautious, avoid rushing into heavy positions, and wait for clearer signals to appear for a more stable approach.