2025-12-17 01:10:27

#以太坊行情技术解读 $ETH faces a double catalyst in December: on one side, significant upgrades to the network privacy protocol are underway, and on the other side, the Japanese central bank's rate hike is also stirring global liquidity expectations.

Ethereum's recent technical iteration mainly focuses on enhancing the privacy layer, which has considerable implications for the expansion of its long-term application ecosystem. As an important source of liquidity, Japan's tightening of monetary policy often triggers a chain reaction affecting risk assets—including the cryptocurrency market.

These two threads intertwine, adding many variables to $ETH's recent trend. There are bright spots technically, but policy pressures remain, and market sentiment swings between these two forces. Observers need to keep an eye on both the upgrade progress and liquidity trends.

ETH1%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

15 Likes

Reward
15
5
Repost
Share

Comment

0/400

ZenMiner

· 2025-12-17 03:30

The Bank of Japan is causing trouble again. This time, liquidity is about to change, and no matter how good the privacy upgrade is, it can't withstand macroeconomic pressure. --- The privacy protocol upgrade sounds impressive, but right now, who cares about that? Watching the Bank of Japan's stance is the real key. --- ETH is really caught in the middle this time—on one side technical good news, on the other policy pressure. I bet it will still dip downward by the end of the year. --- Bullish traders want to boost the market with privacy upgrades, while bears are waiting for the Japanese rate hike to land. It's quite a show. --- Honestly, compared to the privacy layer upgrade, signals from the Bank of Japan are more unsettling. It seems like a move to harvest risk assets. --- It's the classic old story of technology versus macroeconomics. Ethereum might face repeated friction from policy measures this time. --- Privacy upgrades are good and all, but when the central bank raises interest rates, valuations will be directly hit. No matter how you count it, it's not worth it.

View OriginalReply0

GateUser-7b078580

· 2025-12-17 01:36

Although, after the upgrade, once Japan's side starts to withdraw liquidity, it disappears. Data shows that during this time in previous years, prices tend to fall. Let's wait and see.

View OriginalReply0

GasSavingMaster

· 2025-12-17 01:32

Japan's rate hike really can't be held back anymore. Every time the central bank makes a move, we have to follow suit... No matter how strong ETH's technical upgrade is, it's all in vain. Upgrades are upgrades, but as soon as liquidity tightens, everything collapses. Honestly, it still depends on the Fed and the Japanese people's stance. I'm optimistic about the privacy layer upgrade, but this wave of policy pressure is indeed a bit intense, looming in December. The technical fundamentals are solid; I'm just worried that Japan's move might directly disrupt expectations. To be honest, policy factors outweigh technical ones. It's a bit naive to still be debating the upgrade details at this point. Liquidity is the real boss. Without funds to enter the market, no matter how impressive the upgrade is, it's all just floating clouds.

View OriginalReply0

GamefiEscapeArtist

· 2025-12-17 01:31

Japan's rate hike really can't be contained anymore. Every time, it crashes the market. Privacy upgrades are great, but they can't withstand liquidity drain. By the way, can this wave of privacy protocol upgrades really boost the market, or is it just the usual false start? Wait, with such heavy policy pressure, why not just go short directly? Why wait for the upgrade? It feels like the technical side is putting on a good show, while the macro side is pouring cold water. It's been a month of this back and forth. The Bank of Japan's move is really clever, targeting the most vulnerable times in the crypto market.

View OriginalReply0

NotFinancialAdviser

· 2025-12-17 01:16

Will Japan's interest rate hike really have such a big impact? It feels like every time it's said, but there’s no real reaction. --- The privacy upgrade sounds good, but what about real application scenarios? It’s still just tech enthusiasts hyping concepts. --- Double pressure is coming down at the same time. Should retail investors buy the dip or wait and see? --- Liquidity tightening is indeed concerning, but ETH's fundamentals are still there; it’s not going to collapse. --- It's the old routine of technical good news versus policy pressure. Ultimately, it depends on how institutions choose. --- It’s so complicated to say; it’s really just betting whether the Bank of Japan will really be ruthless enough to raise interest rates. --- I’m paying attention to the privacy protocol upgrade, but policy fluctuations are too unpredictable to forecast.

View OriginalReply0