以太坊面臨艱難的市場條件

以太坊（ETH）是市場資本化的第二大加密貨幣，最近幾個月面臨著巨大的動盪。

The second-largest cryptocurrency, Ethereum (ETH), has been facing some tough market conditions in recent months. Once a beacon of stability and innovation in the blockchain space, Ethereum has found itself caught in the crossfire of macroeconomic uncertainty, diminishing institutional demand, and a decline in whale activity.

最近幾個月，第二大加密貨幣以太坊（ETH）一直面臨一些艱難的市場條件。以太坊曾經是區塊鏈空間中穩定和創新的燈塔，發現自己陷入了宏觀經濟不確定性，機構需求減少以及鯨魚活動下降的交火中。

As of April 2, Ethereum is trading at $1,869, showcasing a 56% decline since early December. This downturn has left investors and analysts pondering whether ETH can manage to reclaim its former highs or if further downside is imminent.

截至4月2日，以太坊的交易價格為1,869美元，自12月初以來下降了56％。這種低迷使投資者和分析師思考ETH是否可以設法奪回其以前的高點，還是即將到來的不利方面。

Examining the technical perspective, Ethereum now stands at a fully diluted valuation of roughly $225 billion, with a 24-hour trading volume of $14.8 billion. Notably, there has been a net outflow of $403 million from U.S.-listed spot Ether ETFs over the past week, indicating that institutional investors might be pulling back.

在研究技術觀點時，以太坊現在的估值為大約2250億美元，交易量為148億美元。值得注意的是，在過去一周中，從美國上市Ether ETF的淨流出了4.03億美元，這表明機構投資者可能正在退縮。

Moreover, an analysis of on-chain data reveals a significant decline in whale activity, further signaling reduced confidence among large-scale holders.

此外，對鏈數據的分析表明，鯨魚活動的顯著下降，進一步的信號降低了大規模持有人的置信度。

With the Ethereum price currently under pressure and network activity showing signs of fatigue, what does the future hold for this major altcoin? Let’s delve into the crucial factors affecting ETH’s performance and the possibility of a recovery.

由於目前處於壓力和網絡活動狀態的以太坊價格顯示出疲勞的跡象，該主要山羊的未來有什麼影響？讓我們深入研究影響ETH表現和恢復可能性的關鍵因素。

The recent struggles faced by Ethereum can be attributed to several interconnected factors, ranging from the broader macroeconomic environment to network-specific issues.

以太坊所面臨的最近的鬥爭可以歸因於幾個相互聯繫的因素，從更廣泛的宏觀經濟環境到特定於網絡的問題。

One of the most significant external pressures on Ethereum’s price has been the escalating tariff trade wars between major global economies. Trade tensions, particularly those involving the United States and China, have ultimately led to uncertainty in the market, making investors move away from riskier assets, including cryptocurrencies, and towards traditional safe havens like gold and U.S. Treasury bonds.

以太坊價格最重要的外部壓力之一是主要全球經濟體之間的關稅貿易戰不斷升級。貿易緊張局勢，尤其是涉及美國和中國的貿易緊張局勢，最終導致了市場不確定性，使投資者擺脫了包括加密貨幣在內的風險較高的資產，以及諸如黃金和美國財政債券之類的傳統安全避風港。

However, as these economic policies shift, both Ethereum and the broader crypto market remain highly vulnerable to global financial trends. Higher interest rates, inflation concerns, and geopolitical conflicts further compound this uncertainty, making it difficult for Ethereum to regain momentum.

但是，隨著這些經濟政策的變化，以太坊和更廣泛的加密貨幣市場都非常容易受到全球財務趨勢的影響。更高的利率，通貨膨脹問題和地緣政治衝突進一步加劇了這種不確定性，使以太坊難以恢復動力。

Another key factor that might be pushing institutional investors out of U.S. markets is the pending legislation in the United States that could impose stricter regulations on the cryptocurrency industry.

可能將機構投資者趕出美國市場的另一個關鍵因素是，在美國的即將到來的立法可能對加密貨幣行業施加更嚴格的法規。

While this factor is not entirely new, it seems to be increasing in importance as major institutions like BlackRock and Ark Invest continue to apply for spot bitcoin and ethereum ETFs.

儘管這個因素並不全新，但隨著貝萊德（Blackrock）和方舟投資（Ark Invest）等主要機構繼續申請現貨比特幣和以太坊ETF，它的重要性似乎正在增加。

Despite the strong interest in these types of products, it’s worth noting that there has been a net outflow of $403 million from U.S.-listed spot Ether ETFs over the past week, suggesting that institutional investors might be pulling back.

儘管對這些類型的產品產生了濃厚的興趣，但值得注意的是，在過去一周中，從美國上市的Ether ETF中淨流出了4.03億美元，這表明機構投資者可能會退縮。

This outflow comes amid a period of heightened regulatory scrutiny on the cryptocurrency industry, especially in the United States. U.S. lawmakers are currently working on legislation that could impose stricter regulations on crypto firms, particularly regarding the reporting of income from cryptocurrency to the Internal Revenue Service (IRS).

由於對加密貨幣行業的監管審查，尤其是在美國，這一流出範圍是在監管行業的高度審查中。美國立法者目前正在製定立法，這些立法可能對加密貨幣公司施加更嚴格的法規，尤其是關於從加密貨幣到國稅局（IRS）收入的報告。

The potential for tighter regulations and the pending legislation might be pushing institutional investors to exit their U.S. holdings and move to markets with less stringent regulations, ultimately leading to a shift in the investment landscape.

更嚴格的法規和未決的立法的潛力可能是促使機構投資者退出美國的持股，並以不太嚴格的法規遷移到市場，最終導致投資格局的變化。

Apart from the institutional exits, which are noteworthy due to the large sums of money being moved, another factor to consider is the decreased usage and demand for the Ethereum network itself.

除了機構退出，由於貨幣的大量貨幣而值得注意的是，要考慮的另一個因素是對以太坊網絡本身的使用和需求減少。

According to data from Chainmonitors, the total value of transactions on the Ethereum network has decreased by 30% over the past month. This decrease in on-chain activity might be a sign that demand for decentralized applications (dapps) and other services on the Ethereum blockchain is declining.

根據Chainmonitors的數據，過去一個月，以太坊網絡上交易的總價值下降了30％。鏈上活動的減少可能表明，對以太坊區塊鏈上的分散應用程序（DAPP）和其他服務的需求正在下降。

This decrease in activity is significant because it contributes to the overall demand for ETH, which in turn affects the cryptocurrency’s price.

這種活動的下降是顯著的，因為它促進了對ETH的總體需求，這反過來影響了加密貨幣的價格。

As the network performs fewer operations and users engage less with the chain, the need for ETH units diminishes, potentially pushing the price downward.

隨著網絡的執行操作較少，用戶與鏈條的互動較少，對ETH單位的需求會減少，從而有可能向下推動價格。

However, it’s important to note that this isn’t necessarily a fatal blow to Ethereum. The cryptocurrency has faced challenges in the past and managed to recover, and it might do so again in the future.

但是，重要的是要注意，這不一定對以太坊的致命打擊。過去的加密貨幣過去曾面臨挑戰並設法恢復，並且將來可能會再次這樣做。

The optimistic scenario for Ethereum’s price depends heavily on Bitcoin’s price movements. Historically, we’ve observed that Ethereum follows Bitcoin’s price trends to a certain extent.

以太坊價格的樂觀情景在很大程度上取決於比特幣的價格變動。從歷史上看，我們觀察到以太坊在一定程度上遵循比特幣的價格趨勢。

If Bitcoin (BTC) manages to regain its strength and pushes toward new highs, we might see Ethereum benefit from a market-wide rally.

如果比特幣（BTC）設法重新獲得了力量並推向新的高點，我們可能會看到以太坊從市場範圍內的集會中受益。

Moreover, despite the recent outflows, if we see a reversal in sentiment among institutional investors, we could witness a return of big-money investors in the form of increased adoption of Ethereum ETFs.

此外，儘管最近出現了流出，但如果我們看到機構投資者之間的情感逆轉，我們可以目睹大型投資者以增加以太坊ETF採用的形式的大型投資者的回報。

If this occurs and institutions regain confidence in the cryptocurrency market, we might see renewed buying pressure on ETH.

如果發生這種情況，並且機構恢復了對加密貨幣市場的信心，我們可能會看到對ETH的購買壓力更新。

Another crucial factor to keep in mind is the transition of Ethereum’s network to proof-of-stake (PoS) and the upcoming network upgrades, which aim to enhance scalability, security, and efficiency.

要牢記的另一個關鍵因素是將以太坊網絡過渡到銷售證明（POS）和即將到來的網絡升級，旨在提高可擴展性，安全性和效率。

The upcoming Ethereum Improvement Proposals (EIPs) and further

即將進行的以太坊改進建議（EIPS）和進一步