随着看跌模式的加剧，以太坊再次下降到2000美元以下，但鲸鱼和堆放数据提供了混合的信号。

以太坊（ETH）于3月23日再次下跌2000美元，在关键水平上测试了投资者的信心。

Ethereum (ETH) fell below $2,000 again on Thursday, testing critical levels for support as technical indicators offered mixed signals on the crypto’s short-term prospects.

以太坊（ETH）在周四再次下跌低于2,000美元，测试了对支持的关键水平，因为技术指标在加密货币的短期前景上提供了混合信号。

What Happened: The second-largest cryptocurrency dipped to an intraday low of $1,952 by 08:30 ET (12:30 GMT), a level last seen on March 9 during a brief dip.

发生的事情是：第二大加密货币降至08:30 ET（格林尼治标准时间12:30）的盘中低点，这是3月9日在短暂下降中的最后一个水平。

At press time, ETH traded at $1,988, still down 13% for the week. The altcoin had a market cap of roughly $240 billion.

发稿时，ETH的交易价格为1,988美元，一周仍下跌13％。 Altcoin的市值约为2400亿美元。

Technical analyst MadWhale identified $2,200 as a key resistance zone for ETH. That level coincides with the upper boundary of a descending channel, a pattern that usually signals bearish continuation.

技术分析师Madwhale将2,200美元确定为ETH的关键阻力区。该级别与降频道的上边界相吻合，这种模式通常表示看跌的延续。

If ETH fails to break above the channel, it could drop 13% to test the $1,700 support level again, last seen in early March, the analyst noted.

分析师指出，如果ETH未能突破频道，则可能会下降13％，以再次测试3月初最后一次出现的1,700美元的支持水平。

“Strong resistance at the channel and prior highs around $2,200. If we fail to close above the channel, we could see a 13% drop from here, potentially retesting the $1,700 support.”

“频道的强烈阻力和先前的高价约为2,200美元。如果我们未能在频道上方关闭，我们可能会看到13％的下降，从这里重新测试1,700美元的支持。”

(Image: MadWhale/X)

（图片：madwhale/x）

However, the MACD indicator suggests that bearish momentum might be slowing. A bullish crossover could emerge, leaving room for a short-term rebound.

但是，MACD指标表明看跌势头可能会放慢。看涨的跨界可能会出现，为短期反弹留出了空间。

Investors Deposited $220M in ETH for Staking

投资者以股票存入2.2亿美元的资产

Long-term holders appear to be unfazed by the recent price pressure. According to Beaconcha.in, investors deposited 110,000 ETH—worth over $220 million—into Ethereum 2.0 staking contracts between Monday and Thursday.

长期持有人似乎对最近的价格压力并不感到震惊。根据Beatoncha.in的数据，投资者将110,000 ETH的资金存入了超过2.2亿美元，即以太坊2.0在周一至周四之间签订了合同。

The total staked supply rose from 33.72 million ETH to 33.83 million ETH within 48 hours. This removed a portion of ETH from circulation, easing short-term sell pressure and helping to stabilize the price around the $1,950 level.

在48小时内，固定的供应总量从3,372万ETH增至3383万ETH。这使一部分ETH从流通中消除了，缓解了短期卖出压力，并有助于稳定价格约为1,950美元的水平。

Analyst Patron viewed the uptick as a rotation into yield-generating assets amid growing market caution. Rather than indicating disinterest in ETH, the move suggests that some investors are opting for passive income while avoiding short-term volatility.

分析师的赞助人认为，由于市场的谨慎，这一速度是旋转到产生产生资产的。此举并没有表明对ETH不感兴趣，而是表明一些投资者选择被动收入，同时避免短期波动。

However, the sharp 37.37% drop in trading volume over the same period raises concerns. The imbalance between increased staking and decreasing liquidity highlights the fragility of Ethereum’s current support zone.

但是，同一时期的交易量下降了37.37％，这引起了人们的担忧。增加的积累和降低流动性之间的失衡突出了以太坊当前支撑区的脆弱性。

Whales Seize the Dip

鲸鱼抓住蘸酱

Large investors appear to be buying the dip. According to analyst Ali Martinez, whales bought more than 120,000 ETH—worth roughly $236 billion—in the past 72 hours.

大型投资者似乎正在购买DIP。根据分析师阿里·马丁内斯（Ali Martinez）的说法，在过去的72小时中，鲸鱼购买了超过120,000 ETH（约2360亿美元）。

“That’s a move that reflects market confidence,” Martinez wrote in a post.

马丁内斯在一篇文章中写道：“这是反映市场信心的举动。”

On-chain platform Lookonchain tracked a whale who had accumulated over 7,000 ETH, valued at $13.8 million. The investor reportedly moved 4,511 ETH from OKX into Aave, borrowed USDT, and bought another 2,563 ETH.

On-Chain Platform Lookonchain追踪了一条鲸鱼，该鲸鱼积累了7,000多个ETH，价值1,380万美元。据报道，投资者将4,511 ETH从OKX转移到AAVE，借入了USDT，并购买了2563 ETH。

Crypto analyst and trader MerlijnTrader urged investors not to panic, calling the current market setup familiar.

加密分析师和交易者Merlijntrader敦促投资者不要惊慌，称当前的市场设置熟悉。

“Don’t sell your $ETH at the bottom! Ethereum’s pattern is repeating itself—just like after previous crashes,” he posted.

他说：“不要在底部出售您的$ eth！以太坊的模式正在重复自己，就像以前崩溃之后一样。”

Meanwhile, Crypto Goos reported that ETH reserves on exchanges hit an all-time low, raising the potential for a supply squeeze.

同时，Crypto Goos报道说，ETH储备金的交流储备率达到了历史最低水平，从而增加了供应挤压的可能性。

Falling Fees and User Migration Raise Longer-Term Concerns

费用和用户迁移引起了长期关注

While whales and stakers have offered some short-term support, Ethereum’s broader network activity continues to weaken.

尽管鲸鱼和Stakers提供了一些短期支持，但以太坊的更广泛的网络活动仍在削弱。

According to protocol data, average transaction fees have dropped by 50% over the past week as on-chain engagement and smart contract usage decline.

根据协议数据，随着链上参与和智能合同使用率下降，过去一周的平均交易费用下降了50％。

Layer 2 upgrades have done little to stop users from moving to cheaper, faster chains like Solana and Avalanche. This shift continues to erode Ethereum’s share in decentralized applications. Developers are working on updates like Pectra and Hoodi, but near-term demand remains low.

第2层升级几乎没有阻止用户移动到更便宜，更快的连锁店，例如Solana和Avalanche。这种转变继续侵蚀以太坊在分散应用程序中的份额。开发人员正在研究Pectra和Hoodi等更新，但近期需求仍然很低。