以太坊（ETH）現在沒有比特幣的美好時光。這可能只是開始。

3月28日，ETH/BTC對下降了3.5％的盤中，降至0.0225 BTC左右，自2020年5月以來，我們從未見過的水平。

Ethereum (ETH) is having a rough time against Bitcoin (BTC) right now, as the ETH/BTC pair fell over 3.5% intraday on March 28, dropping to around 0.0225 BTC for the first time since May 2020. If the charts are anything to go by, it might not stop there.

以太坊（ETH）現在對比特幣（BTC）的時間艱難，因為ETH/BTC對在3月28日下降了3.5％以上，自2020年5月以來首次下降至0.0225 BTC。

Bear Flag? Yep. And It’s Not Looking Great.

熊國旗？是的。而且看起來並不好。

Those who follow chart patterns will recognize the classic bear flag formation that ETH/BTC had been bouncing inside since early March, with the price breaking below the lower trendline of the channel. Usually, bear flags are just temporary upticks in a downtrend, which might continue after the bear flag is formed.

那些遵循圖表模式的人將認識到ETH/BTC自3月初以來一直在內部彈跳的經典熊旗形成，價格低於頻道的較低趨勢線。通常，熊旗只是下降趨勢中的臨時升高，在形成熊旗後可能會繼續。

Technical analysis:

技術分析：

The projected downside target for the bear flag pattern is around 0.021 BTC, which is about a 6% drop from the current price.

熊旗模式的預計下跌目標約為0.021 BTC，比目前的價格下降了約6％。

The pair is still trading way below both the 50-day EMA (0.02566) and the 200-day EMA (0.03338), which signals that the downtrend is still intact.

這對夫婦仍低於50天EMA（0.02566）和200天EMA（0.03338）的交易方式，這表明下降趨勢仍然完好無損。

The RSI is approaching the 33.5 level, which is typically used to denote oversold territory. However, the RSI is still relatively high, and it might take some time for the selling pressure to subside.

RSI接近33.5級，通常用來表示超賣領土。但是，RSI仍然相對較高，可能需要一些時間才能減輕銷售壓力。

So Why Is ETH Struggling?

那為什麼Eth掙扎呢？

Those who have been following the crypto market for some time will know that Ethereum has been lagging behind Bitcoin since 2017, falling over 85% from its all-time high of 0.156 BTC.

那些一直關注加密貨幣市場一段時間的人會知道，自2017年以來，以太坊一直落後比特幣，比其歷史最高0.156 BTC下降了85％以上。

Several factors are contributing to Ethereum's struggles. The Bitcoin spot ETF hype has obviously favored BTC over other cryptocurrencies, while competitors like Solana (SOL), Cardano (ADA), SUI, and others are steadily grabbing attention and market share. Among these competitors, SOL has been performing exceptionally well against ETH for months.

幾個因素有助於以太坊的鬥爭。比特幣現場ETF HYPE顯然比其他加密貨幣更喜歡BTC，而Solana（Sol），Cardano（ADA），SUI等競爭對手都在穩步吸引註意力和市場份額。在這些競爭對手中，SOL在數月內一直表現出色。

Moreover, macroeconomic factors are also playing a role. Trump's tariffs on China, Mexico, and Canada are stirring up tension and could lead to a selloff in riskier assets. In such a scenario, Ethereum is likely to be sold off faster than Bitcoin, as it is still perceived as the safer crypto bet.

此外，宏觀經濟因素也起著作用。特朗普對中國，墨西哥和加拿大的關稅正在激起緊張局勢，並可能導致風險較高的資產。在這種情況下，以太坊的出售速度可能比比特幣快，因為它仍然被視為更安全的加密賭注。

It's worth noting that ETH tends to mirror the stock market more closely than BTC. Its 52-week correlation with the S&P 500 is 0.69, while BTC's correlation is lower at 0.52. This suggests that if stocks start to decline, ETH is likely to follow suit, and at a faster pace.

值得注意的是，ETH傾向於比BTC更接近股票市場。它與標準普爾500指數的52週相關性為0.69，而BTC的相關性較低為0.52。這表明，如果股票開始下降，ETH可能會效仿，並且速度更快。

Overall, Ethereum is facing several headwinds that could lead to further weakness in the ETH/BTC pair. However, if the pair manages to close above the 50-day EMA, it could signal a shift in momentum, and we might see a move towards the 200-day EMA, offering some relief for beleaguered bulls. Nonetheless, with the pair still holding above the 0.02 BTC support, there is potential for additional downside in the upcoming sessions.

總體而言，以太坊正面臨幾種逆風，這可能導致ETH/BTC對的進一步弱點。但是，如果兩人設法在50天的EMA上方關閉，這可能標誌著動量的轉變，我們可能會看到向200天EMA的轉變，為飽受折磨的公牛提供了一些緩解。儘管如此，兩人仍然保持在0.02 BTC的支持以上，因此在即將舉行的會議中可能會有額外的缺點。