以太坊的市場鬥爭 - 導航宏觀經濟不確定性和比特幣的興奮

以太坊（ETH）曾經被譽為市值中比特幣（BTC）的潛在繼任者，他發現自己處於關鍵時刻。

Ethereum (ETH) is struggling to maintain its footing as it faces a perfect storm of challenges, ranging from a significant decline in its DeFi ecosystem's total value locked (TVL) and a record-breaking Bitcoin (BTC)/ETH ratio to macroeconomic uncertainties surrounding the U.S. Federal Reserve's rate decision.

以太坊（ETH）正在努力保持其基礎，因為它面臨著完美的挑戰風暴，包括其Defi生態系統的總價值鎖定（TVL）的大幅下降以及圍繞US Federal Resedress儲備的宏觀經濟不確定性的創紀錄的比特幣（BTC）/ETHCOIN（BTC）/倫理比率。

At the beginning of the week, the asset is trading at $1,913, consolidating within a narrow 5% range ahead of the critical $2,000 resistance level and struggling to pierce through it. However, it is still noteworthy that the asset has dropped by 50% from its all-time high of $4,897, which it reached in August 2023.

在本周初，該資產的交易價格為1,913美元，在狹窄的5％範圍內固定在關鍵的2,000美元阻力水平之前，並努力努力刺穿它。但是，仍然值得注意的是，該資產的歷史最高售價為4,897美元，該資產於2023年8月達到了50％。

The cryptocurrency is also dealing with the implications of the BTC/ETH ratio hitting a seven-month high this week, rendering Bitcoin more valuable relative to Ethereum. This shift in valuation is unfolding against the backdrop of the U.S. Federal Reserve's upcoming interest rate decision, which is expected to have a bearing on risk appetite and, ultimately, the price of ETH.

加密貨幣還處理了本週BTC/ETH比率達到七個月高的含義，相對於以太坊更有價值的比特幣。在美國美聯儲即將到來的利率決定的背景下，估值的轉變正在發生，預計這與風險偏好有關，最終與ETH的價格有關。

The implications of the BTC/ETH ratio are heating up as the apex cryptocurrency attempts to break out of its own consolidation range in order to test the critical $70,000-$72,000 resistance level. A successful breakout could propel Bitcoin towards new highs, widening the valuation gap between the two crypto giants even further.

BTC/ETH比率的含義正在加熱，因為Apex加密貨幣試圖脫離其自身的合併範圍，以測試關鍵的$ 70,000- $ 72,000的電阻水平。成功的突破可以推動比特幣轉向新的高點，從而進一步擴大了兩個加密巨頭之間的估值差距。

The narrative that Ethereum’s DeFi and smart contract capabilities would help it overtake Bitcoin’s market cap has been largely debunked, especially as the DeFi ecosystem continues to shed value at a rapid pace. In the past 30 days alone, Ethereum’s DeFi TVL has dropped by $29 billion.

以太坊的Defi和智能合同能力將有助於其超過比特幣的市值的敘述在很大程度上被揭穿了，尤其是隨著Fefi生態系統繼續以快速的速度降低價值。僅在過去的30天中，以太坊的Defi TVL下跌了290億美元。

The sharp devaluation of the second-largest cryptocurrency can be attributed to two key factors: Trump’s new trade tariff policies, which have been a source of macroeconomic uncertainty, and the ongoing saga of Ethereum’s network scalability issues, which are limiting the throughput of transactions and leading to higher gas fees.

第二大加密貨幣的急劇貶值可以歸因於兩個關鍵因素：特朗普的新貿易關稅政策，這些政策一直是宏觀經濟不確定性的來源，以及以太坊網絡可伸縮性問題的持續傳奇，這些問題限制了交易的吞吐量，並帶來了較高的汽油費用。

The decrease in DeFi TVL can be attributed to liquidity providers and yield seekers withdrawing capital from the DeFi protocols, contributing to a net outflow of coins from the ecosystem into short-term market supply.

DEFI TVL的減少可以歸因於流動性提供者和尋求收益的人從DEFI協議中撤出資本，從而導致了從生態系統淨流出到短期市場供應中的硬幣淨流出。

The decrease in liquidity in the DeFi ecosystem can be attributed to liquidity providers and yield seekers withdrawing capital from the DeFi protocols, contributing to a net outflow of coins from the ecosystem into short-term market supply.

Defi生態系統中流動性的下降可以歸因於流動性提供者和尋求收益的人從Defi協議中撤出資本，從而導致了從生態系統淨流出的硬幣淨流向短期市場供應。

This outflow of coins is likely to exert further downward pressure on Ethereum’s price, especially if it continues to consolidate below the $2,000 resistance level. Moreover, the technical indicators are signaling potential volatility ahead, which could be influenced by the Fed’s decision and the implications for risk appetite.

硬幣的流出可能會對以太坊的價格施加進一步的向下壓力，尤其是如果它繼續鞏固了2,000美元的電阻水平。此外，技術指標正在信號傳達潛在的波動性，這可能會受到美聯儲的決定以及對風險食慾的影響的影響。

As Ethereum attempts to chart a course out of this predicament, the upcoming U.S. Federal Reserve's interest rate decision looms large, threatening to dry up liquidity in the DeFi ecosystem and push ETH coins previously locked in smart contracts into the short-term market supply.

當以太坊試圖從這種困境中繪製一門課程時，即將到來的美國儲備的利率決策隱約可見，威脅要乾燥Defi生態系統中的流動性，並將ETH Coins推向以前將智能合約鎖定在短期市場供應中的ETH COINS。