Ethereum's recent market movements have been quite wild. After a sudden plunge this afternoon, the 3200 level has become a key point that the market is watching closely. The problem is that policy developments are adding to the uncertainty—The U.S. Supreme Court is set to make a ruling on tariffs this Friday (January 9), and this decision could have a bigger impact on global asset pricing than many expect.

Here's the background: The Trump administration previously imposed a series of broad tariffs under the International Emergency Economic Powers Act. Lower courts have already ruled that these actions exceeded their authority and were unlawful, but the government is still appealing to the Supreme Court. Once the ruling is announced, the entire global trade landscape will need to be reassessed, and the crypto market won't be immune.

There are lessons from history. Previous tariff policy changes once caused ETH to plummet by 6% in a single day, with $262 million in long positions liquidated within 24 hours—that was a pretty grim scene. So, this black swan event should be taken seriously; some KOLs even predict it could be the "worst day" for the crypto market.

The impact is already emerging. DeFi protocol trading volumes have dropped by 20% within half a day, and liquidity mining has also cooled down significantly. Users are busy adjusting their positions, fearing being caught off guard. In short, the crypto market is highly sensitive to policy shifts, and such uncertainty often triggers short-term volatility.

Interestingly, opinions in the market are quite divided. Some are shouting "This is a good buying opportunity," while others immediately switch to a "defensive stance." Discussions in the community are more lively than in a marketplace. Instead of wasting energy trying to guess the top or bottom, it's better to stay calm and focus on the long term—after all, longevity is the real key.