There are several key nodes in the market in December worth keeping an eye on.

Let's first talk about the interest rate cut—this might be the most directly affected variable. Last week, market expectations skyrocketed from less than 45% to 80%, and Ethereum also climbed from $2800 to nearly $3100. However, there was some volatility this morning, with news suggesting that Powell might announce his resignation in today's speech. After all, the next Federal Reserve Chairman candidate has become clear, and the market is starting to get anxious again.

Secondly, there is the issue of tariff dividends. The plan mentioned last month has not yet been implemented. If it can be finalized in December, it would directly inject liquidity into the market, which is obviously not a bad thing for the market.

Third highlight: A formal nomination for the new Federal Reserve chairman may be announced before Christmas. The leading candidate is Haskett, whose stance aligns with the current administration—favoring a more aggressive pace of interest rate cuts. If this comes true, market liquidity expectations will be more optimistic, and the rate cuts themselves are a long-term positive for crypto assets.

Also, there is one more thing: Ethereum is scheduled to undergo a hard fork upgrade the day after tomorrow. However, such technical events are often characterized by "speculation on expectations and selling upon realization"; after the upgrade is completed, one should be cautious of a short-term pullback.

Tonight's speech is indeed important, but the impact should be short-term. The Federal Reserve has long had contingency plans, and personnel changes will not alter the overall direction. What is truly concerning is the current market liquidity—now the trading volume is even worse than when Ethereum was over a thousand dollars, and this is the core issue that needs attention.