儘管市場情緒看跌，以太坊 [ETH] 鯨魚仍在增持；公牛隊會重新掌控比賽嗎？

以太幣 [ETH] 在過去 30 天內貶值了 12.44%，而截至發稿時比特幣 [BTC] 的跌幅為 4.74%。

Bitcoin [BTC] has been making headlines for the past few weeks, thanks to its new all-time high (ATH) above $100k. However, BTC’s smaller counterpart, Ethereum [ETH], has also been making some interesting moves.

在過去幾週，比特幣 [BTC] 因其突破 10 萬美元的歷史新高 (ATH) 而成為頭條新聞。然而，比特幣規模較小的對手以太坊 [ETH] 也做出了一些有趣的舉動。

After shedding 12.44% of its value in the last 30 days, ETH has struggled to defend key support levels in the last six weeks. Its affinity to the $3k level has given rise to many jokes made at the expense of ETH holders and bulls. However, despite the bearish sentiment, whale accumulation has continued.

在過去 30 天內下跌 12.44% 後，ETH 在過去六週內一直難以守住關鍵支撐位。它與 3000 美元水平的密切關係引發了許多以 ETH 持有者和多頭為代價的笑話。然而，儘管市場情緒悲觀，鯨魚的累積仍在持續。

A $30 million withdrawal from Binance was not necessarily representative of market sentiment. In fact, the price action and other metrics gave more bearish than bullish signs.

從幣安提款 3000 萬美元不一定代表市場情緒。事實上，價格走勢和其他指標給出的看跌訊號多於看漲訊號。

Highlighting some key on-chain metrics, crypto analyst Ali Martinez noted that the network growth has been slowing down. The new addresses change over the past week (7-day NA) was -9.32%. This indicated reduced adoption and demand from newcomers to the chain.

加密貨幣分析師 Ali Martinez 強調了一些關鍵的鏈上指標，指出網路成長一直在放緩。過去一週（7 天 NA）的新地址變化為 -9.32%。這顯示該鏈新加入者的採用率和需求有所減少。

On the other hand, the 7-day active address change saw a 7.7% positive swing. This alluded to fewer newcomers, but higher trading and network activity over the past week.

另一方面，7 天活躍地址變化出現 7.7% 的正向波動。這意味著過去一周新加入者減少，但交易和網路活動增加。

Looking back over a longer period, the Coinbase Premium has been in negative territory for a majority of the past month. This metric tracks the percentage difference between Ethereum prices on Coinbase and Binance, giving some insight into the behavior of U.S-based investors.

回顧較長時期，Coinbase 溢價在過去一個月的大部分時間都處於負值區域。該指標追蹤 Coinbase 和 Binance 上的以太坊價格之間的百分比差異，從而可以深入了解美國投資者的行為。

The negative premium on Coinbase implied greater selling pressure and weak buying from U.S-based participants. It also underlined the cautious approach to ETH from these traders.

Coinbase 的負溢價意味著更大的拋售壓力和來自美國參與者的疲軟買盤。這也凸顯了這些交易者對 ETH 的謹慎態度。

The price action over the past two months also highlighted caution and an eagerness to sell ETH. The range formation in the first half of December gave way as BTC crashed from $108k to $92k. While BTC was trading at $96.5k at press time, ETH formed lower lows and was valued just under $3.2k.

過去兩個月的價格走勢也凸顯了人們對 ETH 的謹慎態度和拋售熱情。隨著 BTC 從 10.8 萬美元暴跌至 9.2 萬美元，12 月上半月的區間形成被打破。截至發稿時，BTC 的交易價格為 9.65 萬美元，而 ETH 則形成了較低的低點，估值略低於 3.2 萬美元。

Finally, the OBV highlighted the steady selling pressure since December by marking a series of lower highs. The RSI also noted the prevalent bearish momentum. As things stand, the $3.4k resistance zone needs to be reclaimed before swing traders can adopt a bullish bias.

最後，OBV 創下一系列較低的高點，凸顯了自 12 月以來的穩定拋售壓力。 RSI 也注意到普遍的看跌勢頭。就目前情況而言，在波段交易者採取看漲偏見之前，需要收回 3400 美元的阻力區。