以太坊（ETH）鯨魚的利潤率與以前的熊市水平相當

這引起了人們對以太坊價格的市場狀況的擔憂。儘管以太坊的價格幾乎是上一個熊市的兩倍，但大型持有人還是

Large Ethereum (ETH) holders, also known as whales, are experiencing unrealized profit ratios comparable to previous bear market levels, raising concerns about market conditions around Ethereum price.

大型以太坊（ETH）持有人，也稱為鯨魚，正經歷與以前的熊市水平相當的未實現的利潤率，這引起了人們對以太坊價格周圍市場狀況的擔憂。

Despite Ethereum’s price being nearly twice as high as during the last bear market, which was in 2022, large holders between 1,000 and 10,000 ETH now show a negative unrealized profit ratio.

儘管以太坊的價格幾乎是最後一個熊市的兩倍，即2022年，但現在的1,000至10,000 ETH的大持有人現在顯示出負面的利潤率。

This signals that they are currently holding ETH at an average price that is higher than the current market price, indicating a potential unrealized loss for these large investors.

這表明他們目前以高於當前市場價格高的平均價格持有ETH，這表明對這些大型投資者的潛在未實現損失。

Furthermore, ETH/BTC continues to decline, and the market continues to be cautious due to fear, uncertainty, and doubt (FUD), which may be stifling any serious attempts by institutions to enter the market.

此外，ETH/BTC繼續下降，由於恐懼，不確定性和懷疑（FUD），市場繼續保持謹慎，這可能會扼殺機構進入市場的任何認真嘗試。

However, on-chain data indicates that Ethereum may be in an undervalued zone where one may have embraced opportunities for long-term investors to buy.

但是，鏈上的數據表明，以太坊可能位於被低估的區域，人們可能會為長期投資者購買機會。

Ethereum Price MVRV Drops to Undervalued Levels

以太坊價格MVRV下降到被低估的水平

The Ethereum (ETH) Market Value to Realized Value (MVRV) ratio has dropped to below 1, an indicator used to gauge the relative valuation of an asset’s market price to the average purchase price of its holders, has declined to below 1.

以太坊（ETH）的市場價值與已實現價值（MVRV）的比率下降到1以下，該指標用於評估資產市場價格的相對估值與其持有人的平均購買價格的相對估值，已降至1以下。

This condition is known to be severe enough to spark rebounds in price from a historical perspective. But past market cycles suggest that ETH tends to soar after it hits this level.

眾所周知，這種情況足夠嚴重，可以從歷史的角度來激發價格的籃板。但是過去的市場週期表明，在達到這一水平之後，ETH傾向於飆升。

The data from CryptoQuant shows that ETH investors’ realized price is now extremely concentrated around $2,200-$2,300 which may now constitute a strong support level.

來自CryptoQuant的數據表明，ETH投資者的實現價格現在非常集中在2,200-2,300美元左右，現在可能構成了強大的支持水平。

It is very possible that buying pressure from institutional investors will keep the price rising even if ETH drops below this level.

從機構投資者那裡購買壓力也很可能會使價格上漲，即使ETH降至此水平以下。

Accumulation Increases as ETH Addresses Grow

隨著ETH地址的增長，積累增加

On-chain data from CryptoQuant shows a surge in Ethereum (ETH) accumulation addresses—wallets that have received ETH but never withdrawn it—over the past two months.

從過去兩個月中，來自CryptoQuant的鍊鍊數據顯示以太坊（ETH）積累地址的激增（ETH）積累地址（已收到ETH但從未撤回）的Walles。

This suggests that investors are taking advantage of the current market conditions to accumulate ETH at what they perceive as discounted prices.

這表明投資者正在利用當前的市場狀況，以他們認為折現價格的價格積累ETH。

If this accumulation trend continues, it could signal a shift in market sentiment, with institutional investors potentially preparing for a long-term price recovery.

如果這種累積趨勢繼續下去，它可能表明市場情緒的轉變，機構投資者有可能為長期價格恢復做準備。

The growing interest in Ethereum at this stage aligns with previous observations of crypto price trends.

在此階段，對以太坊的興趣日益與以前對加密價格趨勢的觀察一致。

Greater macroeconomic uncertainty could be shifting institutional investors’ preferences towards recognized assets with strong fundamentals, setting the stage for the next leg of the bull market.

更大的宏觀經濟不確定性可能是將機構投資者的偏好轉移到具有強大基本原理的公認資產上，這為下一個牛市奠定了基礎。

Ethereum Price: Macroeconomic Factors and Market Uncertainty

以太坊價格：宏觀經濟因素和市場不確定性

The crypto market is currently facing several external pressures, including U.S. liquidity policies and global economic factors.

加密市場目前面臨著幾個外部壓力，包括美國的流動性政策和全球經濟因素。

The Trump administration’s approach to tariffs and monetary tightening has introduced additional uncertainty, which could affect asset markets.

特朗普政府對關稅和貨幣收緊的方法引入了額外的不確定性，這可能會影響資產市場。

Despite these hurdles, Ethereum remains the second-largest cryptocurrency by market cap, and the foremost leader in decentralized finance (DeFi) adoption.

儘管有這些障礙，但以太坊仍然是市值第二大加密貨幣，也是分散金融（DEFI）採用的最重要的領導者。

At current price levels, its strong fundamentals could attract more institutional buyers still.

在目前的價格水平上，其強大的基本面可能會吸引更多的機構買家。

Pectra Upgrade and Ethereum’s Future Outlook

Pectra升級和以太坊的未來前景

The direction of the next price trend for Ethereum could be зависеть на from the development of the network. The recently launched Pectra upgrade is expected to bring major improvements. They may significantly contribute to improving Ethereum’s scalability and efficiency.

以太坊的下一個價格趨勢的方向可能是網絡開發中的зз路。最近推出的Pectra升級有望帶來重大改進。它們可能會有助於提高以太坊的可擴展性和效率。

Ethereum developers can be seen working on making the enhancements in its network. Market participants are interested to see any signs of a possible price recovery.

可以看到以太坊開發人員在其網絡中進行增強。市場參與者有興趣看到可能恢復價格的任何跡象。

Ethereum’s price was $2,217.58 with a 5.51% increase in the last 24 hours. However, there was a 10% loss over the past week.

以太坊的價格為2,217.58美元，在過去24小時內增長了5.51％。但是，過去一周虧損了10％。

With a market cap of $267.4 Billion, ETH remains a wholesale giant in the crypto space, and network upgrades will kick off a new bullish phase.

ETH的市值為2674億美元，在加密貨幣領域仍然是一個批發巨頭，網絡升級將啟動新的看漲階段。