以太幣 (ETH) 價格分析：由於 ETH/BTC 貨幣對繼續表現不佳，鯨魚放棄了

以太坊最近的保證金借貸比率飆升，從 38 升至 72，反映了強勁的借貸浪潮。許多分析師認為這種跳躍是一個潛在的機會

is recent price action signaled a potential bearish wave.

最近的價格走勢預示著潛在的看跌浪潮。

The price recently spiked from around $2,000 to highs of $2,300, showing a strong wave of buying pressure. However, this buying was largely fueled by margin loans, with the ratio rising sharply from 38 to 72.

價格近期從 2,000 美元左右飆升至 2,300 美元高位，顯示出強勁的購買壓力。然而，這種購買很大程度上是由保證金貸款推動的，比率從 38 急劇上升至 72。

This spike in the margin lending ratio could indicate a potential wave of forced deleveraging in the future. Margin traders borrowing at high interest rates often face the risk of being liquidated if the price drops significantly.

保證金貸款比率的飆升可能預示著未來潛在的強制去槓桿化浪潮。如果價格大幅下跌，以高利率借款的保證金交易者通常會面臨被清算的風險。

In such cases, their positions are closed forcefully, leading to a rapid sell-off and driving the price lower. This phenomenon is especially relevant in bear markets and could explain the bearish outlook for Ethereum.

在這種情況下，他們的頭寸會被強制平倉，導致迅速拋售並壓低價格。這種現像在熊市中尤其重要，並且可以解釋以太坊的看跌前景。

Another crucial aspect to consider is the coin’s performance against Bitcoin. In the ETH/BTC pair, traders wanted to see the price rise above 0.0385 BTC for a potential bullish continuation.

另一個需要考慮的重要方面是該代幣相對於比特幣的表現。在 ETH/BTC 貨幣對中，交易者希望看到價格升至 0.0385 BTC 以上，以實現潛在的看漲延續。

However, the price recently fell below the high-timeframe support level from where it had been consolidating. This breakout could indicate further downside pressure on ETH.

然而，價格最近跌破了一直盤整的高時間框架支撐。這一突破可能表明 ETH 面臨進一步的下行壓力。

Moreover, ETH’s dominance chart also signaled a challenging period. The price recently broke down from a crucial support level, indicating possible further bearish pressure.

此外，ETH 的主導地位圖也預示著一個充滿挑戰的時期。價格最近從關鍵支撐位跌破，顯示可能存在進一步的看跌壓力。

This bearish outlook aligns with the recent shift in investor attention toward alts like Solana, as some questioned Ethereum’s potential to outpace Bitcoin in the long term.

這種看跌前景與最近投資者註意力轉向 Solana 等替代品的趨勢一致，因為有些人質疑以太坊長期超過比特幣的潛力。

To fully grasp the significance of this disparity, it’s essential to compare the long-term performance of both assets. Strikingly, investors who bought and held ETH from its early days still encountered no substantial gains against BTC, the more stable asset.

為了充分理解這種差異的重要性，有必要比較兩種資產的長期表現。引人注目的是，從早期購買並持有 ETH 的投資者相對於更穩定的資產 BTC 仍然沒有獲得實質收益。

Despite having a market cap of $305 billion compared to Bitcoin’s $1.35 trillion, the latter consistently maintained lower volatility, making it more attractive to traditional finance investors.

儘管比特幣的市值為 3,050 億美元，而比特幣的市值為 1.35 兆美元，但後者始終保持較低的波動性，這使其對傳統金融投資者更具吸引力。

This preference is evident in the crypto space, where many investors ultimately aim to convert gains from alts into Bitcoin, a trend that appears to be weakening.

這種偏好在加密貨幣領域很明顯，許多投資者最終的目標是將替代品的收益轉換為比特幣，這一趨勢似乎正在減弱。

This year, several Ethereum whales sold off their holdings, with one prominent investor, who had held ETH for over ten months, finally making a move.

今年，幾位以太坊鯨魚拋售了自己的資產，一位持有 ETH 十多個月的著名投資者終於採取了行動。

This particular whale, known for their large transactions, deposited 8,982 ETH, valued at around $22.93 Million, into OKX. Notably, they sold only a portion of their ETH holdings, netting around $3 Million in gains from an initial investment that, if sold at its peak in March, would have yielded over $16 Million.

這隻以大額交易聞名的鯨魚向 OKX 存入了 8,982 ETH，價值約 2,293 萬美元。值得注意的是，他們只出售了部分 ETH 持有量，從初始投資中獲得了約 300 萬美元的收益，如果在 3 月的高峰期出售，收益將超過 1,600 萬美元。

This sell-off showcases the challenges faced by Ethereum as it attempts to regain momentum. While some whales sold their holdings at a loss, others, like one who had held ETH for 1,100 days, opted to sell at a profit to capitalize on the rising prices.

這次拋售展示了以太坊在試圖重獲動力時所面臨的挑戰。雖然有些鯨魚虧本出售其持有的資產，但其他鯨魚（例如持有 ETH 1,100 天的鯨魚）選擇出售以獲利，以利用價格上漲的機會。

Collectively, these whale sell-offs contributed to the bearish sentiment surrounding Ethereum. Despite these setbacks, some positive signs emerged.

總的來說，這些鯨魚的拋售加劇了圍繞以太坊的看跌情緒。儘管遇到這些挫折，但還是出現了一些正面的跡象。

For instance, Ethereum’s accumulation wallets increased by 65% this year, indicating that new investors entered the market and maintained their positions. Many investors anticipated the Moving Average Convergence Divergence (MACD) indicator on the weekly chart to turn positive, hinting that momentum could soon shift upward.

例如，以太坊的累積錢包今年增加了65%，顯示新投資者進入市場並維持部位。許多投資者預計週線圖上的移動平均線收斂分歧（MACD）指標將轉為正值，暗示勢頭可能很快就會向上轉變。

Although Ethereum’s short-term trend appeared uncertain, some analysts expected the network’s long-term prospects to improve. However, the market dynamics have shifted drastically this year.

儘管以太坊的短期趨勢似乎不確定，但一些分析師預計該網路的長期前景將會改善。然而，今年市場動態發生了巨大變化。

The success of the Bitcoin ETF and the comparatively underwhelming performance of Ethereum’s ETF sparked a crucial development in the crypto market.

比特幣 ETF 的成功和以太坊 ETF 相對平淡的表現引發了加密貨幣市場的關鍵發展。

Traditional finance investors prioritized Bitcoin due to its potential for stable returns over five to ten years, a strategy that aligns with the priorities of these investors.

傳統金融投資者優先考慮比特幣，因為它具有在五到十年內穩定回報的潛力，這一策略符合這些投資者的優先事項。

This shift in attention placed Ethereum in a more challenging position, as these investors appeared to favor Bitcoin over Ethereum in the long term. As a result, Ethereum faced heightened pressure to maintain investor interest and propel the price upward.

這種注意力的轉變使以太坊處於更具挑戰性的地位，因為從長遠來看，這些投資者似乎更青睞比特幣而不是以太坊。因此，以太坊面臨著維持投資者興趣並推動價格上漲的更大壓力。