加密市場的下降：墜機的主要原因

自2月3日（星期五）以來，加密貨幣市場遭受了沉重的打擊，諸如比特幣（BTC）和以太坊（ETH）等主要資產的總資本化超過5000億美元。

The cryptocurrency market has experienced a steep sell-off, shedding over $500 billion in total market capitalization since Friday, February 3. This downturn marks one of the sharpest sell-offs in recent months, with over $2.1 billion liquidated in just 24 hours—surpassing even the losses seen during the FTX collapse and the COVID-19 crash.

自2月3日星期五以來，加密貨幣市場已經出現了巨大的拋售，總市值超過5000億美元。這是最近幾個月來最急劇的拋售之一，在24小時內清算了超過21億美元-賽車往返機動- 即使在FTX崩潰和共同19崩潰中看到的損失也是如此。

As the market faces massive deleveraging, Bitcoin has experienced a more than 10% decline in the past two weeks, while Ethereum has plunged over 30%. However, both cryptocurrencies are now facing critical support levels that could determine the next market move.

由於市場面臨大規模的去槓桿化，比特幣在過去兩周中經歷了10％以上的下降，而以太坊卻跌落了30％以上。但是，這兩種加密貨幣現在都面臨著可能決定下一個市場轉移的關鍵支持水平。

Crypto Market’s Decline: Major Reasons Behind the Crash

加密市場的下降：墜機的主要原因

The ongoing downturn in the cryptocurrency market has been influenced by a series of factors, chief among them being President Donald Trump’s trade wars. After months of anticipation surrounding his second term in office, the sell-the-event scenario has unfolded, with investors reacting negatively to Trump’s new tariff policies targeting Canada, Mexico, and China. The trade wars have led to retaliation from these countries, creating widespread economic uncertainty and triggering a chain reaction in both traditional stock markets and the cryptocurrency sector. As a result, Bitcoin and Ethereum have seen a steep decline, mirroring the broader market sell-offs.

加密貨幣市場正在進行的衰退受到一系列因素的影響，其中最主要的是唐納德·特朗普總統的貿易戰。經過幾個月的期待，他在任期的第二個任期後，事件發生的情況已經展開，投資者對特朗普針對加拿大，墨西哥和中國的新關稅政策產生了負面反應。貿易戰導致了這些國家的報復，從而造成了廣泛的經濟不確定性，並引發了傳統股票市場和加密貨幣行業的連鎖反應。結果，比特幣和以太坊的下降幅度急劇下降，反映了更廣泛的市場拋售。

Ethereum Faces Massive Whales’ Capitulation

以太坊面向巨大的鯨魚屈服

Ethereum has been particularly hard-hit, with a significant capitulation event unfolding among Ethereum whales. The surge in Ethereum’s supply on centralized exchanges has reached a new 12-month peak of 16.2 million ETH, signaling that large investors have been offloading their positions en masse over the past 24 hours. This panic selling among whales has further intensified the decline in Ethereum’s price, which is now testing critical support levels.

以太坊尤其受到嚴重打擊，以太坊鯨魚之間發生了重大的投降事件。以太坊在集中式交流的供應激增已經達到了1620萬ETH的新峰值，這表明大型投資者在過去24小時內一直在大批銷售其頭寸。鯨魚之間的這種恐慌銷售進一步加劇了以太坊價格的下跌，現在正在測試關鍵支持水平。

Ethereum’s Critical Support Level and What Comes Next

以太坊的關鍵支持水平以及接下來會發生什麼

As Ethereum struggles to maintain its position, the price is currently retesting a crucial support zone, a level that must hold to avoid further losses. Crypto analysts are keeping a close eye on $2,750, which has emerged as a critical threshold for Ethereum.

隨著以太坊努力保持其位置，價格目前正在重新測試一個關鍵的支持區，這一水平必須保持避免進一步的損失。加密分析師密切關注2,750美元，這是以太坊的關鍵門檻。

If Ethereum manages to hold above this level, it could set the stage for a potential bullish rally in the coming months, with analysts like Ali Martinez forecasting that Ethereum could see a move beyond $6,000 if the support holds.

如果以太坊設法超過此水平，它可能會為未來幾個月的潛在看漲集會奠定基礎，而像阿里·馬丁內斯（Ali Martinez）這樣的分析師預測，如果支持的話，以太坊可能會看到超過6,000美元的搬遷。

Meanwhile, Benjamin Cowen, another well-known crypto analyst, believes that Ethereum’s price, particularly against Bitcoin and the US dollar, is likely to hit a bottom after the Federal Reserve’s Quantitative Tightening (QT) cycle ends. This suggests that Ethereum could stabilize and eventually reverse its trend once broader market conditions improve.

同時，另一位著名的加密分析師本傑明·科恩（Benjamin Cowen）認為，以太坊的價格，尤其是針對比特幣和美元的價格，在美聯儲的定量擰緊（QT）週期結束後很可能會達到最低點。這表明，一旦更廣泛的市場條件改善，以太坊可能會穩定並最終扭轉其趨勢。

Bitcoin Faces Significant Support Challenges

比特幣面臨重大支持挑戰

Similarly, Bitcoin’s price has also faced substantial losses, dipping below $91,000 and testing critical support levels. Bitcoin’s $91k mark has proven to be a key level of support in recent weeks, but the cryptocurrency is struggling to maintain this as it faces considerable selling pressure. Bitcoin’s fall below $100,000 in the past two weeks has led to a sharp increase in trading volume, signaling that market sentiment is heavily negative.

同樣，比特幣的價格也面臨著巨大的損失，下降到91,000美元以下，並測試關鍵支持水平。在最近幾週內，比特幣的$ 91K大關已被證明是一個關鍵的支持水平，但是加密貨幣正努力維持這一水平，因為它面臨著巨大的銷售壓力。在過去的兩周中，比特幣的下跌低於100,000美元，導致交易量急劇增加，這表明市場情緒是負面的。

As the crypto market continues to digest the effects of President Trump’s new tariff policies and broader economic uncertainty, traders are left wondering when the market might regain its footing. With the massive sell-off and rising liquidation events, all eyes are on the $91k level for Bitcoin and the $2,750 support zone for Ethereum.

隨著加密貨幣市場繼續消化特朗普總統的新關稅政策和更廣泛的經濟不確定性的影響，交易者想知道市場何時會恢復其地位。隨著大量拋售和清算活動的上升，所有人的目光都達到了比特幣的$ 91k水平，以及以太坊的2,750美元支持區。

The coming weeks will likely determine whether these support levels can hold and whether the market can reverse course toward a new bull run or if further correction lies ahead.

接下來的幾周可能會確定這些支持水平是否可以保持，以及市場是否可以逆轉新的牛市，或者是否進一步糾正。