以太坊（ETH）的價格不足以比特幣（BTC）這個週期

以太坊價格表現不佳。儘管比特幣價格達到了新的歷史最高水平，但以太坊卻沒有。

The Ethereum (ETH) price has underperformed this cycle. While the Bitcoin (BTC) price reached a new all-time high, Ethereum did not. Instead, it reached a high of $4,107, which is 18% below its all-time high of $4,868.

以太坊（ETH）價格表現不佳。儘管比特幣（BTC）價格達到了新的歷史最高水平，但以太坊卻沒有。取而代之的是，它達到了$ 4,107的高價，比其歷史最高高的$ 4,868的高度降低了18％。

This has caused the Ethereum to Bitcoin ratio (ETH/BTC) to trend downward for over 1,190 days. With ETH/BTC recently breaking down from a key horizontal support level, it is worth analyzing its price action to see where it can bottom.

這導致以太坊比特幣比（ETH/BTC）向下趨勢超過1,190天。隨著ETH/BTC最近從關鍵的水平支撐級分解，值得分析其價格行動，以查看其最低點。

ETH/BTC Downtrend Continues

ETH/BTC下降趨勢仍在繼續

The weekly time frame ETH/BTC chart shows that the price has trended downward for 1,190 days. The decline started with a high of ₿0.088 in December 2021.

每週的時間範圍ETH/BTC圖表顯示，價格已經下降了1,190天。下降始於2021年12月的₿0.088。

Then, the price created a lower high of ₿0.085 in September 2022 before accelerating its downward movement.

然後，價格在2022年9月創造了較低的高度₿0.085，然後加速了其向下移動。

The decline is the longest in history, surpassing the 805-day downward trend after the June 2017 all-time high of ₿0.157.

下降是歷史上最長的，超過了2017年6月有史以來₿0.157的805天下降趨勢。

In 2025, the Ethereum price fell below the ₿0.027 horizontal support area. This area is critical since it has provided support and resistance since 2017.

2025年，以太坊價格低於₿0.027水平支撐區。該領域至關重要，因為它自2017年以來提供了支持和抵抗。

The next closest support level is at ₿0.017, created by the current cycle’s low.

下一個最接近的支持級別是由當前週期的低點創建的₿0.017。

Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling. The RSI is below 30, while the MACD is negative, indicating a bearish trend.

技術指標是看跌。相對強度指數（RSI）和移動平均收斂/發散（MACD）正在下降。 RSI低於30，而MACD為負，表明看跌趨勢。

So, the weekly time frame suggests Ethereum will continue losing ground against Bitcoin.

因此，每週的時間範圍表明以太坊將繼續對比特幣失去立場。

Ethereum Sentiment

以太坊情緒

Despite the massive decline and long downtrend, Ethereum enthusiasts still hope for a bullish trend reversal.

儘管下降且下降趨勢很長，但以太坊愛好者仍然希望看漲趨勢逆轉。

Crypto ELITES notes similarities between the 2017 and 2025 movements, suggesting a breakout is in store and will trigger the altcoin season.

加密精英指出了2017年至2025年運動之間的相似之處，這表明突破正在商店中，並將觸發山寨幣季節。

Merljin , the Trader, notes a similar fractal , considering the current decline a fake-out that will lead to a massive pump.

交易員梅爾金（Merljin）指出，考慮到當前的偽造將導致大量泵。

TitanofCrypto suggests that whales are accumulating Ethereum , hence a significant price increase will occur soon.

TitanofCrypto建議鯨魚正在積累以太坊，因此很快就會發生大幅上漲。

CryptoFella tweeted a retest of a descending resistance trend line to predict a bounce, while Crypto Rover is bullish because of Donald Trump’s significant ETH allocation among its crypto holdings.

Cryptofella在推特上進行了重新測試，以預測降低的抵抗趨勢線以預測彈跳，而Crypto Rover則是看好的，因為唐納德·特朗普（Donald Trump）在其加密貨幣中的重大ETH分配。

Therefore, despite its severe underperformance, Ethereum enthusiasts have not lost hope and believe a rally is just around the corner.

因此，儘管表現不佳，但以太坊愛好者並沒有失去希望，並認為集會在拐角處。

When Will Ethereum Bottom?

以太坊何時會底部？

The long-term wave count suggests that the ETH/BTC price is in wave C of an A-B-C correction (red) that started after the all-time high. The sub-wave count is in black.

長期的波數表明，ETH/BTC價格是在歷史高較高之後開始的ABC校正（紅色）的波C。子波計數為黑色。

If the count is accurate, Ethereum is in sub-wave three of the five-wave decline. This is usually the sharpest portion of the downtrend, explaining Ethereum’s massive drop.

如果計數是準確的，則以太坊位於五波下降的第三次中。這通常是下降趨勢中最清晰的部分，這解釋了以太坊的大量下降。

Giving waves W and Y the same length leads to a low of ₿0.009. While this will be the lowest price since 2017, it will not present a new all-time low.

給出的波w和y相同的長度導致低點為₿0.009。雖然這將是自2017年以來最低的價格，但它不會帶來新的歷史最低點。

Alternatively, closing above the ₿0.027 resistance will invalidate this count and instead suggest that the correction is complete. This currently seems unlikely.

另外，閉合₿0.027電阻將其無效，而是表明校正已完成。目前似乎不太可能。