以太坊（ETH）導航動蕩的市場格局

Ethereum（ETH）是分散應用程序和智能合同技術的基石，發現自己正在駕駛動蕩的市場格局。

Recent market turbulence has seen approximately $165 million worth of long ETH positions liquidated in the past 24 hours, as reported by crypto derivatives platform Glassnode.

據加密衍生品平台玻璃節報導，最近24小時內清算了最近24小時清算的長期ETH職位，最近的市場動盪已有約1.65億美元。

This substantial liquidation event, attributed to the recent market correction, underscores the weakening bullish sentiment surrounding Ethereum and the heightened risk associated with leveraged trading.

這項實質性清算事件歸因於最近的市場校正，強調了以太坊圍繞以太坊的看漲情緒，以及與槓桿交易有關的風險增加。

As leveraged traders, who typically borrow funds to amplify their trades, get liquidated, they are forced to sell their positions at a loss, adding to the prevailing sell-side pressure.

由於槓桿交易者通常藉資金來擴大其交易，被清算，他們被迫虧本出售自己的頭寸，增加了現行的賣方壓力。

These liquidations, in turn, exert additional downward pressure on the market, creating a self-reinforcing cycle of liquidations and price drops.

這些清算反過來又在市場上施加了額外的向下壓力，從而形成了清算和價格下降的自我增強週期。

The large-scale liquidations also highlight the lack of caution among traders, who may have overleveraged their positions, rendering them vulnerable to sudden price swings.

大規模清算還強調了交易者缺乏謹慎的態度，他們可能使自己的位置過度置於職位，使他們容易受到突然價格波動的影響。

This event signals a weakening of bullish conviction and raises concerns about the potential for further price declines.

該活動表明對看漲信念的削弱，並引起了人們對進一步價格下降的可能性的擔憂。

Furthermore, an unusual movement of 1,700 ETH, valued at $3.18 million, has been observed from a dormant ICO participant to Binance.

此外，從休眠的ICO參與者到Binance，已經觀察到了1,700張ETH的異常運動，價值318萬美元。

This transaction, occurring after seven years of inactivity, suggests that the holder may be preparing to sell their coins, adding to the existing sell-side pressure on the market.

這項交易發生了七年的不活動，表明持有人可能準備出售其硬幣，從而增加了市場上現有的賣方壓力。

Traders are closely monitoring this development as they attempt to anticipate the intentions of the whale, who has been largely inactive since the 2017 ICO.

交易者正在密切監視這一發展，因為他們試圖預見鯨魚的意圖，鯨魚的意圖自2017年ICO以來一直在不活躍。

Whale movements, particularly those involving large transfers to exchanges, often trigger market speculation and uncertainty. Traders attempt to anticipate the whale’s intentions, leading to increased volatility and potential price declines.

鯨魚運動，尤其是涉及大量交流的鯨魚運動，通常會引發市場投機和不確定性。交易者試圖預見鯨魚的意圖，導致波動率提高和潛在價格下降。

The transfer of 1,700 ETH to Binance, a major cryptocurrency exchange, raises concerns about a potential sell-off, which could further exacerbate Ethereum’s price decline.1

將1,700 ETH轉移到Binance，這是一種主要的加密貨幣交流，引起了人們對潛在拋售的擔憂，這可能會進一步加劇以太坊的價格下降。 1

While whales may engage in investment strategies rather than outright sales, the uncertainty surrounding their intentions can create unfavorable market conditions.

儘管鯨魚可能參與投資策略而不是徹底的銷售，但圍繞其意圖的不確定性可能會帶來不利的市場條件。

Beyond the price action, Ethereum’s network activity has also shown signs of weakness. Daily transaction numbers have remained stagnant at around 1 million, indicating a decline in overall network usage.

除了價格行動之外，以太坊的網絡活動還顯示出弱點的跡象。每日交易數量仍然停滯在100萬左右，表明整體網絡使用情況下降。

While monthly transaction volumes have surpassed 40 million, they have fallen short of previous peak levels. Active addresses have also declined, remaining below 750,000, suggesting a decrease in user engagement.

雖然每月交易量超過4000萬，但它們的峰值水平不高。主動地址也下降了，仍低於750,000，這表明用戶參與度下降。

New Ethereum network addresses (7DMA) have also exhibited a declining trend, falling below 100,000. Despite a monthly total of 2.5 million new addresses, the impact has been less significant than previous spikes in new address creation.

新的以太坊網絡地址（7DMA）也表現出趨勢下降，低於100,000。儘管每月總共有250萬個新地址，但其影響的重大影響不如新地址創建中的先前峰值。

These metrics suggest that Ethereum’s network activity, a key indicator of its utility, is experiencing a slowdown. This decline raises concerns about Ethereum’s ability to maintain its position as a leading utility network and its attractiveness to developers and users.

這些指標表明，以太坊的網絡活動是其實用性的關鍵指標，正在逐漸放緩。這種下降引起了人們對以太坊保持其作為領先公用事業網絡及其對開發人員和用戶的吸引力的能力的關注。

In other bearish news, Ethereum has breached the “max pain” price level of $2,200, according to crypto derivatives data. This event is noteworthy as the break below the max pain price signals potential for further price declines.

根據加密衍生品數據，在其他看跌新聞中，以太坊違反了2200美元的“最大痛苦”價格水平。值得注意的是，低於最大疼痛價格信號的突破可能會導致進一步的價格下降。

The “max pain” theory suggests that market makers often manipulate prices to inflict maximum pain on options traders.

“最大痛苦”理論表明，做市商通常會操縱價格以給期權交易者帶來最大的痛苦。

The break below the max pain price level, in this case, suggests that market makers may be positioning for further downward price action on Ethereum.

在這種情況下，低於最大疼痛價格水平的中斷表明，做市商可能會定位以對以太坊的進一步下降。

As the cryptocurrency market continues to navigate a turbulent period, investors are closely watching key metrics and technical indicators to gauge the short-term and long-term trends.

隨著加密貨幣市場繼續駕駛動盪時期，投資者正在密切關注關鍵指標和技術指標，以評估短期和長期趨勢。

The significant liquidations, potential whale sell-offs, and declining network activity suggest that Ethereum’s price could face additional downward pressure in the near term.

大量清算，潛在的鯨魚拋售和網絡活動下降表明，以太坊的價格可能會在短期內面臨額外的向下壓力。

However, the long-term fundamentals of Ethereum remain strong. The ongoing development of Ethereum 2.0, the increasing adoption of decentralized finance (DeFi), and the growing interest from institutional investors suggest that Ethereum has the potential to recover and resume its upward trajectory.

但是，以太坊的長期基本面仍然很強。以太坊2.0的持續發展，越來越多的分散財務（DEFI）的採用以及機構投資者日益增長的興趣表明，以太坊有可能恢復並恢復其上升軌跡。

In the coming days, investors will be keeping an eye on the reactions to the recent price drops, the activity levels across the network, and any further large-scale movements from known Ethereum whales.

在接下來的幾天裡，投資者將密切關注對最近價格下跌，網絡活動水平以及來自已知以太坊鯨魚的任何大規模運動的反應。

The ability of Ethereum to hold above critical support levels and regain momentum will be crucial in determining its future trajectory.

以太坊保持高於關鍵支持水平和恢復動量的能力對於確定其未來軌跡至關重要。