以太坊（ETH）可能会发生一个重大变化，因为其实体调整后的休眠流量下降到1M以下

数据指标是一项标准市场周期量度，可以验证ETH在其最低价位上的存在可能逆转下降趋势。

A big change could be approaching for Ethereum (ETH) as its Entity-Adjusted Dormancy Flow falls under 1 million. The data indicator is a standard market cycle measure that verifies that ETH exists at its bottom price point ahead of possibly reversing downward trends.

以太坊（ETH）可能会发生一个重大变化，因为其实体调整后的休眠流量低于100万。数据指标是一个标准的市场周期量度，它可以验证ETH在其最低价位上存在的趋势可能逆转趋势。

This analysis is part of a series that introduces critical on-chain metrics that traders can use to identify trends.

该分析是一个系列的一部分，该系列介绍了交易者可以用来识别趋势的关键链上指标。

#Ethereum Entity-Adjusted Dormancy Flow just dropped below 1 million. Historically, this level indicates a macro bottom zone, meaning $ETH might be undervalued & long-term holders are less inclined to sell. It also suggests:• Sentiment is low• Capitulation might've occurred•… pic.twitter.com/8mFc3Qdxoy— Ali (@ali_charts) August 25, 2023

#Ethereum实体调整后的休眠流量刚刚降至100万以下。从历史上看，此级别表明宏观底部区域，这意味着$ ETH可能被低估了，长期持有人不太倾向于出售。它还建议：•情感低•可能发生了投降•…pic.twitter.com/8mfc3qdxoy -ali（@ali_charts）2023年8月25日

Entity-adjusted Dormancy Flow is the ratio of the current market capitalization and the annualized dormancy value (measured in USD). A value below 1 million shows a positive trend among long-term holders as they hold their assets instead of selling due to confidence in upcoming returns.

实体调整的休眠流量是当前市值和年度休眠价值的比率（以美元计量）。低于100万的价值显示了长期持有人的积极趋势，因为他们持有资产，而不是由于对即将到来的回报的信心而出售。

The X post adds three more market factors including decreased sentiment, potential capitulatory selling behavior, and the possibility of intelligent investment by the market.

X帖子增加了三个市场因素，包括减少情绪，潜在的投产销售行为以及市场智能投资的可能性。

What This Means for the Ethereum

这对以太坊意味着什么

Market sentiment reaches its lowest point at market bottoms since pessimism reaches maximum levels. Weaker speculative traders might have suffered losses through selling their positions which reduced market selling pressure and created conditions for a price increase.

自从悲观主义达到最大水平以来，市场情绪达到了市场底部的最低点。投机性交易者可能通过出售其头寸损失损失，从而降低了市场销售压力并创造了价格上涨的条件。

Smart money institutions tend to behave similarly to history by accumulating ETH during specific price levels which often leads to substantial market increases. According to Glassnode along with other data sites, Bitcoin (BTC) dormancy trends have demonstrated the same patterns which highlight potential buying conditions.

智能货币机构在特定的价格水平上积累ETH的行为往往与历史相似，这通常会导致大幅增加市场的增长。根据玻璃节以及其他数据站点，比特币（BTC）休眠趋势表现出相同的模式，这些模式突出了潜在的购买条件。

A Historical Perspective

历史观点

The data presented by @ali_charts ranges from 2016 to 2025 to illustrate that market bottoms have occurred whenever the “million” value dropped below this threshold. This measurement possesses potential value although it functions as insufficient by itself.

@Ali_Charts提供的数据范围从2016年到2025年，以说明每当“百万”价值降至此阈值以下时，就会发生市场底层。该测量值具有潜在的价值，尽管它本身不足。

Investors should monitor data related to network activities and transaction volumes on The Block platform as well as market conditions for the best understanding.

投资者应监视与网络活动和交易量有关的数据，以及市场条件，以获得最佳理解。

Looking Ahead

展望未来

The volatile cryptocurrency environment could produce changes given that Ethereum continues with its journey to PoS. Because these on-chain metrics are complicated it is essential for investors to perform comprehensive analysis and to avoid using this single data point in isolation. The market continues monitoring to determine whether Ethereum will bounce from its possible price undervaluation.

鉴于以太坊继续前往POS的旅程，挥发性的加密货币环境可能会产生变化。由于这些链上的指标很复杂，因此投资者必须进行全面的分析并避免隔离使用此单个数据点。市场继续监视，以确定以太坊是否会从其可能的价格低估中反弹。