導航狂風的海：以太坊（ETH）與看跌壓力抓住

加密貨幣在$ 2,000的閾值以下穩固的穩固，正在與看跌壓力的匯合處掙扎

Ethereum (ETH) is battling a tempestuous sea of challenges as it consolidates precariously below the $2,000 threshold. A staggering $29 billion exodus from its DeFi ecosystem in just 30 days, Bitcoin’s ascendant dominance to record highs, and the lingering shadow of failed network updates are among the pressing issues converging on the cryptocurrency.

以太坊（ETH）正在與狂暴的挑戰作鬥爭，因為它穩固地穩固於2,000美元的門檻以下。僅30天內，比特幣的升級優勢在其Defi生態系統中進行了驚人的290億美元外埃及記錄，而網絡更新失敗的陰影是加密貨幣的緊迫問題之一。

This article delves into the intricate web of on-chain data, market dynamics, and macroeconomic influences that are shaping Ethereum’s current trajectory, exploring the potential for a rebound or the risk of further decline.

本文深入研究了複雜的鏈上數據，市場動態和宏觀經濟影響的網絡，這些網絡正在塑造以太坊的當前軌跡，探索反彈的潛力或進一步下降的風險。

The $1,913 Starting Point: A Fragile Equilibrium

$ 1,913的起點：脆弱的平衡

$ 1,913的起點：脆弱的平衡

At the outset of Wednesday’s trading session, Ethereum was trading at $1,913, a price point that encapsulates the cryptocurrency’s current fragility. This level represents a precarious equilibrium, a battleground where bulls and bears are locked in a struggle for control.

在周三的交易會開始時，以太坊的交易價格為1,913美元，這個價格封裝了加密貨幣當前的脆弱性。這個水平代表了一個不穩定的平衡，這是一個戰場，公牛和熊陷入了控制鬥爭中。

After failing to maintain itself above the $2,000 mark, which had been breached on March 10th, Ethereum has consolidated within a 5% range below this critical resistance. This consolidation reflects the prevailing market uncertainty, with investors awaiting the U.S. Federal Reserve’s interest rate decision and grappling with the implications of Bitcoin’s growing dominance.

在3月10日違反了2,000美元的$ 2,000大關之後，以太坊已在此關鍵阻力範圍內鞏固了5％的範圍。這種整合反映了普遍的市場不確定性，投資者在等待美聯儲的利率決策，並努力應對比特幣日益增長的統治地位。

Bitcoin’s Ascendant Dominance: A Shifting Power Dynamic

比特幣的上升主導地位：動力不斷變化

比特幣的上升主導地位：動力不斷變化

One of the most significant developments impacting Ethereum’s performance is the dramatic rise of Bitcoin’s dominance. The BTC/ETH ratio, which tracks the relative performance of both assets, has surged to a record high of 44.6, which was reached on March 14th.

影響以太坊表現的最重要的發展之一是比特幣主導地位的急劇上升。跟踪兩種資產的相對績效的BTC/ETH比率已飆升至3月14日達到的創紀錄的44.6。

To put this in perspective, one Bitcoin can now purchase over 44 Ethereum, up from a 1:33 ratio at the recent lows on February 25th.

從角度來看，現在，一個比特幣可以購買44多個以太坊，高於2月25日最近低點的1:33比率。

This shift in the power dynamic between Bitcoin and Ethereum reflects a growing preference for Bitcoin as a safe-haven asset. As global macroeconomic uncertainty increases, investors are turning to Bitcoin for stability and resilience.

比特幣和以太坊之間動力動態的這種轉變反映了對比特幣作為避難所資產的偏好。隨著全球宏觀經濟不確定性的提高，投資者正在求助於比特幣，以獲得穩定性和韌性。

Bitcoin’s status as the original cryptocurrency and its perceived resilience during previous market cycles make it a natural choice for investors seeking refuge from volatility.

比特幣作為原始加密貨幣的地位及其在以前的市場週期中的感知韌性使其成為尋求避難所避難的投資者的自然選擇。

The $29 Billion DeFi Exodus: A Sign of Eroding Confidence

耗資290億美元的Defi Exodus：侵蝕信心的標誌

耗資290億美元的Defi Exodus：侵蝕信心的標誌

The staggering $29 billion decline in Ethereum’s DeFi ecosystem within 30 days is a stark reminder of the challenges facing the platform. This exodus, which began on February 26th, reflects a significant erosion of confidence among DeFi users and investors.

以太坊在30天內，以太坊的Defi生態系統下降了290億美元，這引起了平檯面臨的挑戰。該出埃及從2月26日開始，反映了Defi用戶和投資者對信心的重大侵蝕。

After hitting a peak of $240 billion on February 26th, the total value locked (TVL) in Ethereum’s DeFi protocols has plummeted to $211 billion on March 28th. This marks a staggering decrease of $29 billion in just 30 days.

在2月26日達到2400億美元的峰值之後，以太坊Defi協議中的總價值鎖定（TVL）在3月28日下降到2110億美元。這標誌著短短30天內的驚人降低了290億美元。

The setbacks in network scalability and the series of failed updates have culminated in a shift of user preference towards Bitcoin, leading to a decline in the DeFi ecosystem.

網絡可伸縮性和一系列失敗更新的挫折導致用戶偏好向比特幣的轉變，從而導致Defi生態系統的下降。

Failed Network Updates: A Lingering Shadow

網絡更新失敗：揮之不去的陰影

網絡更新失敗：揮之不去的陰影

Ethereum’s struggles with network scalability issues and failed updates have been closely monitored by investors, and the historical data reveals a concerning trend.

以太坊在網絡可伸縮性問題上的鬥爭和更新失敗的鬥爭已受到投資者的密切監控，歷史數據揭示了有關趨勢的一個。

Following the Ethereum Merge, which was completed in September 2022, there has been a devaluation of ETH, and crucially, multiple failed network upgrades have pushed ETH supply above pre-Merge levels.

在2022年9月完成的以太坊合併之後，ETH貶值了，至關重要的是，多次失敗的網絡升級將ETH供應推向了前合併水平以上。

The Pectra and Hoodi updates, both of which were anticipated to enhance network performance and scalability, ultimately failed to deliver the desired results. This has further dampened investor confidence and eroded trust in the Ethereum Foundation’s ability to manage the cryptocurrency’s development effectively.

Pectra和Hoodi的更新預計都可以提高網絡性能和可伸縮性，最終未能提供所需的結果。這進一步削弱了投資者的信心，並侵蝕了以太坊基金會有效地管理加密貨幣發展的能力的信任。

The Ethereum Foundation’s attempt to regain control by shuffling leadership in February is still unfolding, and it remains to be seen whether this move will be successful in restoring investor confidence and altering the course of events.

以太坊基金會在二月份通過改組領導而重新獲得控制權的嘗試仍在發展，這一舉動是否會成功地恢復投資者的信心並改變事件的進程，還有待觀察。

Macroeconomic Factors: The Trump Tariff Effect

宏觀經濟因素：特朗普關稅效應

宏觀經濟因素：特朗普關稅效應

The impact of macroeconomic factors, particularly the Trump tariff effect, cannot be overlooked. The new trade tariff policies introduced by the Trump administration have rattled global markets, prompting crypto investors to seek safety in Bitcoin over Ethereum.

宏觀經濟因素的影響，尤其是特朗普關稅效應，不可忽視。特朗普政府提出的新貿易關稅政策使全球市場震撼，促使加密投資者在以太坊中尋求比特幣安全性。

As reported by CCXV, Trump’s trade policies have had a significant bearing on investor sentiment and asset price movements. The trade tensions and geopolitical uncertainties have created a risk-off environment for investors, driving them towards safe-haven assets.

正如CCXV報導的那樣，特朗普的貿易政策與投資者的情緒和資產價格變動有很大的影響。貿易緊張局勢和地緣政治不確定性為投資者創造了冒險環境，推動了他們朝著避風港資產邁進。

In this context, Bitcoin’s inherent characteristics as a decentralized, scarce asset class make it a natural refuge for investors seeking to preserve capital and hedge against economic uncertainty.

在這種情況下，比特幣作為分散的，稀缺的資產類別的固有特徵使其成為尋求維護資本和對沖經濟不確定性的投資者的自然避難所。

This has further contributed to Bitcoin’s ascendant dominance and Ethereum’s struggles in the face of a confluence of challenges.

這進一步促進了比特幣的上升主導地位和麵對挑戰融合的以太坊的鬥爭。

The $2,000 Resistance: A Critical Barrier

2,000美元的抵抗：關鍵障礙

2,000美元的抵抗：關鍵障礙

The $2,000 level represents a critical barrier for Ethereum, and its inability to reclaim this level underscores the prevailing bearish sentiment and the challenges it faces in regaining bullish momentum.

2,000美元的水平代表了以太坊的關鍵障礙，它無法收回該水平強調了普遍的看跌情緒及其在重新獲得看漲勢頭方面面臨的挑戰。

A decisive break above $2,

超過$ 2的決定性休息