以太坊的揮發性激增：Memecoin Mania，網絡升級和轉移交易者情緒

以太坊的價格最近在幾週內飆升至看不見的水平，引發了潛在反彈的耳語。在激增的後面，是一種狂熱的雞尾酒，網絡升級和不斷變化的交易者情緒，但懷疑者徘徊。

After weeks of lackluster performance, Ethereum price finally surged on Feb. 17, sparking speculation of a potential price rebound.

經過數週的表現，以太坊價格終於在2月17日飆升，引發了人們對潛在價格反彈的猜測。

The second-largest cryptocurrency by market capitalization soared 7% to reach $2,850 during morning trade in Hong Kong, while network fees also skyrocketed — hitting a maximum of $70 per transaction during the morning surge.

在香港早上貿易期間，市值的第二大加密貨幣飆升了7％，而網絡費也飆升 - 在早晨激增期間，每筆交易的最高為每筆交易70美元。

However, the euphoria was short-lived as prices fell by $100 within hours, and a closer examination of on-chain activity revealed a possible explanation for the chaos.

但是，隨著價格在幾個小時內下跌100美元，欣快的壽命是短暫的，對鏈上活動的仔細檢查顯示了對混亂的可能解釋。

According to data from Blockscan, a significant portion of the fee activity was linked to token addresses belonging to the memecoin launchpad, Pepu Pump Pad, which was operational on an Ethereum layer-2 chain.

根據BlockScan的數據，收費活動的很大一部分與屬於Memecoin LaunchPad Pepu Pump Pad的令牌地址有關，該地址是在以太坊層鏈上運行的。

Furthermore, analysis of the token names suggested that they were designed to be quickly noticed by traders, a tactic commonly employed in pump-and-dump schemes.

此外，對令牌名稱的分析表明，它們被設計為被交易者迅速注意到的，這是一種通常在泵送和降低計劃中採用的策略。

Meanwhile, retail traders appeared to be largely absent from the frenzy, as derivatives metrics indicated a balanced demand for leverage, with funding rates remaining stable at around 0.20% per 8 hours.

同時，零售交易者似乎在瘋狂中不存在，因為衍生品指標表明對槓桿的需求平衡，資金率保持穩定，約為每8小時的0.20％。

Despite the morning rally, skepticism prevailed among derivatives traders, evident in the lack of enthusiasm for price discovery.

儘管上午集會，但在衍生品交易員中佔了上風，這顯然是缺乏對價格發現的熱情。

The morning surge highlighted the fragile optimism surrounding Ethereum, as the rally quickly fizzled out, exposing the limited follow-through buying interest.

早晨激增強調了以太坊周圍脆弱的樂觀情緒，因為拉力賽很快消失了，暴露了有限的後續購買利息。

However, the morning price action also hinted at a broader shift in market sentiment, with traders pivoting away from memecoins and toward assets with stronger fundamentals.

但是，早晨的價格行動也暗示了市場情緒的更大轉變，交易員從成員轉移到具有更強基本面的資產。

This trend was further supported by observations from analysts, who noted a widening gap between memecoin and "serious" asset performance.

分析師的觀察進一步支持了這一趨勢，分析師注意到Memecoin和“嚴重”資產績效之間的差距擴大。

As a testament to this shift, Solana-related derivatives witnessed lackluster demand despite the token's recent rally, while institutional interest remained skewed toward Bitcoin and Ethereum.

為了證明這一轉變，儘管令牌最近的集會，但與Solana相關的衍生工具的需求平淡無奇，而機構的興趣仍然偏向比特幣和以太坊。

Highlighting the competitive landscape, Hyperliquid, a blockchain project backed by Seven Seven Six, announced plans to launch a "gasless" Ethereum chain.

強調了競爭景觀，超級流動，這是一個由七個六個六個支持的區塊鏈項目，宣布了推出“無氣”以太坊鏈的計劃。

While Ethereum touted upcoming upgrades, such as "Pectra," which aimed to double rollup blob capacity and slash layer-2 transaction costs, challenges remained.

儘管以太坊吹捧即將進行的升級，例如“ Pectra”，旨在使blob容量和削減2層交易成本進行雙重滾動，但仍存在挑戰。

Community members engaged in heated discussions over optimal strategies for balancing staking rewards with network growth.

社區成員就最佳策略進行了激烈的討論，以平衡積分獎勵與網絡增長。

Until Ethereum devised a sustainable solution for its fee structure, attempts to breach the $3,000 resistance appeared unlikely. However, proponents maintained optimism, arguing that the upgrades could pique institutional interest.

直到以太坊為其費用結構設計了可持續的解決方案，試圖違反3,000美元的抵抗力似乎不太可能。但是，支持者保持樂觀，認為升級可能會引起機構的利益。

Solana's meme-driven rally showed signs of faltering, with analysts like Michael van de Poppe flagging bearish divergences in SOL's price action, comparing it to Ethereum's 2020 decentralized finance (DeFi) boom.

索拉納（Solana）的模因驅動的集會表現出步履蹣跚的跡象，分析師在索爾（Sol）的價格行動中像邁克爾·範·德·波普（Michael van de Poppe）一樣標記了看跌差異，將其與以太坊（Ethereum）的2020年分散融資（DEFI）BOOM進行了比較。

Charting SOL/ETH valuations, van de Poppe noted a recent peak in the ratio, followed by a divergence in technical indicators.

范德波普（Van de Poppe）在繪製索爾/倫理估值時指出了該比率的最新高峰，隨後是技術指標的分歧。

Highlighting the shift in trader interest, he noted a pivot away from memecoins toward assets with stronger fundamentals.

他指出了交易者利益的轉變，他指出了一個從成員朝著具有更強基礎的資產的樞紐。

Likenning the development to 2020's "altcoin season," where ETH thrived post-Bitcoin rallies, van de Poppe suggested, "ETH's time is coming," alluding to a waning momentum in memecoin trades.

范德·波普（Van de Poppe）將這一開發項目比作《埃德（Eth）》（Eth）蓬勃發展後集會的“ altcoin賽季”，在那裡蓬勃發展，“ Eth的時間來了，”提到了Memecoin Trade的勢頭。

Fresh perspectives emerged as rival blockchains showcased strengths, with Hyperliquid aiming to introduce "gasless" transactions on an Ethereum chain.

新鮮的視角出現了，作為競爭對手的區塊鏈展示了優勢，旨在在以太坊鏈上引入“無氣”交易。

Altcoins faced difficulties amid a broader market downturn, with Bitcoin's recent $500 dip exerting a strong influence.

在更廣泛的市場下滑中，Altcoins面臨困難，比特幣最近的500美元下降產生了強大的影響力。

While Ethereum experienced morning gains, technical indicators pointed toward a possible reversal, as noted by analyst Daniel Lenz, who observed a rejection at the SMA20 level.

正如分析師丹尼爾·倫茨（Daniel Lenz）指出的那樣，儘管以太坊經歷了早晨的收益，但技術指標指出了可能的逆轉，後者觀察到SMA20水平的拒絕。

Despite the setbacks, some remained bullish. "Ethereum fundamentals outlast memes," argued ripdoteth, a prominent developer, underscoring the technology's enduring value.

儘管遇到了挫折，但仍有一些看漲。著名開發商Ripdoteth認為，“以太坊的基本原理都超出了模因，強調了該技術的持久價值。

Despite Bitcoin's market dominance, Ethereum's upcoming ecosystem upgrades provided a buffer against broader declines.

儘管比特幣的市場占主導地位，以太坊即將進行的生態系統升級為更廣泛的下降提供了緩衝。

Stable derivatives metrics and institutional exchange-traded fund inflows, albeit modest, hinted at cautious optimism within the market.

穩定的衍生品指標和機構交易所交易的基金流入，儘管謙虛，這暗示了市場中謹慎的樂觀情緒。

Is Ethereum Primed for a Turnaround?

以太坊是為周轉的嗎？

Ethereum's recent volatility highlighted a market torn between memecoin mania and long-term potential.

以太坊最近的波動率強調了Memecoin Mania和長期潛力之間的市場崩潰。

While upgrades like Pectra promised efficiency, lingering fee debates and Bitcoin's dominance loomed large. For now, derivatives data suggested traders awaited clearer signals.

儘管像Pectra這樣的升級承諾效率，但揮之不去的費用辯論和比特幣的主導地位隱約可見。目前，衍生品數據建議交易者在等待更清晰的信號。

Until Ethereum conquered $3,000, the entry point remained a high-stakes gamble.

直到以太坊征服了3,000美元，入口點仍然是一場高風險的賭博。