📍Current Impact of US Stock Market on Crypto: Slow Bull Recovery, Not Trend Reversal

Recently, the cryptocurrency market has experienced a noticeable pullback, and many investors have begun to worry about whether the trend has changed. In fact, from a macro perspective, the core driving force of the market has not changed; the current market is more like a rhythm switch and capital turnover within a slow bull market.
Most people see volatility, while smart money sees rhythm.

1. The U.S. stock market is "waiting for direction".
The current overall state of the U.S. stock market is in a high-level fluctuation, with market sentiment neither extremely optimistic nor shifting towards panic. The reasons are:

The market is waiting for the Federal Reserve to clarify the timing and extent of interest rate cuts.

Economic data is still volatile, and funds are reluctant to bet too early.

The technology sector and the AI sector remain resilient.

This means:

The US stock market has not collapsed; it has just paused its upward trend → Risk appetite is in a neutral range.

The US stock market is not going to extremes → The cryptocurrency market will also not follow a trend in the short term, but will enter a period of consolidation and recovery.

2. The cryptocurrency market has entered the "slow bull market consolidation phase".
If the US stock market does not let up and funds do not accelerate, then the crypto market naturally cannot immediately reverse and rise.
The current market performance is:

Significant cleanup of leveraged funds

The spot chips have not been lost.

BTC and ETH both have bottom support.

The rebound is not smooth, but the decline is limited.

In one sentence:

This is not a return of the bear market, but rather a "washout + turnover" in a slow bull market.

There is only one purpose:
Push out short-term high leverage and chasing high positions, and then let the real trend market regain its strength.

3. The key structure of ETH remains clear.
3600 – 3650 original long support has been broken, and short-term sentiment has weakened. 3300 is a potential new accumulation area for gradual buying. Resistance around 3800 – 3900 must be broken before it can be considered a trend reversal.
That is to say:

3300 – 3600 is the "right side position building range";
3800 – 3900 is the "breakthrough observation range".

There is no need to panic about ETH, as its fundamentals, stablecoin market size, and ecosystem activity have not changed.

4. Key events that determine the start of the next market trend
The market currently lacks logic and trends, but is missing clear signals:

The Federal Reserve officially confirms the interest rate cut path.

The U.S. government has resumed its normal fiscal spending rhythm.

Once these two items are implemented:

US stock market sentiment warms up → Capital flows back → Cryptocurrency market rebounds is not a weak rebound, but an accelerated attack.

Expected time window: after late November.

📈 Strategy Summary
Short-term trading does not chase after price increases; wait for a pullback to go long. Do not gamble on breakouts. The main strategy is to build positions in batches within the 3300–3600 range. The fundamentals of spot investment have not changed; do not panic due to short-term fluctuations.
In summary:

It's not the stage of exiting the market, it's the stage of regaining pricing power.

⚠️ Disclaimer
The content of this article is for market observation and personal opinion sharing only and does not constitute investment advice.
Cryptocurrency assets are highly volatile. Please make independent judgments and operations based on your own risk tolerance.