electric water heater replacement

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I replaced a 20 year old water heater with a new 240 V reliance water heater, which requires a 30 amp double pole breaker and 10g wire. The water heater that I replaced has a 40 amp double pole breaker and is hard wired with 8g wire. Should I replace the 40 amp breaker with a 30 amp breaker?
 
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