以太坊（ETH）價格可能會上漲，儘管目前仍處於同一水平

最新的以太坊網路數據顯示出有希望的跡象，表明儘管目前價格停留在同一水平，但價格可能會上漲。

The latest Ethereum network data shows promising signs that the price could go up despite being stuck at the same level for now. Ethereum USD leverage is growing quickly on every major trading platform.

最新的以太坊網路數據顯示出有希望的跡象，表明儘管目前價格停留在同一水平，但價格可能會上漲。以太坊美元槓桿在各大交易平台上都在快速成長。

The chart shows that since mid-2022, the leverage ratio kept rising and reached its highest point of 0.612 in January.

圖表顯示，自2022年中期以來，槓桿率不斷上升，並於1月達到最高點0.612。

Traders are showing more confidence in Ethereum’s future by using more borrowed money to make larger trades, hoping prices will go up.

交易員透過使用更多藉來的資金進行更大規模的交易，對以太坊的未來表現出了更大的信心，希望價格會上漲。

The growing leverage ratio matched Ethereum’s price trend, with the cryptocurrency increasing from $2,500 before July to $3,200 by January.

不斷增長的槓桿率與以太坊的價格趨勢相匹配，該加密貨幣從 7 月之前的 2,500 美元上漲到 1 月的 3,200 美元。

When traders didn’t reduce their leverage during a price standstill in late December, they bet on Ethereum USD prices to jump upward rather than decline.

當交易者在 12 月底價格停滯期間沒有降低槓桿時，他們押注以太坊美元價格會上漲而不是下跌。

When people take on more leverage (borrowed money to invest), the market becomes more unstable, and prices could soon move.

當人們採用更多槓桿（借錢進行投資）時，市場就會變得更加不穩定，價格可能很快就會改變。

The ongoing increase in leverage proves traders are optimistic while relying more heavily on derivatives to enlarge their investment positions.

槓桿率的持續增加證明交易者在更加依賴衍生性商品來擴大投資部位的同時保持樂觀。

Increased Open Positions Suggest Investor Confidence in Ethereum’s Potential Rally

未平倉部位的增加顯示投資者對以太坊的潛在反彈充滿信心

Besides the leverage ratio, Ethereum’s growing open interest shows more investors are participating. Ethereum contracts jumped from roughly $8 Billion in August 2024 to over $19.5 Billion in January 2025.

除了槓桿率之外，以太坊不斷增長的未平倉合約表明更多投資者正在參與其中。以太坊合約從 2024 年 8 月的約 80 億美元躍升至 2025 年 1 月的超過 195 億美元。

The huge growth in Ethereum futures markets shows that traders are becoming more active by making bets about where prices will go.

以太坊期貨市場的巨大成長表明，交易者透過押注價格走勢變得更加活躍。

Combining the growing open interest with leverage data shows stronger evidence for a price increase. A growing number of trading contracts, shown by higher open interest, means market participants have regained trust in trading.

將不斷增長的未平倉合約與槓桿數據相結合，顯示出更強有力的價格上漲證據。交易合約數量的增加，表現為未平倉合約的增加，意味著市場參與者重新獲得了對交易的信任。

Ethereum’s price hasn’t moved beyond its current trading range of $3,200 to $3,400 for weeks. The gap between growing open interest and steady prices suggests that traders are preparing for a big market shift while markets gather more funds.

以太坊的價格幾週來都沒有超出目前 3,200 美元至 3,400 美元的交易區間。不斷增長的持倉量和穩定的價格之間的差距表明，交易者正在為市場的重大轉變做準備，同時市場正在聚集更多的資金。

When open interest grew fast in the past, but prices stayed still, we saw big price changes coming soon after. Participants in Ethereum’s market are maintaining their investments, anticipating a decisive event that would confirm if their guess was correct.

過去，當持倉量快速增長但價格保持不變時，我們很快就會看到價格的大幅變化。以太坊市場的參與者正在維持他們的投資，預計會發生決定性事件來確認他們的猜測是否正確。

The current high open interest means small market movements might be pushed to larger price changes.

目前的高持倉量意味著小幅市場波動可能會導致更大的價格變化。

The breakdown of the open interest numbers tells us as much as the total amount itself. Professional investors and institutions are moving in, making up most of the growth, which we can see from the rise of regulated exchanges in the market.

未平倉合約數量的細目告訴我們的資訊與總金額本身一樣多。專業投資者和機構正在進入，構成了成長的大部分，這一點我們可以從市場上受監管交易所的崛起中看到。

On-Chain Signals Point to Possible Ethereum USD Price Recovery in the Near Term

鏈上訊號顯示以太坊美元價格近期可能回升

How funding rates behave in Ethereum’s network gives more clues about where market participants stand. From late 2022 to January 2025, funding rates stayed mostly positive, showing that buyers of rising positions were paying extra to borrow from those selling short.

以太坊網路中資金費率的表現方式為市場參與者的立場提供了更多線索。從 2022 年底到 2025 年 1 月，融資利率大多保持為正，這表明頭寸增加的買家正在支付額外費用來向賣空者藉款。

Despite the current price stability, traders clearly prefer buying now in hopes of future price gains.

儘管目前價格穩定，但交易商顯然更願意現在購買，希望未來價格上漲。

In mid-November, funding rates hit important high levels while Ethereum’s price was close to $4,000. Although Ethereum’s market price has fallen, the lasting positive funding rates prove that market participants still have confidence in higher future prices.

11 月中旬，資金費率達到重要高位，而以太坊的價格接近 4,000 美元。儘管以太坊的市場價格有所下跌，但持續的正資金利率證明市場參與者仍然對未來價格走高充滿信心。

Traders are willing to pay extra fees to keep their buy positions open because they strongly believe Bitcoin’s price will rise.

交易者願意支付額外費用來維持買入頭寸，因為他們堅信比特幣的價格會上漲。

However, long stretches of good funding can create market problems when traders stay too positive and prices suddenly drop.

然而，當交易者過於樂觀且價格突然下跌時，長期良好的融資可能會造成市場問題。

Further data from the blockchain strengthens the case for price recovery. Even though Ethereum’s price hasn’t changed much, people continue making many network transactions.

來自區塊鏈的更多數據強化了價格回升的理由。儘管以太坊的價格沒有太大變化，但人們仍在繼續進行許多網路交易。

More active accounts on the platform tell us people are staying engaged, which tells us what price direction might come next.

平台上更活躍的帳戶告訴我們人們正在保持參與，這告訴我們接下來可能會出現什麼價格方向。