交流的以太坊（ETH）供應在近十年內達到了其最低水平

以太坊在加密貨幣交流中的供應已在近十年來下降到其最低水平，但由於更廣泛的市場挑戰，價格繼續掙扎。

The second-largest cryptocurrency, Ethereum (CRYPTO: ETH), has seen its supply on cryptocurrency exchanges fall to the lowest level in nearly a decade. However, despite this bullish signal, the price continues to struggle amid broader market challenges.

第二大加密貨幣以太坊（Crypto：ETH）看到了其在加密貨幣交換上的供應量降至近十年來最低水平。然而，儘管有這種看漲信號，但由於更廣泛的市場挑戰，價格仍在掙扎。

Here's a look at what's happening with Ethereum and what analysts are saying about the potential for a supply shock.

這是以太坊發生了什麼以及分析師對供應衝擊的可能性的評價。

What Happened: As crypto analytics platform Santiment pointed out, Ethereum's available supply on exchanges has now dropped to 8.97 million. This marks the lowest level since November 2015.

發生的事情：正如加密分析平台所指出的那樣，以太坊在交流中的可用供應現已下降到897萬。這標誌著自2015年11月以來的最低水平。

"Thanks to the many DeFi and staking options, Ethereum's holders have now brought the available supply on exchanges down to 8.97M, the lowest amount in nearly 10 years (November, 2015). There is 16.4% less $ETH on exchanges compared to just 7 weeks ago," Santiment said.

Santiment說：“多虧了許多Defi和Staking選擇，以太坊的持有人現在將可用的交易所供應量下降到897萬，是近10年內最低的（2015年11月）。與僅7週前相比，交流的$ ETH少16.4％。”

This reduction in supply suggests that investors are moving their ETH into cold storage wallets for long-term holding or transferring tokens to DeFi and staking platforms rather than keeping them available for immediate trading on exchanges.

供應量的減少表明，投資者將其ETH轉移到冷藏錢包中，以進行長期持有或將令牌轉移到Defi和Statiking Platforms上，而不是讓它們可以立即進行交易交易。

When supply decreases on exchanges, it typically reduces selling pressure. With fewer tokens available for trading, conditions for a potential "supply shock" could emerge if demand remains strong or increases.

當供應減少時，它通常會降低銷售壓力。隨著可用於交易的代幣較少，如果需求保持強勁或增加，可能會出現潛在的“供應衝擊”條件。

Earlier this year, Bitcoin (CRYPTO: BTC) hit a new all-time price high after hitting seven-year lows in January. Several analysts believe that a similar scenario could play out with Ethereum.

今年早些時候，比特幣（Crypto：BTC）在一月份達到7年的低點後達到了新的歷史價格。幾位分析師認為，類似的情況可能會與以太坊一起發揮作用。

"Just a question of time before the big supply shock," said Crypto General.

加密將軍說：“只是大供應衝擊之前的時間問題。”

Another commenter, Ted, said that with ETH supply on exchanges dropping daily, "buyers will soon compete, leading to bidding wars."

另一位評論者泰德（Ted）說，隨著ETH供應的交流每天下降，“買家將很快競爭，導致競標戰爭。”

See More: Best Cryptocurrency Scanners

查看更多：最佳加密貨幣掃描儀

Why It Matters: A few analysts are setting a price target of $6,000 for Ethereum in 2025.

為什麼重要的是：一些分析師在2025年將以太坊的價格目標定為6,000美元。

For perspective, a move to $6,000 would be a 200% gain from Monday's price of $1,990.

從周一的價格為1,990美元的價格中，將其轉移到6,000美元將是200％的收益。

At the beginning of the year, several analysts were bullish on Ethereum setting a new all-time high in 2025. While Bitcoin and some other cryptocurrencies have hit new highs in recent months, Ethereum has struggled to do so.

在今年年初，幾位分析師對以太坊的看漲看漲，在2025年設定了新的歷史最高點。儘管比特幣和其他一些加密貨幣在最近幾個月中達到了新的高點，但以太坊仍在努力這樣做。

The second-largest cryptocurrency by market capitalization reached around $4,000 on several occasions but was rejected before it could approach its November 2021 peak of $4,878. From the highs of the year, Ethereum is down around 50%.

市值的第二大加密貨幣曾多次達到4,000美元左右，但在2021年11月的峰值達到4,878美元之前就被拒絕了。從一年中的高點開始，以太坊下降了約50％。

Ethereum's cryptocurrency market dominance has also fallen from over 22% in early 2024 to less than 9%.

以太坊的加密貨幣市場優勢也從2024年初的22％下降到不到9％。

One factor that could be impacting Ethereum's performance is the increased competition from layer-2 networks, which process transactions more cheaply than the Ethereum mainnet.

可能影響以太坊的性能的一個因素是，第2層網絡的競爭增加，該競爭比以太坊主網更便宜地處理交易。

According to DeFiLlama data, Ethereum-based decentralized exchange protocols handled $9.8 billion in the past week. Of that amount, $5.67 billion was from Arbitrum and Base, highlighting the shift to layer-2 solutions.

根據Defillama數據，在過去一周中，基於以太坊的分散交換協議處理了98億美元。其中56.7億美元來自仲裁和基礎，突出了向第二層解決方案的轉變。

Monthly DEX volume on Ethereum fell from $92 billion in December to $82 billion in February and March volumes are expected to be even lower.

以太坊的每月DEX數量從12月的920億美元下降到2月的820億美元，預計3月份的銷量將更低。

The lower mainnet usage also impacted Ethereum's fee revenue, which went from $218 million in December to just $46 million in February. While the recent Dencun upgrade reduced gas fees by 95%, making transactions less costly, overall revenue continues to fall.

Mainnet下部的使用也影響了以太坊的費用收入，該收入從12月的2.18億美元增加到2月的4600萬美元。雖然最近的Dencun升級的汽油費降低了95％，但交易的成本降低，但總體收入仍在下降。

The total value locked in Ethereum has also fallen from $76 billion in December to $46 billion. The metric tracks how many assets are being used in the Ethereum ecosystem.

以太坊中鎖定的總價值也從12月的760億美元下降到460億美元。該指標跟踪以太坊生態系統中使用了多少資產。

Institutions don't appear interested in Ethereum as the New York Stock Exchange and Chicago Board Options Exchange both submitted applications to the SEC to permit staking in Ethereum ETFs, which could increase institutional involvement.

機構似乎對以太坊不感興趣，因為紐約證券交易所和芝加哥董事會期權交易所交易所向SEC提交了申請，以允許在以太坊ETF中參與，這可能會增加機構的參與。

From a technical perspective, Ethereum is trading with resistance at $2,042 and the 50-day moving average providing a barrier. The relative strength index is at 41.22 and shows recovery from oversold conditions, but no strong momentum.

從技術角度來看，以太坊的電阻為2,042美元，而50天移動平均線提供障礙。相對強度指數為41.22，顯示出從超售條件中恢復，但沒有強大的動力。

If Ethereum breaks above $2,042, the next price targets could be $2,163 and $2,370. If the cryptocurrency fails to hold $1,986, it may fall to $1,714, where previous buying interest emerged.

如果以太坊的損失超過$ 2,042，那麼下一個目標目標可能為$ 2,163和2,370美元。如果加密貨幣無法持有1,986美元，則可能降至1,714美元，而先前的購買利息出現了。

"Either Ethereum bounces here and this is a generational bottom, or it’s over," said crypto analyst Scott Melker.

加密分析師斯科特·梅爾克（Scott Melker）說：“以太坊在這裡彈跳，這是一個世代的底層，要么已經結束了。”

The coming weeks could prove crucial for what happens next with the Ethereum price.

接下來的幾週對於以太坊價格下一步發生的事情可能至關重要。