Recently, U.S. economic data has had a significant impact on the cryptocurrency market, especially the Ethereum (ETH) trading pair against USDT, which has been notably affected. The latest producer price index (PPI) data has greatly exceeded market expectations, raising investor concerns about a resurgence of inflationary pressures, which in turn has led to a fall in cryptocurrency prices.

From a fundamental perspective, the annual rate of the U.S. PPI reached 3.3% in July, far exceeding the expected 2.5%; the monthly rate was 0.9%, also significantly above the expected 0.2%. As an important indicator of changes in corporate production costs, the significant rise in PPI may signal a future increase in consumer goods prices, increasing the risk of inflation rebounding.

The release of this data has had a multifaceted impact on the market. Firstly, it has lowered investors' expectations for a recent interest rate cut by the Federal Reserve. The market had generally believed that the Federal Reserve might start cutting rates in September or by the end of the year, but the unexpectedly strong PPI data has significantly cooled these expectations. Secondly, interest rates may continue to remain at high levels, which means that the cost of funds remains high, and market liquidity may further tighten. For high-risk assets such as cryptocurrencies, this is undoubtedly a bearish factor.

It is worth noting that the number of initial jobless claims in the United States announced during the same period was 224,000, slightly lower than the expected value of 228,000. Although this data meets market expectations and indicates that the job market remains relatively stable, its impact is overshadowed by the PPI data in the current economic environment.

From a technical perspective, the price trend of ETH/USDT is clearly influenced by these economic data, showing a falling trend. Market participants need to closely monitor the upcoming economic data releases, as well as the speeches of Federal Reserve officials, as these factors may continue to affect the short-term direction of the encryption market.

Overall, the economic data from the United States, especially the better-than-expected PPI data, has triggered a reevaluation of inflation pressures and monetary policy in the market, which directly affects the performance of various assets, including encryption currencies. Investors need to comprehensively consider the potential impact of these macroeconomic factors on the market when making decisions.