在低于$ 2,500的价格下降后，ETH重新获得看涨势头需要发生什么？

Ether（ETH）价格在2月24日下跌低于2,600美元，此后一直在努力维持有意义的恢复。

Ether (ETH) price dropped below $2,600 on Feb. 24 and has since struggled to sustain a meaningful recovery. The latest correction toward the $2,000 level triggered over $918 million in leveraged long (bull) liquidations in ETH futures within 15 days, according to CoinGlass data.

Ether（ETH）价格在2月24日下跌低于2,600美元，此后一直在努力维持有意义的恢复。根据Coinglass的数据，对2,000美元级别的最新纠正介绍了超过9.18亿美元的杠杆（Bull）Long（Bull）在ETH期货中的清算。

Traders are now questioning what needs to happen for ETH to break above $2,500.

交易者现在正在质疑ETH在2500美元以上中断需要发生的事情。

Ether/USD (left) vs. total altcoin market cap (right). Source: TradingView / Cointelegraph

Ether/USD（左）与总Altcoin市值（右）。资料来源：TradingView / Cointelegraph

The cryptocurrency has also underperformed the altcoin market by 10% during this period, as shown in the chart above.

如上图所示，在此期间，加密货币的表现也使Altcoin市场的表现不足10％。

More concerningly, this decline followed a memecoin frenzy that ultimately boosted Ethereum’s main competitor, Solana (SOL). This suggests that additional factors are hampering ETH’s price, and four major issues need to be addressed before Ether can reclaim a bull market.

更令人担忧的是，这种下降遵循了一个纪念性疯狂之后，最终促进了以太坊的主要竞争对手Solana（Solan）。这表明其他因素妨碍了ETH的价格，在以太币可以收回牛市之前，需要解决四个主要问题。

Ethereum’s upgrades and increased competition

以太坊的升级和增加的竞争

For some, the upcoming Pectra upgrade on the Ethereum network falls short of what is needed to drive a meaningful turnaround, whether it lowers base-layer transaction fees or significantly enhances usability.

对于某些人来说，即将到来的以太坊网络上的Pectra升级均未达到驱动有意义的周转所需的内容，无论是降低基础层交易费用还是显着提高可用性。

Even if the changes do improve the user experience, analysts argue that Ethereum still lacks interoperability across different layer-2 solutions, both in terms of liquidity and user accessibility.

即使更改确实改善了用户体验，分析师也认为，在流动性和用户可访问性方面，以太坊仍然缺乏在不同层的第2层解决方案上的互操作性。

Recent reports of empty blocks on the Ethereum testnet have also added to risk perception at a time when investors were already skeptical. Regardless of whether this issue is unrelated to the upcoming upgrade or easily fixable, some traders worry that any potential delay could be perceived negatively by the market.

在投资者已经持怀疑态度的时候，关于以太坊测试网络上空块的最新报道也增加了风险感知。不管这个问题与即将到来的升级或易于解决的问题无关，一些交易者都担心市场可能会对任何潜在的延误造成负面看法。

In essence, fear remains the dominant sentiment, and for this to change, several pressing issues must be resolved.

从本质上讲，恐惧仍然是主导的情绪，为了改变这一点，必须解决一些紧迫的问题。

Critics argue that part of ETH investors’ disappointment stems from the rise of indirect competitors, such as the modular layer-1 Berachain, which is focusing on integrating liquidity and governance for decentralized finance (DeFi) applications.

批评家认为，ETH投资者的一部分失望源于间接竞争者的兴起，例如模块化层贝拉辛（Berachain），该竞争对手的重点是将流动性和治理分散为分散融资（DEFI）应用。

7-day protocol fees ranking, USD. Source: DefiLlama

7天协议费用排名，美元。资料来源：Defillama

Berachain has managed to capture over $3 billion in deposits, as measured by total value locked (TVL) on DefiLlama.

贝拉辛（Berachain）设法捕获了超过30亿美元的存款，这是由Defillama上的总价值锁定（TVL）衡量的。

Similarly, Hyperliquid, a perpetual futures application hosted on its own blockchain, has surpassed $2.8 billion in open interest, outpacing competitors on the Ethereum network. In many ways, competition is growing beyond the traditional model.

同样，在自己的区块链上托管的永久性期货应用程序Hyproliquid已超过28亿美元的开放利息，超过了以太坊网络上的竞争对手。在许多方面，竞争超越了传统模型。

For ETH's price to regain bullish momentum, traders will need to see reassurance that the Ethereum network offers practical and clear advantages for its projects and users. Ultimately, Ethereum's focus on decentralization and incremental improvements—whether justified or not—could be limiting demand compared to its competition.

为了使ETH重新获得看涨势头的价格，交易者将需要保证以太坊网络为其项目和用户提供了实用，清晰的优势。最终，与竞争相比，以太坊对权力下放和逐步改进的关注（无论是否合理）都可能限制需求。

Weak onchain activity and institutional demand

无链活动和机构需求

The lack of demand from institutional investors is clear from the spot exchange-traded fund (ETF) flows, which were negative in nine of the last 10 trading days, resulting in $406 million in net withdrawals.

从现货交易所买卖基金（ETF）的流量中可以明显看出机构投资者的需求不足，在过去的10个交易日中的9个中，这是负面的，导致净撤资净额为4.06亿美元。

Some analysts suggested that demand could surge following the eventual approval of native staking on Ethereum ETFs, but this theory seems less likely now, given that the ETH supply is increasing at 0.7% annually.

一些分析人士认为，在以太坊ETF上最终批准的本地占用后，需求可能会激增，但是由于ETH供应每年增加0.7％，现在这种理论似乎不太可能。

Lower demand for blockchain processing has reduced the burn-fee mechanism, causing Ether to become inflationary. As a result, the adjusted native staking reward is now below 2.5%, while deposits in stablecoins yield up to 4.5% in most DeFi projects.

降低对区块链处理的需求减少了燃烧费用机制，导致以太成为通货膨胀。结果，调整后的本机放订奖励现在低于2.5％，而在大多数FEFI项目中，稳定的存款奖励产量高达4.5％。

Ultimately, the eventual inclusion of staking in spot ETFs is unlikely to be a game-changer for institutional demand.

最终，最终将赌注包括在现货ETF中是不可能成为机构需求的游戏规则改变者。

Related: DeFi TVL drops by $45B, erasing gains since Trump election

相关：Defi TVL下跌$ 45B，自从特朗普当选以来就删除了收益

Lastly, traders are concerned that the US Securities and Exchange Commission may approve a spot Solana ETF in 2025, creating direct competition for investors who currently only have access to Ether and Bitcoin (BTC) ETF products.

最后，交易者担心美国证券交易委员会可能会在2025年批准现货Solana ETF，这为目前仅访问Ether和BTCOIN（BTC）ETF产品的投资者提供直接竞争。

Therefore, for ETH price to reach $2,500 and beyond, investors will need to see clearer evidence that Ethereum is offering sustainable advantages over its competitors, in addition to its first-mover advantage.

因此，要达到2500美元及以后的ETH价格，投资者还需要看到更清晰的证据，表明以太坊还具有比其竞争对手的可持续优势，除了其第一步优势。

In summary, the future of Ether depends on the Ethereum network upgrades, increased network usage, and a subsequent decline in supply, as well as less friction for layer-2 interoperability, ensuring that the entire ecosystem benefits from its growth.

总而言之，以太醚的未来取决于以太坊网络的升级，网络使用的增加以及随后的供应下降以及对2层互操作性的摩擦较小，从而确保整个生态系统从其增长中受益。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出于一般信息目的，不打算被视为法律或投资建议。这里表达的观点，思想和观点是作者独自一人，不一定反映或代表Cointelegraph的观点和观点。