以太坊作為第二大加密貨幣的統治結束了嗎？

Has Ethereum's Reign Ended?

以太坊的統治結束了嗎？

Ethereum, the cryptocurrency that once commanded the second spot in global market capitalization, has recently stumbled, with its price plummeting nearly 4% to a mere $3,409. This sudden dip, coupled with a weekly plunge of approximately 8%, has left the crypto market scratching its head, wondering what went wrong.

曾經佔據全球市值第二位的加密貨幣以太幣最近表現不佳，價格暴跌近 4%，至 3,409 美元。這種突然的下跌，再加上每週約 8% 的暴跌，讓加密貨幣市場摸不著頭腦，想知道到底出了什麼問題。

Unraveling the Enigma: What Triggered Ethereum's Downturn?

解開謎團：是什麼引發了以太坊的低迷？

Ethereum's recent rise to $4,000 within the past month has now been overshadowed by a plethora of factors that have sent it spiraling downward. Let's delve into the potential culprits behind this crypto heavyweight's sudden slump:

以太坊在過去一個月內上漲至 4,000 美元，但現在已被導致其螺旋式下跌的眾多因素所掩蓋。讓我們深入探討這個加密貨幣重量級人物突然暴跌背後的潛在罪魁禍首：

Exchange Inflows Surge Amidst Regulatory Jitters

監管緊張導致外匯流入激增

Ethereum's exchange inflows have reached their highest weekly level since September 2022, amounting to a staggering $720 million. This influx of tokens onto exchanges coincides with rising investor concerns over the potential regulatory landscape surrounding ETH. The mere whisper of an ETH ETF has created a cloud of uncertainty, fueling fears and selling pressure.

以太坊的交易所流入量已達到 2022 年 9 月以來的最高單週水平，達到驚人的 7.2 億美元。在代幣湧入交易所的同時，投資者對圍繞 ETH 的潛在監管環境的擔憂日益加劇。光是 ETH ETF 的傳言就已經造成了不確定性的陰雲，加劇了恐懼和拋售壓力。

Crypto market analyst Ali Martinez has also pointed to a massive $1.47 billion worth of ETH exchange inflows recorded over the past three weeks. This has cast a bearish shadow over Ethereum, indicating a combination of selling pressure, profit-taking, and overall negative market sentiment.

加密貨幣市場分析師 Ali Martinez 也指出，過去三週記錄的 ETH 交易流入量高達 14.7 億美元。這給以太坊蒙上了看跌陰影，顯示拋售壓力、獲利回吐和整體負面市場情緒的綜合作用。

Derivatives Data Paints a Grim Picture

衍生性商品數據描繪出一幅嚴峻的圖景

Derivatives data from Coinglass reveals a significant decline in Ethereum's open interest, volume, and OI-weighted funding rate, mirroring today's slump. Open interest has dropped by 2.98%, reaching $13.01 billion, while volume has plunged by 38.87%, reaching $39.29 billion.

Coinglass 的衍生性商品數據顯示，以太坊的未平倉合約、交易量和 OI 加權融資利率顯著下降，反映了今天的暴跌。持倉量下降 2.98%，達到 130.1 億美元，成交量下降 38.87%，達到 392.9 億美元。

This suggests a sharp reduction in new money entering the token's derivatives market, coupled with diminished market activity. The OI-weighted funding rate of 0.0191% further validates the bearish sentiment that has gripped the market, contributing to Ethereum's fall.

這顯示進入代幣衍生性商品市場的新資金急劇減少，加上市場活動減少。 OI 加權融資利率為 0.0191%，進一步證實了市場的看跌情緒，導致以太坊下跌。

Crypto Market Liquidation Adds Fuel to the Fire

加密貨幣市場清算火上加油

The crypto market has witnessed a wave of liquidations over the past 24 hours, with 82,047 traders facing the music, totaling $223.23 million. Notably, OKX recorded the largest liquidation order, valued at $1.76 million on the OKX – ETH-USDT-SWAP.

過去 24 小時內，加密貨幣市場出現一波清算浪潮，共有 82,047 名交易者面臨清算，清算總額達 2.2323 億美元。值得注意的是，OKX 記錄了最大的清算訂單，OKX – ETH-USDT-SWAP 上的清算訂單價值為 176 萬美元。

Ethereum bore the brunt of these liquidations, with $49.16 million wiped out in the past 24 hours. This liquidation frenzy, primarily from long traders, has further fueled the bearishness surrounding Ethereum, reflecting the heightened volatility that has engulfed the crypto realm.

以太坊在這些清算中首當其衝，在過去 24 小時內損失了 4,916 萬美元。這種主要來自多頭交易者的清算狂潮進一步加劇了圍繞以太坊的看跌情緒，反映出席捲加密貨幣領域的波動性加劇。

Market Dynamics: Ethereum's Bleak Outlook

市場動態：以太坊前景黯淡

Trading View's data paints a sobering picture for ETH, with selling sentiment currently dominating the market. The Relative Strength Index (RSI) hovering around 45 indicates a lack of buying interest, hinting at a potential downtrend. This further suggests that Ethereum's price may continue to slide, aligning with the bearish landscape it currently faces.

Trading View 的數據為 ETH 描繪了一幅令人警醒的景象，目前拋售情緒主導著市場。相對強弱指數 (RSI) 徘徊在 45 左右，顯示缺乏購買興趣，暗示潛在的下降趨勢。這進一步表明以太坊的價格可能會繼續下滑，與其目前面臨的看跌格局一致。