儘管成立了，以太坊繼續追逐比特幣而沒有始終超越它

成立將近十年後，以太坊繼續追逐其最大的競爭對手比特幣，而沒有一貫的表現。

Almost a decade after its inception, Ethereum continues to chase its biggest competitor, Bitcoin, without ever consistently outperforming it. A recent analysis revealed that Ether has outperformed Bitcoin only on 15% of trading days since it entered the markets in 2015.

成立將近十年後，以太坊繼續追逐其最大的競爭對手比特幣，而沒有一貫的表現。最近的一項分析表明，自2015年進入市場以來，Ether僅在15％的交易日僅比比特幣優於比特幣。

This data, highlighted by analyst James Check in a post on platform X on April 8, sheds light on the structural difficulties of the second-largest crypto asset by market capitalization.

分析師詹姆斯（James）在4月8日在平台X上發表的帖子中籤到了這些數據，闡明了按市值計算的第二大加密資產的結構性困難。

While the two assets move largely in tandem, with both suffering losses of over 50% since the beginning of 2022, Bitcoin has managed to stay afloat, losing 6% on Monday, April 9, and remaining at a price point 275% higher than the peak of the bull cycle seven years ago.

雖然這兩個資產在很大程度上轉移了，但兩者自2022年初以來遭受了50％以上的損失，但比特幣設法保持維持生計，在4月9日星期一損失6％，並且比七年前的公牛週期的高峰高275％。

According to CoinGecko, ETH reached 1,400 dollars in the early hours of the same day. In the last 24 hours, the asset has seen an additional 10% drop, falling below 1,450 dollars, a price lower than the peak reached during the 2018 market cycle.

根據Coingecko的說法，ETH在同一天凌晨達到了1,400美元。在過去的24小時內，資產額外下降了10％，低於1,450美元，價格低於2018年市場週期中達到的峰值。

According to Check’s analysis, which examined the period from August 2015 to April 2024, the relative strength of the two assets is evident in the ETH/BTC ratio.

根據Check的分析，該分析研究了2015年8月至2024年4月，這兩個資產的相對強度在ETH/BTC比率中很明顯。

This ratio, which measures the value of Ether compared to that of Bitcoin, is currently at a five-year low, reaching 0.018 on April 9 according to TradingView data. To find such a low level, one must go back to December 2019, when Ether had fallen to $125 and Bitcoin was hovering around $7,000.

根據TradingView數據，該比率與比特幣相比，該比率衡量了以太幣的價值，目前處於五年低點，在4月9日達到0.018。為了找到如此低的水平，必須回到2019年12月，當時以太幣跌至125美元，比特幣徘徊在7,000美元左右。

This decline in the ratio reflects a true collapse in ETH prices, wiping out seven years of gains. In the last 24 hours, the asset has seen an additional 10% loss, falling below 1,450 dollars, a price lower than the peak reached during the 2018 market cycle.

該比率的下降反映了ETH價格的真正崩潰，消除了七年的收益。在過去的24小時內，資產又損失了10％，低於1,450美元，價格低於2018年市場週期中達到的高峰。

According to CoinGecko, ETH reached 1,400 dollars in the early hours of April 9. In comparison, Bitcoin lost 6% on the same day, bringing it to 75,000 dollars—a level still 275% higher than the peak of the bull cycle seven years ago.

根據Coingecko的數據，ETH在4月9日凌晨達到了1,400美元。相比之下，比特幣在同一天損失了6％，使其達到75,000美元，比七年前的公牛峰值高275％。

Concerns are growing within the Ethereum community

以太坊社區中的擔憂正在增長

The disappointment is also felt among the most fervent supporters of Ethereum. Despite the love for the project, many are beginning to confront a difficult reality: that of stagnation.

令人失望的是以太坊最熱心的支持者之一。儘管對該項目充滿了熱愛，但許多人開始面對一個困難的現實：停滯。

Web3 researcher Stacy Muur commented in a post on X on April 8 that, while loving Ethereum, it is evident how the number of active addresses on the network has remained practically unchanged over the last four years.

Web3研究人員Stacy Muur在4月8日在X上發表的一篇文章中評論說，儘管熱愛以太坊，但很明顯，在過去四年中，網絡上的主動地址數量幾乎保持不變。

This data point, usually used to measure the level of activity and adoption of a blockchain network, in the case of Ethereum, suggests a lack of significant growth.

對於以太坊的情況，該數據點通常用於衡量區塊鍊網絡的活動水平和採用，這表明缺乏顯著增長。

According to Muur’s analysis, in 2020, the average was around 1.5 million active addresses per week, a figure that has remained relatively stable, even in periods of market peaks, such as the 2021 bull market.

根據Muur的分析，在2020年，平均每週約有150萬個活動地址，即使在2021年牛市等市場高峰期，這個數字仍然相對穩定。

This lack of growth in active addresses could explain ETH’s inability to regain ground compared to Bitcoin.

與比特幣相比，主動地址缺乏增長可以解釋ETH無法恢復地面。

Despite concerns related to activity on the main network, some analysts highlight the fact that a significant portion of the traffic has shifted to second layer networks, known as Ethereum Layer-2.

儘管與主網絡上的活動有關，但一些分析師強調了一個事實，即流量的很大一部分已轉移到第二層網絡，即以太坊層2。

According to data provided by L2Beat, these scalable solutions are experiencing remarkable growth in terms of value locked on-chain.

根據L2BEAT提供的數據，這些可擴展的解決方案在鏈接鏈接的價值鎖定方面具有顯著的增長。

This suggests that the Ethereum ecosystem is indeed evolving, but in different directions, presenting a mixed picture for investors.

這表明以太坊生態系統確實在不斷發展，但在不同的方向上，為投資者展示了混合的情況。

This could represent a glimmer of hope for the asset, which continues to be a pillar of the decentralized finance world (DeFi), despite the falling price.

這可能代表著對該資產的一線希望，儘管價格下降，但它仍然是分散金融界（DEFI）的支柱。

Technical supports: are we approaching a possible rebound?

技術支持：我們是否正在接近可能的反彈？

On the technical front, some sector analyses offer a less dramatic reading. Based on fractal patterns observed in the 2018 and 2022 cycles, the more optimistic observers believe that ETH is now at extremely oversold levels.

在技​​術方面，一些行業分析提供了不太戲劇性的閱讀。基於2018年和2022個週期中觀察到的分形模式，更樂觀的觀察者認為，ETH現在處於極高的水平。

This could indicate that the bottom is near, estimated around 1,000 dollars, according to technical indicators.

根據技術指標，這可能表明底部接近，估計約為1,000美元。

According to sector analysis firm Standpoint, such technical indicators suggest that a consolidation phase could precede a potential rebound. However, at the moment, the narrative is dominated by concern and the unfavorable comparison with a Bitcoin that continues to excel not only in performance but also in interest from institutional investors.

根據行業分析公司的觀點，此類技術指標表明，合併階段可以在潛在的反彈之前。但是，目前，敘述是由關注和與比特幣的不利比較主導的，比特幣不僅在績效方面都表現出色，而且對機構投資者的興趣也很高。

The identity in crisis of Ethereum

以太坊危機中的身份

The general picture highlights increasing pressure on Ethereum. Despite its innovative architecture for smart contracts and the immense ecosystem that has resulted from it, after the initial enthusiasm, Ether seems to have lost part of its appeal.

一般圖片突出了以太坊的壓力增加。儘管具有智能合約的創新建築及其最初的熱情之後，從中產生的巨大生態系統似乎已經失去了其吸引力的一部分。

To this is added a complicated relationship between the price of the native

為此添加了本地價格之間的複雜關係