以太坊（ETH）在第二季度2025年的價格下降了急劇下跌

這種下降使以太坊的MVRV Z得分推向了中性區域以下，進入了累積區域，這表明ETH目前可能正在以其內在價值下進行交易。

The price of Ethereum (ETH) has seen a dramatic drop in Q1 2025, with its market value falling by 45.3% to levels below $2000. This decline has pushed Ethereum’s MVRV Z-Score below the neutral zone, dipping into the accumulation zone, suggesting that ETH may currently be trading under its intrinsic value. The MVRV Z-Score, a key indicator for gauging market sentiment, has historically been a useful tool for identifying potential buying opportunities, especially when the score dips below 1.

以太坊（ETH）的價格在2025年第1季度下降了急劇下跌，其市場價值下降了45.3％，至2000美元以下。這種下降使以太坊的MVRV Z得分推向了中性區域以下，進入了累積區域，這表明ETH目前可能正在以其內在價值下進行交易。 MVRV Z分數是測量市場情緒的關鍵指標，歷史上一直是確定潛在購買機會的有用工具，尤其是當得分下降以下時。

MVRV Z-Score and Ethereum’s Current Position

MVRV Z得分和以太坊的當前位置

The MVRV (Market Value to Realized Value) Z-Score is a popular metric used to assess whether an asset is overvalued or undervalued relative to its historical fair value. When the Z-Score is below 1, it indicates that the asset is trading below its intrinsic value, which often signals an accumulation phase for long-term investors. Ethereum’s recent dip into this accumulation zone mirrors similar patterns seen in late 2020 and 2023, periods during which ETH experienced substantial gains after these low-price levels.

MVRV（已實現價值的市場價值）Z-Score是一種流行的度量標準，用於評估資產相對於其歷史公允價值而被高估還是被低估。當Z分數低於1時，這表明資產的交易低於其內在價值，這通常標誌著長期投資者的累積階段。以太坊最近浸入該積累區域反映了2020年底和2023年看到的類似模式，在此期間，ETH在這些低價水平之後經歷了很大的增長。

The MVRV Z-Score and Ethereum's price action in 2023. (Source: ارز دیجیتال)

MVRV Z得分和以太坊在2023年的價格行動（來源：數字貨幣）

This period of price weakness has also seen a return of large-investor activity in the Ethereum market. One such whale made a notable purchase of 3,659.83 ETH for $5.88 million in DAI after being dormant for 2.8 years. This move, despite the ongoing price drop, signals confidence in Ethereum’s future prospects, as the whale looks to accumulate a significant amount of ETH at a discounted price.

這個價格疲軟的時期還看到了以太坊市場的大型投資活動的回歸。一隻這樣的鯨魚在休眠已有2。8年後，以588萬美元的價格購買了3,659.83 ETH，以588萬美元的價格購買。儘管價格持續下跌，但這一舉動表明了對以太坊未來前景的信心，因為鯨魚希望以折扣價積累大量的ETH。

One Bitcoin whale completed a large purchase of 3,659.83 ETH for $5,880,888 in DAI. The whale had been inactive for 2.8 years before making this move. (Source: Bitscout)

一條比特幣鯨完成了3,659.83 ETH的大筆購買，售價為$ 5,880,888。鯨魚在採取這一舉動之前已經無活躍了2。8年。 （來源：bitscout）

The drop in Ethereum’s price during Q1 2025 has been one of the steepest seen in recent times, with a 45.3% decline leading ETH to trade below the $2000 mark. This level is a significant psychological support zone, and with the MVRV Z-Score now below 1, many analysts and traders are viewing this price point as a potential opportunity for long-term accumulation.

以太坊在2025年第1季度的價格下跌是近來最陡峭的幅度之一，下降了45.3％，導致ETH的貿易低於2000美元。該水平是一個重要的心理支持區，而MVRV Z分數現在低於1，許多分析師和交易者都將這個價格視為長期積累的潛在機會。

Historically, periods when the MVRV Z-Score dips below 1 have been followed by strong recoveries in Ethereum’s price as market sentiment turns bullish once again. The MVRV Z-Score is often used by investors to time market cycles. The metric’s ability to highlight periods when an asset is trading significantly below its intrinsic value has made it a useful tool for spotting accumulation opportunities.

從歷史上看，MVRV Z得分下降到1以下的時期，隨著以太坊價格的強勁回收，市場情緒再次使人看漲。 MVRV Z分數經常被投資者用於時間市場週期。該指標突出資產交易的時期的能力大大低於其內在價值，使其成為發現積累機會的有用工具。

In the case of Ethereum, the Z-Score’s move into the accumulation zone aligns with previous instances in late 2020 and 2023, where Ethereum saw strong rallies after periods of extended price declines. For investors who view Ethereum’s long-term potential positively, this period of price depression could present a compelling entry point.

在以太坊的情況下，Z分數進入累積區域與2020年末和2023年以前的實例保持一致，以太坊在延長價格下降後看到了強烈的集會。對於那些對以太坊長期潛在潛力的投資者來說，這一價格蕭條時期可能會提出一個令人信服的入口點。

For long-term Ethereum investors, the current market conditions, coupled with the MVRV Z-Score’s indication of undervaluation, suggest that this may be a prime time to accumulate ETH at a discounted price. The combination of whale purchases and the significant decline in price could signal that Ethereum is on the verge of a rebound.

對於長期以太坊投資者而言，當前的市場狀況以及MVRV Z-SCORE的低估指標表明，這可能是以折扣價積累ETH的黃金時間。購買鯨魚的結合和價格的大幅下降可能表明以太坊正處於反彈的邊緣。

Additionally, with Ethereum’s ongoing development and its role in the broader cryptocurrency ecosystem, many investors remain optimistic about the token’s future performance. As Ethereum continues to trade below its intrinsic value, it is likely that more institutional investors, as well as whales, will look to accumulate ETH, setting the stage for potential growth in the months to come. Investors who adopt a long-term perspective may find this to be an advantageous period to position themselves for Ethereum’s eventual recovery.

此外，隨著以太坊的持續發展及其在更廣泛的加密貨幣生態系統中的作用，許多投資者對代幣的未來績效保持樂觀。隨著以太坊繼續貿易以低於其內在價值的貿易，越來越多的機構投資者和鯨魚可能會積累ETH，為未來幾個月內的潛在增長奠定了基礎。採用長期觀點的投資者可能會發現這是一個有利的時期，可以將自己定位為以太坊最終的恢復。