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ETH upgrade The Ethereum Fusaka upgrade on December 3 is to truly widen and stabilize the "data highway" of the second-layer network (L2). For most ordinary users who use L2 such as Arbitrum, OP, and Base to transfer money, exchange coins, and interact, the most direct feeling is that it is cheaper, smoother, and less likely to get stuck.  technical analysis There’s still a month left until the upgrade, so why take the plunge before upgrading? The upgrade itself is good news, but ETH is currently at a high level. The daily K-cycle chart shows that after the dive on October 10, the price fell below the upward trend line, and the trend has changed from an upward trend to a downward trend. Recently, it has been building a downward center, and it started to dive suddenly at 8 o'clock this morning. It has fallen all the way from around 3900, with the lowest falling to around 3680, and is currently running around 3715. Judging from the market, the intraday price has fallen below the early key support of 3750, opening up downside space, and will continue to test the 3400 defensive level in the future.  The reason for ETH’s sudden plunge today 1. The trend changes, the daily cycle completes the long-short conversion, and the current trend is downward. 2. Trading volume shrank, bulls lacked buying power, and most of them took a wait-and-see attitude. It falls in huge quantities and rebounds immeasurably. 3. The upgrade in December is clear news. The market has gone out of the expected trend ahead of schedule. The bulls are unable to follow up and have no energy to reach new highs. They need to sell chips at high levels to realize cash. 4. Falling center, breaking the position and taking the direction. 5. Contract liquidation long position Summarize Both BTC and ETH are currently in a downward trend, and the market outlook is very likely to enter two stages of recession and depression. Without new funds entering the market, it will be difficult for the crypto market to continue to reach new highs. Brother Hai will plan this wave of market trends next. Friends who want to plan this wave of major corrections can join Brother Hai's community.  The content of this article is for information sharing only and does not constitute any investment advice. Cryptocurrency is extremely risky and you may lose all your principal. Please invest with caution. Brother Hai is recruiting for the actual combat camp, so hurry up and get on board! ✅One-to-one practical guidance on operations, and the establishment of an exclusive trading system based on funds and order-making habits! ✅Give you real-time accurate trading points, directions, and position management that suits you! ✅Escort your battle in the currency circle!  |
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