隨著市場情緒惡化，以太幣價格下跌

儘管週二短暫看漲，以太坊在 24 小時內下跌 2.6%，讓人對以太坊立即復甦產生懷疑。交易量下降、市值下降以及衍生性商品市場興趣減弱表明前景日益看跌。以太坊的技術結構顯示支撐位減弱和阻力位強勁，可能會在短期內阻礙其上行軌跡。

Ethereum Price Stumbles Amid Weakening Sentiment

以太幣價格因市場情緒疲軟而下跌

A brief surge in bullish sentiment on Tuesday led investors to believe that the recent retracement in cryptocurrency markets was merely a temporary setback. However, a 2.6% decline in Ethereum (ETH) prices over the past 24 hours has cast doubt on the likelihood of an immediate recovery to all-time highs.

週二看漲情緒的短暫飆升使投資者相信加密貨幣市場近期的回調只是暫時的挫折。然而，以太坊 (ETH) 價格在過去 24 小時內下跌 2.6%，讓人對立即恢復到歷史高點的可能性產生懷疑。

After reaching a high of $4,091 on Tuesday, ETH prices have since retreated to around $3,430 during U.S. business hours. A significant drop in trading volume, down 38% to $19 billion, suggests waning interest among traders. A further 3% correction in ETH's market capitalization reflects a growing bearish outlook.

在周二觸及 4,091 美元高點後，ETH 價格在美國營業時間內回落至 3,430 美元左右。交易量大幅下降，下降 38% 至 190 億美元，顯示交易者的興趣減弱。 ETH 市值進一步調整 3%，反映出看跌前景日益加劇。

Declining Derivatives Interest Raises Concerns

衍生性商品興趣下降引發擔憂

The recent price decline has had a negative impact on the derivatives market, with open interest falling from a record high of $13 billion in March to $11.34 billion by the end of March, according to data from Coinglass. While open interest has recovered slightly to $11.7 billion, further corrections cannot be ruled out.

Coinglass的數據顯示，近期價格下跌對衍生性商品市場產生了負面影響，未平倉合約從3月創紀錄的130億美元下降至3月底的113.4億美元。雖然未平倉合約略有回升至 117 億美元，但不能排除進一步調整的可能性。

A decrease in open interest in derivatives markets often indicates reduced trader activity, which can reflect diminished liquidity, waning confidence in the market, and potential shifts in market trends.

衍生性商品市場未平倉合約的減少通常表示交易者活動減少，這可以反映出流動性減少、市場信心減弱以及市場趨勢的潛在變化。

DeFi TVL Declines, Adding to Selling Pressure

DeFi TVL 下降，增加拋售壓力

According to DeFi Llama, the total value locked (TVL) in decentralized finance (DeFi) protocols has fallen to $50.63 billion from a recent high of $57.59 billion. A decline in DeFi TVL, which includes assets staked in smart contracts, tends to exacerbate selling pressure as investors withdraw their holdings from staking contracts in anticipation of further price declines.

根據 DeFi Llama 的數據，去中心化金融 (DeFi) 協議的鎖定總價值 (TVL) 已從近期高點 575.9 億美元降至 506.3 億美元。 DeFi TVL（包括智能合約中質押的資產）的下降往往會加劇拋售壓力，因為投資者預計價格將進一步下跌，因此從質押合約中撤回所持資產。

Technical Analysis Points to Challenges Ahead

技術分析指出未來的挑戰

The technical outlook for ETH remains bearish, despite the recovery witnessed last week. A correction followed immediately after the price reached $3,640, as investors remained unconvinced of a sustained rally above $4,000 and subsequently to $5,000.

儘管上週出現復甦，但 ETH 的技術前景仍然看跌。在價格達到 3,640 美元後立即進行了調整，因為投資者仍然不相信價格會持續上漲至 4,000 美元以上並隨後升至 5,000 美元。

At the time of writing, the 38.2% Fibonacci level is providing support, and ETH is expected to bounce from this level. However, the Moving Average Convergence Divergence (MACD) indicator, while still bullish, is beginning to show signs of a retracement towards the neutral area, which could encourage traders to short ETH.

截至撰寫本文時，38.2% 斐波那契水平正在提供支撐，預計 ETH 將從該水平反彈。然而，移動平均收斂分歧（MACD）指標雖然仍然看漲，但開始顯示出向中性區域回撤的跡象，這可能會鼓勵交易者做空 ETH。

Resistance and Support Levels Hinder Recovery

阻力位和支撐位阻礙復甦

According to blockchain data from IntoTheBlock, Ethereum price may face significant resistance in the short term due to weakening support levels and strong resistance areas.

根據IntoTheBlock的區塊鏈數據，由於支撐位減弱和阻力區域較強，以太坊價格短期內可能面臨重大阻力。

The IOMAP model indicates that the region between $3,615 and $3,715 represents the largest supply zone, where 727,000 addresses purchased 4.22 million ETH at an average price of $3,370. If ETH manages to recover to this level, investors in this cohort may sell at their breakeven points, dampening the uptrend and potentially triggering another sell-off.

IOMAP 模型表明，3,615 美元至 3,715 美元之間的區域是最大的供應區域，其中 727,000 個地址以 3,370 美元的平均價格購買了 422 萬個 ETH。如果 ETH 成功恢復到這一水平，該群體的投資者可能會在盈虧平衡點賣出，從而抑制上漲趨勢，並可能引發另一次拋售。

The IOMAP model also shows that support areas have been weakening, which could lead to a drastic change in the technical structure and potentially far-reaching losses to $2,400.

IOMAP模型也顯示支撐區域一直在減弱，這可能導致技術結構發生巨大變化，並可能導致深遠的損失至2,400美元。

Conclusion

結論

The recent decline in Ethereum prices has raised concerns among investors, who are now questioning the sustainability of the recent rally. Weakening sentiment, declining derivatives interest, and a bearish technical outlook suggest that ETH may face challenges in reaching $4,000 in the near term.

最近以太坊價格的下跌引起了投資者的擔憂，他們現在質疑近期上漲的可持續性。情緒疲軟、衍生性商品興趣下降以及看跌的技術前景表明，ETH 短期內可能面臨觸及 4,000 美元的挑戰。