Global Central Bank policies are showing clear signs of divergence. The Fed has called for "moderate interest rate cuts", breaking market expectations for significant easing and directly impacting the popularity of risk assets; on the other hand, the European Central Bank is sending out easing signals, providing some support to the market; meanwhile, the Bank of Japan has hinted at a hawkish shift, stirring liquidity expectations. This asynchronous policy situation has made market liquidity expectations very unstable, and the price movement of Ethereum has also been affected.

First, let's look at the Fed - as the largest Central Bank in the world, its every move affects the nerves of global financial markets. Cryptocurrencies, as typical risk assets, are particularly sensitive to Fed policies. When the Fed signals easing, such as cutting interest rates or starting quantitative easing, market Liquidity increases, hot money flows into risk assets, and the price of Ethereum rises. Conversely, if the Fed issues tightening signals, such as raising interest rates or reducing the balance sheet, Liquidity tightens, funds withdraw from risk assets, and the price of ETH is pressured to decline.

The current policy stance of the Fed is between the two, and this lukewarm attitude has left market participants waiting and watching. Although the European Central Bank's easing tendency provides some hedging, it is far from sufficient to offset the suppressive effect of the Fed's policies on market sentiment. Coupled with the uncertainty factors from the Bank of Japan, the entire liquidity environment appears ambiguous, which is why the price movement of Ethereum has shown volatility recently—the market is waiting for definitive signals from the policy side.