以太坊（ETH）可能會發生一個重大變化，因為其實體調整後的休眠流量下降到1M以下

數據指標是一項標準市場週期量度，可以驗證ETH在其最低價位上的存在可能逆轉下降趨勢。

A big change could be approaching for Ethereum (ETH) as its Entity-Adjusted Dormancy Flow falls under 1 million. The data indicator is a standard market cycle measure that verifies that ETH exists at its bottom price point ahead of possibly reversing downward trends.

以太坊（ETH）可能會發生一個重大變化，因為其實體調整後的休眠流量低於100萬。數據指標是一個標準的市場週期量度，它可以驗證ETH在其最低價位上存在的趨勢可能逆轉趨勢。

This analysis is part of a series that introduces critical on-chain metrics that traders can use to identify trends.

該分析是一個系列的一部分，該系列介紹了交易者可以用來識別趨勢的關鍵鏈上指標。

#Ethereum Entity-Adjusted Dormancy Flow just dropped below 1 million. Historically, this level indicates a macro bottom zone, meaning $ETH might be undervalued & long-term holders are less inclined to sell. It also suggests:• Sentiment is low• Capitulation might've occurred•… pic.twitter.com/8mFc3Qdxoy— Ali (@ali_charts) August 25, 2023

#Ethereum實體調整後的休眠流量剛剛降至100萬以下。從歷史上看，此級別表明宏觀底部區域，這意味著$ ETH可能被低估了，長期持有人不太傾向於出售。它還建議：•情感低•可能發生了投降•…pic.twitter.com/8mfc3qdxoy -ali（@ali_charts）2023年8月25日

Entity-adjusted Dormancy Flow is the ratio of the current market capitalization and the annualized dormancy value (measured in USD). A value below 1 million shows a positive trend among long-term holders as they hold their assets instead of selling due to confidence in upcoming returns.

實體調整的休眠流量是當前市值和年度休眠價值的比率（以美元計量）。低於100萬的價值顯示了長期持有人的積極趨勢，因為他們持有資產，而不是由於對即將到來的回報的信心而出售。

The X post adds three more market factors including decreased sentiment, potential capitulatory selling behavior, and the possibility of intelligent investment by the market.

X帖子增加了三個市場因素，包括減少情緒，潛在的投產銷售行為以及市場智能投資的可能性。

What This Means for the Ethereum

這對以太坊意味著什麼

Market sentiment reaches its lowest point at market bottoms since pessimism reaches maximum levels. Weaker speculative traders might have suffered losses through selling their positions which reduced market selling pressure and created conditions for a price increase.

自從悲觀主義達到最大水平以來，市場情緒達到了市場底部的最低點。投機性交易者可能通過出售其頭寸損失損失，從而降低了市場銷售壓力並創造了價格上漲的條件。

Smart money institutions tend to behave similarly to history by accumulating ETH during specific price levels which often leads to substantial market increases. According to Glassnode along with other data sites, Bitcoin (BTC) dormancy trends have demonstrated the same patterns which highlight potential buying conditions.

智能貨幣機構在特定的價格水平上積累ETH的行為往往與歷史相似，這通常會導致大幅增加市場的增長。根據玻璃節以及其他數據站點，比特幣（BTC）休眠趨勢表現出相同的模式，這些模式突出了潛在的購買條件。

A Historical Perspective

歷史觀點

The data presented by @ali_charts ranges from 2016 to 2025 to illustrate that market bottoms have occurred whenever the “million” value dropped below this threshold. This measurement possesses potential value although it functions as insufficient by itself.

@Ali_Charts提供的數據范圍從2016年到2025年，以說明每當“百萬”價值降至此閾值以下時，就會發生市場底層。該測量值具有潛在的價值，儘管它本身不足。

Investors should monitor data related to network activities and transaction volumes on The Block platform as well as market conditions for the best understanding.

投資者應監視與網絡活動和交易量有關的數據，以及市場條件，以獲得最佳理解。

Looking Ahead

展望未來

The volatile cryptocurrency environment could produce changes given that Ethereum continues with its journey to PoS. Because these on-chain metrics are complicated it is essential for investors to perform comprehensive analysis and to avoid using this single data point in isolation. The market continues monitoring to determine whether Ethereum will bounce from its possible price undervaluation.

鑑於以太坊繼續前往POS的旅程，揮發性的加密貨幣環境可能會產生變化。由於這些鏈上的指標很複雜，因此投資者必須進行全面的分析並避免隔離使用此單個數據點。市場繼續監視，以確定以太坊是否會從其可能的價格低估中反彈。