以太坊（ETH）面臨越來越多的挑戰，因為銷售壓力侵蝕了投資者的信心

隨著無情的銷售壓力繼續侵蝕投資者的信心，以太坊（ETH）正面臨越來越多的挑戰。

Ethereum (ETH) is encountering an increasingly challenging landscape as persistent selling pressure continues to erode investor confidence. Since the beginning of the year, the second-largest cryptocurrency by market capitalization has struggled to regain its footing, with bullish momentum fading in the wake of persistent bearish sentiment.

隨著持續的銷售壓力繼續侵蝕投資者的信心，以太坊（ETH）正在遇到越來越具有挑戰性的景觀。自今年年初以來，按市值下的第二大加密貨幣一直在努力重新獲得地位，隨著持續的看跌感情，看漲的動力逐漸消失。

As market uncertainty grows, the price trajectory of Ethereum remains in question, leaving investors and analysts speculating about its next move.

隨著市場不確定性的增長，以太坊的價格軌跡仍然存在，使投資者和分析師猜測其下一步行動。

Ethereum’s Struggles: A Look at Market Trends

以太坊的掙扎：查看市場趨勢

Since January 2025, Ethereum has seen a continuous downtrend, struggling to break past key resistance levels. The broader crypto market has been grappling with macroeconomic concerns, regulatory uncertainty, and a lack of liquidity, all of which have contributed to the challenges facing ETH.

自2025年1月以來，以太坊一直處於不斷的下降趨勢，努力打破了關鍵阻力水平。更廣泛的加密市場一直在努力應對宏觀經濟問題，監管不確定性和缺乏流動性，所有這些都促成了ETH面臨的挑戰。

With prices sliding lower and no significant catalysts in sight, traders are beginning to question whether Ethereum can recover in the near term.

隨著價格下降且沒有明顯的催化劑，交易者開始質疑以太坊是否可以在短期內恢復。

Weak Buying Pressure and Diminished Confidence

購買壓力較弱，信心降低

One of the primary issues facing Ethereum is the lack of strong buying pressure. In previous years, ETH has benefited from robust demand from both retail and institutional investors. However, current market conditions have led to hesitancy among investors.

以太坊面臨的主要問題之一是缺乏強大的購買壓力。在過去的幾年中，ETH從零售和機構投資者的強勁需求中受益。但是，當前的市場狀況導致投資者猶豫不決。

Despite the fundamental strengths of Ethereum, such as its dominance in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, the current macroeconomic backdrop has dampened enthusiasm.

儘管以太坊的基本優勢，例如它在分散的金融（DEFI）和不可殺死的代幣（NFT）領域的主導地位，但目前的宏觀經濟背景卻抑制了熱情。

Moreover, institutional players, who played a key role in Ethereum’s rise in 2024, appear to be sitting on the sidelines, awaiting clearer signals before re-entering the market. On-chain data also suggests a decline in active addresses and transaction volume, indicating that engagement within the Ethereum network has weakened.

此外，在2024年以太坊崛起中發揮了關鍵作用的機構參與者似乎坐在場上，在重新進入市場之前等待更清晰的信號。鏈上數據還表明，主動地址和交易量的下降，表明以太坊網絡中的參與度削弱了。

Ethereum’s Technical Outlook: More Downside?

以太坊的技術前景：更多缺點？

From a technical perspective, Ethereum remains in a precarious position. Key support levels have continued to break down, leading to concerns that ETH could see further losses in the coming weeks.

從技術角度來看，以太坊仍然處於不穩定的位置。關鍵支持水平繼續崩潰，導致人們擔心ETH可能會在未來幾週內看到進一步的損失。

A prolonged period of consolidation or a further dip below these key levels could signal more pain for investors who are holding long positions.

長時間的合併或進一步的下降到這些關鍵水平以下可能會表明對那些長期職位的投資者的痛苦更大。

Macroeconomic and Regulatory Pressures

宏觀經濟和監管壓力

The broader financial landscape has also contributed to Ethereum’s struggles. The Federal Reserve’s continued stance on high interest rates has created a risk-averse environment, causing capital to flow away from speculative assets like cryptocurrencies.

更廣泛的金融格局也促進了以太坊的鬥爭。美聯儲對高利率的持續立場創造了一種規避風險的環境，導致資本從加密貨幣等投機資產中流動。

Additionally, ongoing regulatory scrutiny in the United States and other jurisdictions has led to uncertainty regarding the long-term adoption of Ethereum and institutional participation.

此外，美國和其他司法管轄區正在進行的監管審查導致對以太坊和機構參與的長期採用的不確定性。

One of the key regulatory concerns is whether Ethereum could be classified as a security by the U.S. Securities and Exchange Commission (SEC). Although Ethereum has been widely considered a commodity rather than a security, recent discussions and regulatory actions have renewed fears that ETH could face increased scrutiny.

關鍵的監管問題之一是，美國證券交易委員會（SEC）是否可以將以太坊歸類為安全。儘管以太坊已被廣泛認為是商品而不是安全性，但最近的討論和監管行動已經引起了人們對ETH可能面臨更多審查的擔憂。

Such a classification could have significant implications for exchanges and institutions that offer Ethereum-related products.

這樣的分類可能對提供與以太坊相關產品的交易所和機構具有重大影響。

Ethereum’s Long-Term Prospects: Can It Rebound?

以太坊的長期前景：它可以反彈嗎？

Despite the current bearish sentiment, the long-term prospects for Ethereum remain promising. The network continues to dominate the smart contract ecosystem, powering the vast majority of decentralized applications (dApps), DeFi protocols, and NFT marketplaces.

儘管目前具有看跌的情緒，但以太坊的長期前景仍然很有希望。該網絡繼續主導智能合同生態系統，為絕大多數分散應用程序（DAPP），DEFI協議和NFT市場提供動力。

Furthermore, ongoing upgrades, such as Ethereum’s transition to a more efficient proof-of-stake consensus mechanism, could enhance the network’s scalability and appeal.

此外，持續的升級，例如以太坊向更有效的證明共識機制的過渡，可以增強網絡的可擴展性和吸引力。

However, the path to recovery for Ethereum remains uncertain, and investors will be closely watching for any signs of bullish momentum or macroeconomic shifts that could favor the second-largest cryptocurrency.

但是，以太坊恢復的途徑仍然不確定，投資者將密切關注任何看漲勢頭或宏觀經濟轉變的跡象，這些跡象可能有利於第二大加密貨幣。