以太坊（ETH）已經面臨著動蕩的開始到2025年

以太坊（ETH）是市場資本化的第二大加密貨幣，到2025年都面臨著動蕩的開端。

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has encountered a turbulent start to 2025. Following a steep decline of 45% in the first quarter, ETH struggled to maintain its recovery momentum, failing to break above the critical $2,000 psychological barrier. The cryptocurrency’s inability to sustain gains and persistent resistance levels have raised concerns among investors and traders alike.

以太坊（ETH）是市場資本化的第二大加密貨幣，到2025年遇到了動蕩的開端。在第一季度急劇下降了45％之後，ETH努力維持其恢復勢頭，未能超出關鍵的2,000美元的心理障礙。加密貨幣無法維持收益和持續的抵抗水平，這引起了投資者和交易者的關注。

As institutional interest waned and on-chain activity slowed, the market remained uncertain about Ethereum’s future trajectory.

隨著機構興趣的減弱和鏈上活動的減慢，市場對以太坊的未來軌跡仍然不確定。

Ethereum’s Q1 Performance: A Tough Start to 2025

以太坊的第一季度表現：艱難的開端到2025

以太坊的第一季度表現：艱難的開端到2025

The first quarter of 2025 proved to be one of the most challenging periods for Ethereum in recent times. Commencing the year at $1,700, the cryptocurrency experienced a significant sell-off, slipping below the key $1,500 support level. By the end of Q1, ETH had lost nearly 45% in value, closing at $936. This marks the third-worst quarterly performance for Ethereum since 2016.

事實證明，2025年第一季度是近期以太坊最具挑戰性的時期之一。加密貨幣以1,700美元的價格開始，經歷了重大拋售，低於關鍵的1,500美元支持水平。到第一季度結束時，ETH的價值損失了近45％，收盤價為936美元。這標誌著自2016年以來以太坊的第三季度表現。

According to data from Coinglass, the cryptocurrency’s market capitalization also took a substantial hit, decreasing by about $170 billion during Q1. In comparison, Bitcoin (BTC) experienced a less volatile quarter, with a 14% decline from the start of 2025.

根據Coinglass的數據，加密貨幣的市值也受到了巨大打擊，在第一季度中減少了約1700億美元。相比之下，比特幣（BTC）經歷了一個易波動性的季度，從2025年初開始下降14％。

The cryptocurrency market encountered difficulties in March as rising interest rates and macroeconomic uncertainties led to institutional investors pulling back from riskier assets, including cryptocurrencies. This is evident from the outflows observed in Ethereum exchange-traded funds (ETFs). After experiencing inflows of $1.4 billion in Q1 2024, these ETFs saw outflows of $403 million in March alone.

由於利率上升和宏觀經濟的不確定性，機構投資者從包括加密貨幣在內的風險較高的資產中退縮，因此加密貨幣市場在3月遇到了困難。從以太坊交換基金（ETF）中觀察到的流出可以明顯看出這一點。在2024年第1季度的第一季度流入了14億美元之後，僅在3月，這些ETF就看到了4.03億美元的流出。

The significant sell-off has implications for the cryptocurrency market in the coming months as traders will be closely watching to see if there are any signs of renewed interest from institutional investors.

在接下來的幾個月中，交易者將密切關注是否存在機構投資者的新利益跡象，這對加密貨幣市場具有重要意義。

Standard Chartered analysts have adjusted their year-end ETH price target from $10,000 to $4,000, considering the growing competition faced by Ethereum from its layer-2 solutions. These alternatives, such as Optimism (OP) and Gnosis (GNO), offer lower transaction fees and improved scalability, gradually drawing users away from the Ethereum mainnet.

考慮到以太坊在其2層解決方案中面臨的競爭日益增長的競爭，標準特許分析師已將其年終ETH價格目標從10,000美元調整為4,000美元。這些替代方案，例如樂觀（OP）和GNOSIS（GNO），可提供較低的交易費用和提高的可伸縮性，逐漸使用戶遠離以太坊主網。

Despite the challenges posed by rising competition in the blockchain space, some analysts remain optimistic about Ethereum’s long-term prospects.

儘管在區塊鏈領域的競爭不斷上升帶來的挑戰，但一些分析師仍然對以太坊的長期前景保持樂觀。

Technical Analysis: Key Resistance and Support Levels

技術分析：關鍵阻力和支持水平

技術分析：關鍵阻力和支持水平

Ethereum’s recent price action has been characterized by a failure to maintain recovery above the $1,880 level. After attempting to break through resistance at $1,955 and encountering rejection, ETH slipped back below the $1,850 threshold.

以太坊最近的價格行動的特徵是未能將回收率保持在1,880美元以上。在試圖以1,955美元的價格突破阻力並遇到拒絕之後，ETH滑回到$ 1,850的門檻以下。

Technical indicators suggest continued bearish pressure, with ETH trading below the 100-hourly Simple Moving Average (SMA). Additionally, a key bullish trend line offering support at $1,865 was broken, further signaling weakness in the market.

技術指標表明持續的看跌壓力，ETH交易低於100小時的簡單移動平均線（SMA）。此外，一條主要的看漲趨勢線，提供1,865美元的支持，破壞了支持，進一步表示市場上的疲軟。

On the upside, a clear break above the 100-hourly SMA and the 200-hourly SMA, currently at $1,900, could pave the way for a steeper recovery toward the 50% Fibonacci retracement level of $2,060 (from the March lows to the April highs).

從好的方面來說，高於100小時SMA的明顯突破，目前為1,900美元的200小時SMA可能為邁向50％的斐波那契回溯水平（從3月的低點到四月高點）鋪平了道路。

Key resistance levels to watch include:

要觀看的關鍵阻力水平包括：

* $1,955

* $ 1,955

* $2,000

* $ 2,000

* 50% Fibonacci retracement level at $2,060

* 50％斐波那契回撤水平為$ 2,060

On the downside, Ethereum’s critical support levels include:

不利的一面，以太坊的關鍵支持水平包括：

* $1,800

* $ 1,800

* $1,750

* $ 1,750

* $1,700

* $ 1,700

Ethereum’s Role in the DeFi Ecosystem: A Silver Lining?

以太坊在Defi生態系統中的作用：一線希望？

以太坊在Defi生態系統中的作用：一線希望？

Despite its struggles in the price domain, Ethereum continues to play a dominant role in the decentralized finance (DeFi) sector. In March, Ethereum reclaimed the top spot in decentralized exchange (DEX) trading volume, processing $64 billion worth of transactions, compared to $54 billion on Bitcoin.

儘管在價格領域中掙扎，但以太坊仍在分散的財務（DEFI）行業中繼續發揮主導作用。 3月，以太坊恢復了分散交易量（DEX）交易量的頭號，處理價值640億美元的交易，而比特幣為540億美元。

This underscores Ethereum’s stronghold as the preferred blockchain for DeFi applications, despite competition from emerging networks like Optimism, Arbitrum, and Mantle. However, one concerning trend is the sharp decline in Ethereum transaction fees and burn rate.

儘管有樂觀，仲裁和地幔等新興網絡的競爭，但這強調了以太坊的據點是Defi應用的首選區塊鏈。但是，關於趨勢的一個是以太坊交易費用和燃燒率的急劇下降。

Over the past week, only 53 ETH were burned per day, a significant drop from the 3,000 ETH burned daily just two months ago. This decline suggests reduced on-chain activity, potentially reflecting lower user engagement and DeFi participation.

在過去的一周中，每天只燒了53個ETH，兩個月前每天燃燒的3,000 ETH都大幅下降。這種下降表明鏈上活動減少，有可能反映出較低的用戶參與度和DEFI參與。

As transaction fees and the burn rate continue to decrease, it could indicate a slowdown in on-chain activity, which might concern some investors.

隨著交易費和燃燒率繼續降低，這可能表明鏈上活動的放緩可能會涉及一些投資者。

Institutional Sentiment and Market Outlook

機構情感和市場前景

機構情感和市場前景

Professional traders remain cautious about Ethereum’s short-term outlook. The ETH futures premium remains below the neutral 5% threshold, suggesting a

專業交易者對以太坊的短期前景保持謹慎。 ETH期貨溢價保持低於中性的5％閾值，這表明