ETH的价格最近表现得像稳定的

这种过山车与其他加密货币形成鲜明对比。例如，比特币BTC从2021年的$ 58000飙升至2025年$ 109000

If you had invested $10,000 in Ethereum (ETH) four years ago, you might expect a significant return by now, given the crypto market’s reputation for volatility. However, as of late March 2025, that investment would be worth around $10,000 to $11,000, reflecting ETH’s surprisingly minimal performance.

如果四年前您已经向以太坊（ETH）投资了10,000美元，那么鉴于加密货币市场的波动声誉，您可能会预计到目前为止有很大的回报。但是，截至2025年3月下旬，这项投资的价值约为10,000至11,000美元，这反映了ETH令人惊讶的最低效果。

Back on March 31, 2021, ETH was priced at around $1,800. Today, it sits between $1,700 and $1,800—a negligible change over four years.

回到2021年3月31日，ETH的价格约为1,800美元。如今，它的价格在1,700美元至1,800美元之间，这是四年来微不足道的变化。

ETH hit an all-time high (ATH) of $4,878 in November 2021 but plummeted to roughly $1,000 during the 2022 bear market before gradually recovering to its current range.

ETH在2021年11月的历史最高水平（ATH）达到了4,878美元，但在2022年的熊市中跌至约1,000美元，然后逐渐恢复到目前的范围。

This contrasts sharply with other cryptocurrencies. Bitcoin (BTC) surged from $58,000 in 2021 to a peak of $109,000 in 2025, though it’s now down over 30% to around $82,000. Solana (SOL) skyrocketed from $35 to $126 (+260%), while XRP has seen mixed results but outperformed ETH in percentage gains at times.

这与其他加密货币形成鲜明对比。比特币（BTC）从2021年的58,000美元飙升至2025年的109,000美元的峰值，尽管现在下降了30％以上，降至82,000美元左右。 Solana（Sol）从35美元飙升至126美元（+260％），而XRP的结果不同，但有时比ETH的比例优于ETH。

ETH’s price often mirrors BTC’s trends. Historically, BTC drops 30-50% after hitting an ATH. For this period, after reaching the ATH of $108,786 on January 2025, BTC had decreased about 25-30%, to BTC today. With this case, some analysts have predicted a further decline to $66,000 in BTC’s price; then ETH could follow suit.

ETH的价格通常反映了BTC的趋势。从历史上看，BTC击中ATH后下降了30-50％。在此期间，在2025年1月达到108,786美元的ATH之后，BTC今天下降了约25-30％，今天降低了25-30％。在这种情况下，一些分析师预测，BTC的价格将进一步下降至66,000美元。然后ETH可以效仿。

However, the ETH/BTC trading pair has also weakened significantly, with BTC/ETH approximately equal to 45, signaling ETH’s growing disconnect from BTC’s dominance. Moreover, the recent Pectra update, unlike past upgrades such as The Merge, has failed to spark a positive price reaction, adding to the bearish outlook.

但是，ETH/BTC交易对也已大大削弱，BTC/ETH大约等于45，这表明ETH与BTC的优势不断脱节。此外，最近的Pectra更新与过去的升级（如Merge）不同，它未能引起积极的价格反应，从而增加了看跌的前景。

If you had invested $10K in ETH four years ago, you’d actually be at a slight loss this year.

如果您四年前投资了1万美元的ETH，那么今年您实际上会轻微亏损。

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Source: Coingecko

资料来源：Coingecko

ETH’s lackluster performance can be traced to broader economic fears and market dynamics.

ETH的表现平淡的表现可以追溯到更广泛的经济恐惧和市场动态。

With recession concerns mounting, traditional safe-haven assets like gold have hit record highs. Especially amid rising diplomatic tensions and global trade wars since Trump took office earlier this year, gold has emerged as the top safe-haven asset for investors, surging to $3,122 per ounce. Or another option, BTC, has solidified its status as “digital gold,” also a common way to reserve assets for investors.

由于经济衰退的疑问，传统的避风港资产（如黄金）的创纪录高点。自从特朗普今年早些时候上任以来，在外交紧张局势和全球贸易战越来越大的情况下，黄金已成为投资者的最高安全资产，飙升至每盎司3,122美元。或者另一种选择BTC巩固了其作为“数字黄金”的地位，这也是为投资者保留资产的常见方法。

In contrast, the lack of a strong enough use case for ETH is causing price stagnation. Investors are hesitant to pour money into assets perceived as less reliable, like ETH or other digital assets, during uncertain times.

相比之下，缺乏足够强的用例来导致价格停滞。投资者犹豫不决地将资金倒入不确定的时期（例如ETH或其他数字资产）的资产中。

Meanwhile, competitors like Binance Coin (BNB) thrive through proactive measures. BNB’s ecosystem has rolled out initiatives like the third Liquidity Program, memecoin stimulation from CZ, and projects like WIO and Binance Alpha. These efforts have kept BNB’s price buoyant, climbing from $300 in 2021 to over $600 in 2025—a 100%+ gain—while its chain’s total value locked (TVL) rivals Ethereum’s in DeFi activity.

同时，像Binance Coin（BNB）这样的竞争对手通过积极的措施壮成长。 BNB的生态系统已推出了诸如第三流动性计划，CZ的Memecoin刺激以及Wio和Binance Alpha等项目。这些努力使BNB的价格浮力从2021年的300美元上升至2025年的600美元以上（100％+增益），而其连锁店的总价值已锁定（TVL）竞争对手以太坊在Defi活动中的竞争对手。

Source: DefiLlama

资料来源：Defillama

Ethereum, by contrast, lacks such dynamic catalysts. While technically impressive, its upgrades haven’t translated into immediate market excitement. While The Merge significantly reduced energy consumption, Pectra’s emphasis on scalability improvements has not yet yielded significant results.

相比之下，以太坊缺乏这种动态催化剂。尽管在技术上令人印象深刻，但其升级并未转化为直接的市场兴奋。尽管合并大大降低了能源消耗，但Pectra对可伸缩性提高的强调尚未产生重大结果。

Without a bold push akin to BNB’s multi-pronged strategy—or even Solana’s relentless marketing of its high-speed blockchain—ETH remains stuck, mimicking a stablecoin’s predictability rather than a growth asset’s volatility. This inertia highlights a broader challenge: ETH’s maturity may be stifling its ability to compete with hungrier rivals.

如果没有大胆的推动力类似于BNB的多管齐下策略，甚至是Solana对其高速区块链的无情营销，ETH仍然陷入困境，模仿了Stablecoin的可预测性，而不是增长资产的波动性。这种惯性凸显了一个更广泛的挑战：ETH的成熟度可能正在扼杀其与饥饿的竞争对手竞争的能力。

Read more: ETH Suddenly Dropped to $1,900

阅读更多：ETH突然跌至1,900美元

Despite the Downsides, ETH Still Holds Immense Potential

尽管缺点，ETH仍然具有巨大的潜力

Even with these challenges, ETH remains a cornerstone of the crypto world. As the largest and most established Layer 1 blockchain, it boasts a robust community and a sprawling ecosystem, including Layer 2 solutions and a wide array of applications. Its technology continues to lead the industry, driven by top-tier developers and market-leading upgrades.

即使面临这些挑战，ETH仍然是加密世界的基石。作为最大，最建立的第1层区块链，它拥有一个健壮的社区和一个庞大的生态系统，包括第2层解决方案和广泛的应用程序。在顶级开发商和市场领先的升级的推动下，其技术继续领导该行业。

Besides that, there have been several rumors within the community of the growing real-world adoption of Ethereum.

除此之外，社区中有几个谣言，即以太坊的现实世界日益增长。