以太坊（ETH）市場分析

在整個市場大漲的背景下，以太坊的表現卻乏善可陳，讓許多持有者感到失望。

As the broader market rallies to new all-time highs, many altcoins have failed to keep up, leaving their holders disappointed. However, a recent analysis of on-chain data suggests that Ethereum (ETH) may be poised for a breakout in the near term.

隨著大盤上漲至歷史新高，許多山寨幣未能跟上，讓其持有者感到失望。然而，最近對鏈上數據的分析表明，以太坊（ETH）可能會在短期內突破。

According to the analysis, several key indicators are pointing to an impending price surge for ETH. The first is rising ETH ETF inflows. Since November 6th, institutions have been buying up an average of 195K ETH per day, totaling $663.8 million. These inflows have helped ETH ETF net flows turn positive for the first time since its launch.

根據分析，幾個關鍵指標都顯示 ETH 的價格即將飆升。首先是 ETH ETF 流入量增加。自 11 月 6 日以來，機構平均每天購買 19.5 萬枚 ETH，總計 6.638 億美元。這些資金流入幫助 ETH ETF 淨流量自推出以來首次轉正。

Another bullish indicator is Ethereum's open interest, which denotes outstanding derivative contracts. ETH's open interest has now surpassed its previous record of the $13 billion mark, showcasing an increase of over 40% in the past four months. This surge in open interest, combined with positive funding rates, suggests increasing optimism among traders.

另一個看漲指標是以太坊的未平倉合約，它表示未償還的衍生性商品合約。 ETH 的未平倉合約現已突破先前的 130 億美元大關，在過去四個月內成長了 40% 以上。未平倉合約的激增，加上正的融資利率，顯示交易者的樂觀情緒日益增強。

Large investors, or whales, have also been accumulating ETH at a rapid pace. Similar to Bitcoin (BTC),🐋 over 1.5 billion $ETH in the past three weeks. However, due to ETH's massive supply crunch in comparison to BTC, it positions the altcoin as a prime candidate for a price surge, especially considering the lower exchange supply, record staking rates, and a significantly lower annual emission rate.

大型投資者或鯨魚也一直在快速累積 ETH。與比特幣 (BTC) 類似，過去三週🐋超過 15 億美元 ETH。然而，由於與BTC 相比，ETH 的供應嚴重緊縮，這使得山寨幣成為價格飆升的主要候選者，特別是考慮到較低的交易所供應量、創紀錄的質押率以及顯著較低的年發行率。

Bitcoin vs. Ethereum On-Chain Metrics

比特幣與以太坊鏈上指標

In contrast to BTC, the ETH MVRV Z-Score suggests an impending price increase for ETH, akin to the one observed in Q4 2020. This analysis further highlights the stark difference in price movements between BTC and ETH during the bull run.

與 BTC 相比，ETH MVRV Z 分數顯示 ETH 的價格即將上漲，類似於 2020 年第四季觀察到的情況。

The Ethereum network itself is experiencing strong growth on several fronts. Total Value Locked (TVL), fees, active users, and revenue have all seen significant increases in the last 30 days, while the token supply remains relatively flat.

以太坊網路本身在多個方面正在經歷強勁增長。過去 30 天內，鎖定總價值 (TVL)、費用、活躍用戶和收入均顯著增長，而代幣供應量卻相對持平。

Finally, a "Hopium Chart" compares the price action of BTC and ETH over the last bull run, highlighting a striking similarity in their respective trends. The only difference is that ETH is lagging behind BTC by a few months, which is a common occurrence during a bull run.

最後，「Hopium 圖表」比較了 BTC 和 ETH 在上一次牛市中的價格走勢，突顯了它們各自趨勢的驚人相似性。唯一的區別是 ETH 落後 BTC 幾個月，這在牛市期間很常見。

"In my opinion, ETH looks primed for a pump toward $4K if BTC doesn’t ruin the rally," the analysis concludes.

分析總結道：“在我看來，如果 BTC 不破壞漲勢，ETH 似乎已經做好了漲向 4000 美元的準備。”

While these on-chain indicators paint a bullish picture for the future of Ethereum, it's important to remember that the future is always uncertain. However, for Ethereum investors, this analysis provides a glimmer of hope and suggests that there could be more upside to come in the coming months.

雖然這些鏈上指標為以太坊的未來描繪了一幅樂觀的圖景，但重要的是要記住，未來總是不確定的。然而，對於以太坊投資者來說，這項分析帶來了一線希望，並表明未來幾個月可能會有更多上漲空間。