ETH的價格最近表現得像穩定的

這種過山車與其他加密貨幣形成鮮明對比。例如，比特幣BTC從2021年的$ 58000飆升至2025年$ 109000

If you had invested $10,000 in Ethereum (ETH) four years ago, you might expect a significant return by now, given the crypto market’s reputation for volatility. However, as of late March 2025, that investment would be worth around $10,000 to $11,000, reflecting ETH’s surprisingly minimal performance.

如果四年前您已經向以太坊（ETH）投資了10,000美元，那麼鑑於加密貨幣市場的波動聲譽，您可能會預計到目前為止有很大的回報。但是，截至2025年3月下旬，這項投資的價值約為10,000至11,000美元，這反映了ETH令人驚訝的最低效果。

Back on March 31, 2021, ETH was priced at around $1,800. Today, it sits between $1,700 and $1,800—a negligible change over four years.

回到2021年3月31日，ETH的價格約為1,800美元。如今，它的價格在1,700美元至1,800美元之間，這是四年來微不足道的變化。

ETH hit an all-time high (ATH) of $4,878 in November 2021 but plummeted to roughly $1,000 during the 2022 bear market before gradually recovering to its current range.

ETH在2021年11月的歷史最高水平（ATH）達到了4,878美元，但在2022年的熊市中跌至約1,000美元，然後逐漸恢復到目前的範圍。

This contrasts sharply with other cryptocurrencies. Bitcoin (BTC) surged from $58,000 in 2021 to a peak of $109,000 in 2025, though it’s now down over 30% to around $82,000. Solana (SOL) skyrocketed from $35 to $126 (+260%), while XRP has seen mixed results but outperformed ETH in percentage gains at times.

這與其他加密貨幣形成鮮明對比。比特幣（BTC）從2021年的58,000美元飆升至2025年的109,000美元的峰值，儘管現在下降了30％以上，降至82,000美元左右。 Solana（Sol）從35美元飆升至126美元（+260％），而XRP的結果不同，但有時比ETH的比例優於ETH。

ETH’s price often mirrors BTC’s trends. Historically, BTC drops 30-50% after hitting an ATH. For this period, after reaching the ATH of $108,786 on January 2025, BTC had decreased about 25-30%, to BTC today. With this case, some analysts have predicted a further decline to $66,000 in BTC’s price; then ETH could follow suit.

ETH的價格通常反映了BTC的趨勢。從歷史上看，BTC擊中ATH後下降了30-50％。在此期間，在2025年1月達到108,786美元的ATH之後，BTC今天下降了約25-30％，今天降低了25-30％。在這種情況下，一些分析師預測，BTC的價格將進一步下降至66,000美元。然後ETH可以效仿。

However, the ETH/BTC trading pair has also weakened significantly, with BTC/ETH approximately equal to 45, signaling ETH’s growing disconnect from BTC’s dominance. Moreover, the recent Pectra update, unlike past upgrades such as The Merge, has failed to spark a positive price reaction, adding to the bearish outlook.

但是，ETH/BTC交易對也已大大削弱，BTC/ETH大約等於45，這表明ETH與BTC的優勢不斷脫節。此外，最近的Pectra更新與過去的升級（如Merge）不同，它未能引起積極的價格反應，從而增加了看跌的前景。

If you had invested $10K in ETH four years ago, you’d actually be at a slight loss this year.

如果您四年前投資了1萬美元的ETH，那麼今年您實際上會輕微虧損。

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Source: Coingecko

資料來源：Coingecko

ETH’s lackluster performance can be traced to broader economic fears and market dynamics.

ETH的表現平淡的表現可以追溯到更廣泛的經濟恐懼和市場動態。

With recession concerns mounting, traditional safe-haven assets like gold have hit record highs. Especially amid rising diplomatic tensions and global trade wars since Trump took office earlier this year, gold has emerged as the top safe-haven asset for investors, surging to $3,122 per ounce. Or another option, BTC, has solidified its status as “digital gold,” also a common way to reserve assets for investors.

由於經濟衰退的疑問，傳統的避風港資產（如黃金）的創紀錄高點。自從特朗普今年早些時候上任以來，在外交緊張局勢和全球貿易戰越來越大的情況下，黃金已成為投資者的最高安全資產，飆升至每盎司3,122美元。或者另一種選擇BTC鞏固了其作為“數字黃金”的地位，這也是為投資者保留資產的常見方法。

In contrast, the lack of a strong enough use case for ETH is causing price stagnation. Investors are hesitant to pour money into assets perceived as less reliable, like ETH or other digital assets, during uncertain times.

相比之下，缺乏足夠強的用例來導致價格停滯。投資者猶豫不決地將資金倒入不確定的時期（例如ETH或其他數字資產）的資產中。

Meanwhile, competitors like Binance Coin (BNB) thrive through proactive measures. BNB’s ecosystem has rolled out initiatives like the third Liquidity Program, memecoin stimulation from CZ, and projects like WIO and Binance Alpha. These efforts have kept BNB’s price buoyant, climbing from $300 in 2021 to over $600 in 2025—a 100%+ gain—while its chain’s total value locked (TVL) rivals Ethereum’s in DeFi activity.

同時，像Binance Coin（BNB）這樣的競爭對手通過積極的措施壯成長。 BNB的生態系統已推出了諸如第三流動性計劃，CZ的Memecoin刺激以及Wio和Binance Alpha等項目。這些努力使BNB的價格浮力從2021年的300美元上升至2025年的600美元以上（100％+增益），而其連鎖店的總價值已鎖定（TVL）競爭對手以太坊在Defi活動中的競爭對手。

Source: DefiLlama

資料來源：Defillama

Ethereum, by contrast, lacks such dynamic catalysts. While technically impressive, its upgrades haven’t translated into immediate market excitement. While The Merge significantly reduced energy consumption, Pectra’s emphasis on scalability improvements has not yet yielded significant results.

相比之下，以太坊缺乏這種動態催化劑。儘管在技術上令人印象深刻，但其升級並未轉化為直接的市場興奮。儘管合併大大降低了能源消耗，但Pectra對可伸縮性提高的強調尚未產生重大結果。

Without a bold push akin to BNB’s multi-pronged strategy—or even Solana’s relentless marketing of its high-speed blockchain—ETH remains stuck, mimicking a stablecoin’s predictability rather than a growth asset’s volatility. This inertia highlights a broader challenge: ETH’s maturity may be stifling its ability to compete with hungrier rivals.

如果沒有大膽的推動力類似於BNB的多管齊下策略，甚至是Solana對其高速區塊鏈的無情營銷，ETH仍然陷入困境，模仿了Stablecoin的可預測性，而不是增長資產的波動性。這種慣性凸顯了一個更廣泛的挑戰：ETH的成熟度可能正在扼殺其與飢餓的競爭對手競爭的能力。

Read more: ETH Suddenly Dropped to $1,900

閱讀更多：ETH突然跌至1,900美元

Despite the Downsides, ETH Still Holds Immense Potential

儘管缺點，ETH仍然具有巨大的潛力

Even with these challenges, ETH remains a cornerstone of the crypto world. As the largest and most established Layer 1 blockchain, it boasts a robust community and a sprawling ecosystem, including Layer 2 solutions and a wide array of applications. Its technology continues to lead the industry, driven by top-tier developers and market-leading upgrades.

即使面臨這些挑戰，ETH仍然是加密世界的基石。作為最大，最建立的第1層區塊鏈，它擁有一個健壯的社區和一個龐大的生態系統，包括第2層解決方案和廣泛的應用程序。在頂級開發商和市場領先的升級的推動下，其技術繼續領導該行業。

Besides that, there have been several rumors within the community of the growing real-world adoption of Ethereum.

除此之外，社區中有幾個謠言，即以太坊的現實世界日益增長。