Two days from now, at 9 p.m., ETH will undergo an upgrade, and it is expected that gas and other fees will decrease by 99%.
The Cancun upgrade adopts L2 sharding technology, which is equivalent to adding an "elevated bridge" on the main network, significantly reducing transfer fees.
When the market is good, the transfer fees for ETH are frighteningly high.
As early as 2017, NFT assets such as CryptoKitties caused congestion on the chain, and Vitalik Buterin proposed the concept of sharding and other technologies. It's unexpected that it will only be truly implemented six years later. The Ethereum killers of that year have instead sunk in the bear market. Congratulations to ETH for further progress.
The Fed has postponed expectations of interest rate cuts, while on the other hand, Japan has announced the end of zero interest rates. The Japanese stock market has plummeted, driving expectations of global interest rates to rise.
During each interest rate hike cycle in the US, it takes away the wealth of one or even several countries through interest rate hikes to complete hot money siphoning.
The previous few times corresponded to the Southeast Asian crisis, the subprime mortgage crisis in South America, and the bankruptcy of Japan and South Korea in the 21st century.
Currency crises are both risks and opportunities for digital assets. Referring to the Brexit of the British pound in those years, it initially caused BTC and gold to plummet, but later they soared all the way. This year may also witness history.
BTC:
Whale addresses have changed, exerting pressure on BTC sales expectations. BTC has risen along the 5-day moving average, with the bottom of the hourly chart continuously rising. The bulls have increased their support, accompanied by a weakening of bullish volume. BTC is still in a converging triangle trend. The key resistance level is $69,235. BTC needs to stabilize above $69,235 to establish a bottom and enter a new round of bullish upward trend. Next, BTC will rise and fall after reaching $69,235.
Resistance levels: $69,235, $69,943, $70,526
Support levels: $67,444, $66,357, $65,532
ETH:
ETH has fallen below the 5-day moving average, showing weakness. The hourly chart has repeatedly risen and fallen, confirming resistance and selling pressure. We are waiting for the upgrade to land the day after tomorrow. The key level of the box formed on March 8th and 10th is $3,907. Only a breakthrough with volume above $3,907 can return to a bullish trend. Next, ETH will spike and fall back at $3,907.
Resistance levels: $3,907, $3,975, $4,025
Support levels: $3,787, $3,712, $3,653
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