儘管300％激增，以太坊（ETH）仍繼續落後比特幣（BTC）

玻璃節數據的數據表明，自2022年中期以來，ETH/BTC比率一直在穩定下降，這突出了比特幣在此週期中的優勢。

Ethereum (CRYPTO: ETH) price continues to trail behind Bitcoin (CRYPTO: BTC) in the current market cycle, despite a remarkable 300% surge from its 2022 low of $880.

以太坊（Crypto：ETH）價格在當前市場週期中繼續落後於比特幣（加密：BTC），儘管其2022年低至880美元的低價漲幅300％。

Data from Glassnode reveals that the ETH/BTC ratio has been in a steady decline since mid-2022, highlighting Bitcoin’s dominance in this cycle.

來自GlassNode的數據表明，自2022年中期以來，ETH/BTC比率一直在穩定下降，這突出了比特幣在此週期中的優勢。

As of February 2, Ethereum trades at $3,107, but questions arise regarding its inability to maintain pace with Bitcoin, which continues to widen the gap despite Ethereum’s bullish fundamentals.

截至2月2日，以太坊的交易價格為3,107美元，但由於無法保持比特幣的步伐而產生了疑問，儘管以太坊的看漲基本面，該比特幣仍在不斷擴大差距。

Bitcoin’s institutional momentum has been a major factor in this divergence. With the SEC’s approval of spot Bitcoin ETFs in January 2024, Bitcoin gained a significant regulatory advantage, giving it a six-month head start over Ethereum’s pending ETF applications.

比特幣的機構勢頭一直是這種分歧的主要因素。隨著SEC在2024年1月對現場比特幣ETF的批准，比特幣獲得了顯著的監管優勢，這使它在以太坊的未決ETF應用程序中佔據了六個月的開始。

This regulatory push helped Bitcoin post a 160% rally in 2024, far surpassing Ethereum’s 90% rise during the same period.

這種監管推動力在2024年有助於比特幣發布160％的拉力賽，在同一時期，以太坊的90％上升。

The continued ETH/BTC ratio decline over 30 consecutive months suggests Bitcoin is outperforming Ethereum, largely due to Bitcoin’s first-mover advantage and its growing institutional adoption. There’s even speculation about Bitcoin’s possible inclusion on the U.S. government’s balance sheet, further solidifying its position.

連續30個月內，ETH/BTC持續的比率下降表明，比特幣的表現優於以太坊，這在很大程度上是由於比特幣的首次推動力優勢及其不斷增長的機構採用。甚至有人猜測比特幣可能包含在美國政府的資產負債表中，進一步鞏固了其立場。

Ethereum’s Quiet Strengths: Dominating DeFi

以太坊的安靜優勢：統治defi

Despite Bitcoin’s dominance, Ethereum retains substantial strengths. Ethereum is the backbone of decentralized finance (DeFi), hosting 58% of the total blockchain Total Value Locked (TVL), amounting to $43 billion, according to analyst @puntium.

儘管比特幣的統治地位，以太坊仍保留了實質性的優勢。根據分析師@Puntium的說法，以太坊是分散融資（DEFI）的骨幹，占區塊鏈總價值鎖定（TVL）的58％，總計430億美元。

The Ethereum network also supports key applications such as stablecoins, NFTs, meme coins, and layer-2 scaling solutions.

以太坊網絡還支持關鍵應用程序，例如Stablecoins，NFTS，Meme Coins和2層縮放解決方案。

However, Ethereum faces increasing competition from networks like Solana and Avalanche, which have gained traction in areas such as fees, staking, and use cases.

但是，以太坊面臨著諸如Solana和Avalanche等網絡的競爭，這些網絡在費用，積分和用例等領域中獲得了吸引力。

If Ethereum is to recover its relative dominance, it will likely require partnerships between the public and private sectors, especially in regions like the U.S., where regulatory clarity is still lagging behind Bitcoin’s progress.

如果以太坊要恢復其相對優勢，它可能需要公共部門和私營部門之間的伙伴關係，尤其是在美國這樣的地區，在美國這樣的地區，監管清晰度仍然落後於比特幣的進步。

Ethereum Price Prediction: Critical Levels to Watch

以太坊價格預測：關鍵的關鍵水平

As Ethereum grapples with institutional competition, it faces immediate technical hurdles.

當以太坊努力應對機構競爭時，它面臨著直接的技術障礙。

On February 2, Ethereum saw a brief 4% dip to $3,068 before recovering back to $3,107. According to crypto trader Cas Abbé, Ethereum must reclaim $3,400 to confirm a bullish reversal towards $4,000.

2月2日，以太坊的短暫下跌4％至3,068美元，然後恢復至3,107美元。根據加密貨幣交易者CasAbbé的說法，以太坊必須收回$ 3,400，以確認看漲的逆轉4,000美元。

The 100-day moving average ($3,300) and the upper boundary of a bullish flag ($3,400) represent a critical resistance zone for Ethereum.

100天移動平均線（3,300美元）和看漲國旗（3,400美元）的上邊界是以太坊的關鍵阻力區。

A breakout above $3,240 could lead to significant liquidations of short positions, potentially triggering Ethereum’s price to move higher.

超過$ 3,240的突破可能會導致大量的短職位清算，從而有可能觸發以太坊的價格提高。

However, Ethereum’s failure to hold the $3,500 level on February 1 raises concerns of a false breakout. According to Binance liquidation heatmaps, a concentration of short positions near $3,500 could prompt a retracement, with Ethereum possibly testing $3,000 support if momentum remains weak.

但是，以太坊未能在2月1日保持3500美元的水平，這引起了人們對虛假突破的擔憂。根據Binance清算熱圖的說法，在$ 3500附近的短職位的集中度可能會引起回撤，如果動量仍然很弱，以太坊可能會測試3,000美元的支持。

Ethereum’s Outlook: Real-World Adoption Needed for Growth

以太坊的前景：成長所需的現實世界採用

Despite its impressive 300% rebound from its 2022 cycle low, Ethereum’s continued underperformance relative to Bitcoin can be largely attributed to the ETF-driven rally and institutional momentum surrounding Bitcoin.

儘管從2022年的循環低點起到了令人印象深刻的300％反彈，但以太坊相對於比特幣的表現不佳，這主要歸因於ETF驅動的集會和圍繞比特幣的機構動量。

For Ethereum to reverse this trend, analysts emphasize that real-world adoption—beyond its dominance in DeFi—is crucial.

為了使以太坊扭轉這一趨勢，分析師強調，現實世界中的採用（在Defi中的主導地位）至關重要。

The ETH/BTC ratio’s downward trajectory suggests that even as Ethereum thrives in decentralized finance, it may continue to lag behind Bitcoin unless significant shifts occur in regulatory environments and real-world use cases.

ETH/BTC比率的向下軌跡表明，即使以太坊在分散融資中蓬勃發展，除非在監管環境和現實世界中的用例中發生重大變化，否則它可能會繼續落後於比特幣。

Investors may find themselves testing their patience as they wait for Ethereum’s next big move.

當他們等待以太坊的下一個大舉動時，投資者可能會發現自己正在測試自己的耐心。