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Ethereum’s agenda continues to evolve with a crucial fork scheduled for November, aimed at enhancing scalability and optimizing efficiency throughout the network. With scalability historically regarded as ETH’s most significant challenge, this fork signifies a vital move toward realizing its complete potential as the foremost smart contract platform globally.
Significance of This Fork for Ethereum’s Extended Roadmap
The leading smart contract platform, Ethereum, is poised for another significant benchmark this November. Sequence has indicated on X that the Fusaka upgrade is a fundamental hard fork infrastructure designed to reinforce the Ethereum Virtual Machine (EVM) while guaranteeing flawless compatibility for developers.
This upgrade is crafted to simplify the blockchain intricacy and provide smoother authentication and user experiences across the blockchain ecosystem. Remarkably, Sequence is already ahead of the game by having the tools and infrastructure that equip developers for Fusaka’s influence today.
While the Fusaka upgrade targets enhancing the ETH ecosystem, Wendy J has observed that ETH has experienced a significant price decline, as the SentientAGI GRID chat has identified some activities driving the movement. According to the AI platform, multiple transfers of 100,000 ETH were logged in the last 24 hours.
Interestingly, this type of extensive transfer indicates that large holders are likely either securing profits following the surge or reallocating their investments. Sentient Chat also pointed out additional factors that may have contributed to the market-wide decline.
In the interim, analyst Wendy advised the community to utilize Sentient Chat for any inquiries related to crypto. With Sentient Chat, you can immediately generate asset reports powered by DeFi data, request trading insights customized for current situations, or even deploy autonomous agents to manage on-chain activities in real time to improve decision-making and yield optimization.
Why This Correction Appears Healthy, Not Alarming
On the daily timeframe, the recent correction in Ethereum has shifted the Relative Strength Index (RSI) into a significant oversold territory, a level not seen since the major accumulation phase in July. BTCBlueWhale noted that there is nothing alarming about this current correction. Meanwhile, back in July, ETH exhibited the same configuration, and the price dipped into oversold territory, which retested the prior resistance level and used that framework as a springboard for a significant rally.
Currently, the daily chart is displaying a very similar situation with trading in a comparable accumulation zone and indicating a clear resistance-to-support (R/S) flip, which is a classic indicator of structure maintaining the price robust. In addition, this setup aligns nearly perfectly with the PO3 strategy.
Featured image from iStock, chart from Tradingview.com
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