Ethereum (ETH) is currently hovering around $4,280, down about 0.5% from earlier. Although Bitcoin fell sharply by nearly 8% last Monday, ETH rebounded by about 3% yesterday, showing a certain level of resilience.

Tonight's Federal Reserve (Fed) meeting is highly anticipated, with the market generally expecting no interest rate cuts. The latest Fed meeting minutes show that while two officials are inclined to cut rates by 25 basis points ahead of schedule, most members remain cautious. Although expectations for a rate cut in September are still relatively high, there may not be any major moves tonight.

If the Fed really announces a rate cut, ETH may see a rise; on the contrary, the market may fall into calm, and the prosperity of the cryptocurrency market may be delayed.

Investors who are optimistic about ETH believe that:
1. Large holders and institutional investors are accumulating ETH, especially as staking yields increase and market supply diminishes.
2. Once interest rates drop and liquidity increases, ETH may challenge the year's high of over $4,800.
3. Optimistic expectations suggest that the entire cryptocurrency market may be driven to welcome a wave of increase.

Cautious investors point out that:
1. ETH faces technical pressure around $4,300, with a trend line and the 100-hour moving average creating resistance.
2. If the Fed keeps interest rates unchanged, market sentiment may become conservative, and ETH may pull back to the support range of $4,100-4,200.

Investment strategy recommendations:
- Conservative investors can wait for the Fed to signal a rate cut before entering the market. If ETH breaks through $4,300, it may be considered for purchase, with a target price of $4,500.
- Aggressive investors can establish a small long position if ETH retraces to $4,200, setting a stop loss to seize short-term rebound opportunities.
- Long-term bullish investors in blockchain technology can view prices below $4,100 as a buying opportunity, anticipating a stronger market in the future.

Tonight's Fed decision is not only a sentiment test for ETH, but also a significant moment for the entire cryptocurrency market. Market participants are closely watching the Fed's policy direction to assess future capital flows and market trends.