自2025年初以來，以太坊[ETH]一直面臨著巨大的鬥爭

自2025年初以來，以太坊[ETH]面臨著巨大的鬥爭。因此，曾經作為比特幣[BTC]挑戰者遇到的替代幣正在努力與較小的硬幣競爭。

Since the beginning of 2025, Ethereum [ETH] has faced significant struggles. As such, the altcoin that was once presented as a Bitcoin [BTC] challenger is struggling to compete with smaller coins.

自2025年初以來，以太坊[ETH]面臨著巨大的鬥爭。因此，曾經作為比特幣[BTC]挑戰者遇到的替代幣正在努力與較小的硬幣競爭。

This poor performance has caught the attention of key stakeholders, and mainstream media. As per a recent Bloomberg report, Ethereum is facing the most challenging period as it enters its second decade of operations.

這種糟糕的表現引起了主要利益相關者和主流媒體的關注。根據最近的彭博社報告，以太坊正面臨著最具挑戰性的時期。

Source: Bloomberg

資料來源：彭博

As such, Ethereum developers have been fleeing, early followers are angry, and the token has started lagging behind both BTC and its smaller competitors.

因此，以太坊開發人員一直在逃離，早期的追隨者很生氣，而代幣開始落後於BTC及其較小的競爭對手。

Although Ethereum remains the second-largest crypto with $221 billion in market cap, ETH has declined significantly. ETH has declined by over 44% YTD, dropping from $3.6k in January 2025 to $1.8k.

儘管以太坊仍然是第二大加密貨幣，其市值為2210億美元，但ETH的下降幅度很大。 ETH的YTD下降了超過44％，從2025年1月的3.6K下降到1.8K美元。

Source: Messari

資料來源：Messari

This decline has poised the altcoin for its worst quarterly drop since the 2022 bear market. Over the past year, while BTC has surged by 30%, Ethereum has declined by 47%, and it’s slowly losing its lead over competitors.

自2022年熊市以來，這種下降已經使山寨幣的最差季度下降了。在過去的一年中，儘管BTC飆升了30％，但以太坊卻下降了47％，並且逐漸失去了競爭對手的領先優勢。

This has resulted in its market dominance decline to 7.9% from 17% over the past year. So, its competitors have grown at a faster and sustained rate.

這導致其市場優勢從過去一年中的17％下降到7.9％。因此，其競爭對手的發展速度更快，持續。

For instance, the number of active developers on Ethereum-related software declined by 17% in 2024. However, its close rival Solana [SOL] saw a sharp increase in active developers.

例如，與以太坊相關軟件的活躍開發人員的數量在2024年下降了17％。但是，其近距離競爭對手的Solana [sol]使主動開發人員急劇增加。

Thus, Solana has become a popular hub for memecoins with the network recording 83% year-to-year growth.

因此，Solana已成為Memecoins的流行樞紐，網絡記錄了83％的逐年增長。

This is also witnessed against other coins, such as Ripple’s XRP. While ETH has declined over the past year, XRP has risen by 249% on its price charts, with market cap rising from $30 billion to $127 billion.

還目睹了其他硬幣，例如Ripple的XRP。儘管ETH在過去一年中有所下降，但XRP的價格表上升了249％，市值從300億美元上升到1,270億美元。

Source: Messari

資料來源：Messari

With ETH’s continued poor performance, the altcoin has become highly unattractive to investors. Looking at ETH’s Sharpe ratio over the past year, it has declined to -0.69.

隨著ETH的持續性能持續，Altcoin對投資者的影響很大。從過去一年中，從ETH的夏普比率看，它的比率下降到-0.69。

This implies that investment returns have not only declined, but it has become a risky investment compared to risk-free assets.

這意味著投資回報不僅有所下降，而且與無風險資產相比，它已成為風險投資。

What’s happening with Ethereum?

以太坊發生了什麼？

According to key stakeholders, one of the fundamental challenges affecting Ethereum is leadership. In his analysis, Ryan Watkins noted that Ethereum’s leadership has failed to capitalize on the previous momentum.

根據主要利益相關者的說法，影響以太坊的基本挑戰之一是領導。瑞安·沃特金斯（Ryan Watkins）在分析中指出，以太坊的領導能力未能利用以前的勢頭。

He noted,

他指出，

“It’s all about growth and leadership — If the Ethereum ecosystem kept pace with, or outpaced, its peers, none of the above would matter.”

“這全都與增長和領導聯繫 - 如果以太坊生態系統與同齡人保持同步或超過同齡人，那麼以上都不重要。”

This leadership concern was also noted by Bloomberg, placing the blame on Ethereum founder, Vitalik Buterin, for failing to adapt to change.

彭博社還指出了這一領導力的關注點，將責任歸咎於以太坊的創始人維塔利克·布特林（Vitalik Buterin）未能適應變化。

Under his leadership, Ethereum remains stuck in early visions of decentralization failing to join forces with politicians, and lobby in Washington DC as other players join a pro-crypto government.

在他的領導下，以太坊仍然陷入未能與政客聯手的早期視野中，而在其他球員加入了一個親克萊托普政府時，華盛頓特區的遊說。

Buterin has remained critical of politicians, either endorsing them or any of them having crypto coins. This vision of a fully decentralized blockchain has left Buterin in the cold as other players join forces with governments.

巴特林仍然批評政客，無論是認可他們還是有加密貨幣的任何人。當其他玩家與政府聯手時，這種完全分散的區塊鏈的願景使布特林陷入了寒冷。

What next for ETH

ETH的下一步

According to AMBCrypto's analysis, Ethereum was facing strong downward pressure at press time. The altcoin was trading at $1839, marking a 2.11% decline over the past day.

根據Ambcrypto的分析，以太坊在發稿時面臨著強大的向下壓力。 Altcoin的交易價格為1839美元，在過去的一天中下降了2.11％。

Equally, ETH has declined by 8.39% on weekly charts, implying strong negative sentiments.

同樣，ETH在每週圖表上也下降了8.39％，這意味著強烈的負面情緒。

Looking at ETH’s charts, the Stoch RSI signaled a potential continuation of this downtrend. Since making a bearish crossover five days ago, Stoch has dropped to 14.6 reflecting a strong downward momentum.

從ETH的圖表中看，基地RSI標誌著這種下降趨勢的潛在延續。自從五天前進行看跌的跨界以來，斯托奇跌至14.6，反映出強勁的下降勢頭。

Therefore, if the external factors observed above remain unfavorable, the dip could continue. A further drop could see ETH drop to $1761. For a bullish outlook to reemerge, ETH must reclaim and hold above $2k.

因此，如果上面觀察到的外部因素仍然不利，則可以繼續下降。進一步的下降可能會使ETH降至1761美元。為了看好重新出現的前景，ETH必須收回並持有以上$ 2K的價格。