以太坊[ETH]面臨著最具挑戰性的時期之一

以太坊[ETH]曾經是Altcoin空間中無可爭議的領導者，近年來正面臨其最具挑戰性的時期之一。

Ethereum [ETH], once the undisputed leader in the altcoin space, is now facing one of its most challenging periods in recent years. The cryptocurrency has plummeted to its lowest value since 2020, driven by declining network activity, reduced transaction fees, and the unintended consequences of the Dencun upgrade. These factors have fueled inflationary pressures, raising concerns about Ethereum’s future.

以太坊[ETH]曾經是Altcoin空間中無可爭議的領導者，近年來正面臨其最具挑戰性的時期之一。自2020年以來，加密貨幣一直跌至其最低價值，這是由於網絡活動減少，交易費用減少以及Dencun升級的意外後果的驅動。這些因素加劇了通貨膨脹壓力，引起了人們對以太坊未來的擔憂。

As Bitcoin remains relatively stable, Ethereum’s sharper decline raises questions about whether this is a temporary setback or the beginning of a prolonged downturn.

由於比特幣仍然相對穩定，以太坊的尖銳下降引發了有關這是臨時挫折還是長期衰退的開始的問題。

Ethereum’s value has taken a significant hit, with a nearly 45% decline in recent weeks compared to Bitcoin’s 10% drop. This disproportionate downturn suggests that Ethereum is facing internal challenges.

以太坊的價值受到了重大打擊，最近幾週下降了近45％，而比特幣的下降了10％。這種不成比例的低迷表明以太坊正面臨內部挑戰。

One of Ethereum’s biggest strengths has been its robust network activity, with millions of transactions and smart contracts executed daily. However, recent data shows a steep decline in active addresses and overall network usage. Fewer transactions mean less demand for ETH, leading to a natural decline in its value.

以太坊最大的優勢之一是其強大的網絡活動，每天執行數百萬筆交易和智能合約。但是，最近的數據顯示，主動地址和整體網絡使用情況急劇下降。較少的交易意味著對ETH的需求較小，從而導致其價值自然下降。

The much-anticipated Dencun upgrade was expected to bring efficiency improvements and reduce gas fees. While it succeeded in lowering fees, it inadvertently led to lower burn rates. Ethereum’s EIP-1559 mechanism was designed to make ETH a deflationary asset by burning a portion of transaction fees.

備受期待的Dencun升級預計將帶來提高效率並降低汽油費。儘管它成功降低了費用，但它無意中導致燃燒率降低。以太坊的EIP-1559機制旨在通過燃燒一部分交易費用來使ETH成為通貨膨脹資產。

With reduced transaction costs, the network’s burn rate has hit record lows, increasing inflationary pressure on ETH’s circulating supply.

隨著交易成本的降低，該網絡的燃燒率達到了創紀錄的低點，增加了ETH循環供應的通貨膨脹壓力。

Ethereum’s shift to a proof-of-stake (PoS) consensus mechanism aimed to make it a deflationary asset, but the current network conditions have had the opposite effect. The low burn rate and stagnant transaction volumes have contributed to an increase in Ethereum’s supply, weakening its scarcity-based value proposition.

以太坊轉移到旨在使其成為通縮資產的共識機制的轉變（POS），但當前的網絡條件具有相反的效果。低燃燒率和停滯的交易量導致以太坊供應的增加，從而削弱了其基於稀缺的價值主張。

Inflationary pressures are now a significant concern, making ETH less attractive as an investment.

現在，通貨膨脹壓力是一個重大問題，使ETH作為投資的吸引力降低了。

Bitcoin and Ethereum often move in tandem, but recent trends suggest a growing divergence. Bitcoin has managed to maintain relative stability, while Ethereum’s sharp downturn has raised alarms. This gap in performance suggests Ethereum may be facing systemic issues.

比特幣和以太坊經常串聯，但最近的趨勢表明差異越來越大。比特幣設法保持了相對穩定性，而以太坊的急劇下滑發出了警報。性能差距表明以太坊可能面臨系統問題。

Ethereum has experienced downturns before, but the current slump is particularly concerning due to its prolonged nature and the fundamental challenges it faces. During previous bear markets, ETH rebounded alongside Bitcoin as market sentiment improved. However, the present scenario appears different due to Ethereum’s internal weaknesses.

以太坊以前經歷過低迷，但是由於其長期性質和麵臨的基本挑戰，目前的低迷尤其令人擔憂。在以前的熊市中，隨著市場情緒的改善，ETH與比特幣並肩反彈。但是，由於以太坊的內部弱點，目前的情況似乎不同。

Despite its current struggles, Ethereum still has strong fundamentals that could pave the way for recovery. Several factors will determine whether ETH can regain its strength or continue its downward trajectory:

儘管目前掙扎，以太坊仍然具有強大的基本原理，可以為康復鋪平道路。幾個因素將決定ETH是否可以恢復其力量或繼續其向下軌跡：

Increased adoption and use cases are pivotal for Ethereum’s recovery. This means attracting more developers, decentralized applications (dApps), and users to drive transaction volume. Layer 2 solutions and Ethereum’s role in decentralized finance (DeFi) could play a crucial role in reviving demand.

採用和用例的增加對於以太坊的恢復至關重要。這意味著吸引更多的開發人員，分散應用程序（DAPP）和用戶來驅動事務量。第2層解決方案和以太坊在分散融資（DEFI）中的作用在恢復需求中起著至關重要的作用。

Ethereum’s development team may need to introduce further protocol updates to address inflationary pressures. A revised burn mechanism or additional efficiency improvements could help stabilize Ethereum’s supply and demand dynamics.

以太坊的開發團隊可能需要引入進一步的協議更新，以解決通貨膨脹壓力。修訂的燃燒機製或額外的效率提高可以幫助穩定以太坊的供應和需求動態。

Institutional interest in Ethereum has waned compared to Bitcoin. Regaining institutional confidence will be critical for ETH’s recovery. If major financial players show renewed interest in Ethereum-based solutions, it could drive positive price action.

與比特幣相比，以太坊的機構興趣已經減弱。重新獲得機構信心對於ETH的恢復至關重要。如果主要的金融參與者對基於以太坊的解決方案表現出新的興趣，則可以推動正價行動。

Ethereum’s fate is also tied to overall crypto market trends. If the broader market recovers, Ethereum will likely follow suit. However, ETH needs to show independent strength to reassure investors of its long-term viability.

以太坊的命運也與整體加密貨幣市場趨勢有關。如果更廣泛的市場恢復，以太坊可能會效仿。但是，ETH需要表現出獨立的實力，以使投資者的長期生存能力使投資者保證。

Overall, Ethereum is at a crucial crossroads as it grapples with declining network activity, inflationary pressures, and a weaker market position compared to Bitcoin.

總體而言，與比特幣相比，以太坊處於關鍵的十字路口，因為它應對網絡活動的下降，通貨膨脹壓力和市場地位較弱。

The Dencun upgrade, while aiming to improve Ethereum’s ecosystem, has had some unintended consequences that are contributing to ETH’s decline. The coming months will be pivotal in determining whether Ethereum can recover or if it will continue to struggle.

Dencun升級雖然旨在改善以太坊的生態系統，但卻產生了一些意想不到的後果，這導致了ETH的衰落。未來幾個月將在確定以太坊是否可以恢復或是否會繼續掙扎方面關鍵。

Investors and developers alike will be closely watching key network metrics and upcoming upgrades to gauge the future of the blockchain giant.

投資者和開發商都將密切關注關鍵網絡指標和即將進行的升級，以評估區塊鏈巨頭的未來。