Yesterday's decline was mainly influenced by Powell's remarks, which were full of empty words and did not mention the interest rate cut at all. He mentioned that an early interest rate cut is not beneficial and that inflation is effectively controlled.

Stubbornness is a common tactic of the US, suffering to save face, addressing only the symptoms but not the root causes, ultimately leading to compromise. Recently, ETFs have been continuously flowing in, with buying interest entering, which is a good thing. Coupled with the support at the bottom of the short-term oscillation range on the 4-hour level, Lao Chen still remains optimistic.

In terms of short-term trading, we are currently focusing on the support level of 61300 and the Ethereum support level of 3380. Traders who are still holding positions can continue to operate on the long side at lower levels.

Around 61500, target 63800.

Around 3390, the target is 3490