First, upgrading EQ adds extra damage on buildings around walls. Difference between lvl1 and lvl4 is about 100% extra damage. So there is a point in upgrading it. Priorities are different for everyone.
Second, if you got a base with condensed walls such as southern teaser bases EQ will do better job than 2 jump spells. The wide opening will path troops better than jump.
@OP: If we could destroy walls with 3 lvl3 EQ spells it would be OP. This was made like this to keep it balanced and not better than jump in all cases. If it was 3 I would always take 3 EQ instead of 1 jump the extra 1 slot for 1 EQ also. Maybe this will be changed next update somehow.
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Four level 1 EQ total to 24% damage on all non-storages.
Four level 4 EQ total to 48% damage to all non-storages.
That is quite literally a difference of 100% given the context. Yes, it's also 24% more damage...but 24% damage doubled to 48% damage is 100% more damage. Get it?
Or put it this way...at lvl4 the four EQ needed to take down walls does twice as much damage to non-storage buildings as would four lvl1 EQ
You have some strange math, man.
if one spell does 6% damage, then after applying it the building will have 0.94 x MAX
if you apply 2 spells one by one then it will be 0.94 x 0.94 x MAX = 0.8836 x MAX and not 0.88 x MAX
if you apply 4 spells one by one then it will be 0.94^4 x MAX = 0.78 x MAX and not 0.76 x MAX