**Daily Briefing of the Chinese Community** **#DailyReport** ===== **Release Date:** 2025-12-04 ### Overall Market Sentiment The overall sentiment in the group remains cautiously optimistic, with ETH outperforming BTC as the focal point of discussions. Traders closely watched the critical support level of ETH at $3,200. After this level triggered stop-losses, the market saw a brief rebound. The group is highly attentive to macro changes such as the rapid appreciation of the Chinese yuan breaking 7.06 against the dollar, and the U.S. dollar falling below its 50-day moving average. Many believe that the "bad news equals good news" narrative is returning. However, the rapid depreciation of USDT has raised concerns among some traders about cashing out. ### Hot Topics - **Selling Covered Calls**: The strategy of selling covered call options continues to gain traction. Several traders opted to sell calls again after ETH reached $3,200 and rebounded. This reflects expectations of decreasing short-term volatility and a period of consolidation. - **"No-Resistance Indicator" Reflexivity**: The reflexive effect of the "No-Resistance Indicator" has become a hot topic. Traders speculate that if this signal itself becomes a cue for halting volatility and forms a feedback loop, it could confirm the existence of reflexivity in the market. - **ETH Fusaka Upgrade**: The completion of the ETH Fusaka upgrade has elicited a muted market reaction. This narrative failure highlights the difficulty of technical upgrades driving prices in the current bear market. Such developments are seen as adding value in a bull market but are unable to bring relief during a downturn.