ETH 鲸鱼在顶部抛售，但新的资金流入表明反弹即将到来

ETH 价格有望以看涨趋势结束 2024 年的前 7 天。特别是自 12 月中旬以来价格自然回落之后

After experiencing a bullish run during the first few days of 2024, ETH price encountered a setback on Tuesday with a flash crash that resulted in a loss of around 8.3%. Upon closer examination, the crash appears to be a liquidity shakedown.

在经历了 2024 年头几天的牛市之后，ETH 价格在周二遭遇挫折，闪崩，导致下跌约 8.3%。经过更仔细的审视，这次崩盘似乎是一场流动性紧缩。

Despite the initial rally, the crash on Tuesday wiped out the gains achieved earlier in the week. The sharp pullback had all the makings of a liquidity shakedown.

尽管最初出现反弹，但周二的暴跌抹去了本周早些时候取得的涨幅。此次大幅回调具备了流动性紧缩的所有因素。

For instance, whale activity showed outflows since late December and into the first week of January, even as the price moved up.

例如，自 12 月底到 1 月第一周，尽管价格上涨，鲸鱼活动仍出现资金外流。

Before the rally, ETH price action showed some consolidation in the last week of December, indicating directional uncertainty.

在上涨之前，ETH 价格走势在 12 月最后一周出现了一些盘整，表明方向不确定。

However, the uptick that followed provided some conviction about the cryptocurrency’s direction. As a result, appetite for leverage created an opportunity for long liquidations.

然而，随后的上涨让人们对加密货币的方向有了一些信心。结果，对杠杆的兴趣创造了多头清算的机会。

The return of sell pressure led to $166.45 million in long liquidations over the last 2 days. Such liquidations are common, especially during periods characterized by excitement and a strong appetite for leverage.

过去两天，抛售压力的回归导致多头清算金额达 1.6645 亿美元。这种清算很常见，尤其是在人们兴奋和对杠杆有着强烈兴趣的时期。

Unsurprisingly, Ethereum’s estimated leverage ratio has been rising steadily over the last few months. It peaked at a new all-time high on Friday last week, which was quickly followed by a spike in long liquidations.

不出所料，以太坊的估计杠杆率在过去几个月一直在稳步上升。上周周五触及历史新高，随后多头清算量激增。

Although ETH began the year with bullish momentum, it was the opposite for whales as they booked their profits.

尽管 ETH 年初呈现看涨势头，但鲸鱼的情况却恰恰相反，他们预订了利润。

This signaled a short-term outlook, which also increased the chances of a retracement. Outflows from whale addresses were seen in the form of a sharp dip in IntoTheBlock's large holder netflows indicator.

这标志着短期前景，也增加了回调的可能性。从鲸鱼地址的流出表现为 IntoTheBlock 的大持有者净流量指标急剧下降。

However, the latest large holder inflow and outflow data shows that inflows were higher than outflows.

然而，最新的大股东流入和流出数据显示，流入量高于流出量。

ETH inflows on 7 January peaked at 519,620 ETH, while outflows on the same day totaled 411,300 coins. This resulted in a net gain for the cryptocurrency, indicating higher demand and less sell pressure from the whale category at recent lows.

1 月 7 日，ETH 流入量达到峰值 519,620 ETH，而当天流出总量为 411,300 ETH。这导致加密货币出现净收益，表明需求增加，鲸鱼类别在近期低点的抛售压力减少。

Could this mean that ETH is finally set to rally again? The return of whale demand suggests that price might find support between $3032 and $3221.

这是否意味着 ETH 终于要再次反弹了？鲸鱼需求的回归表明价格可能会在 3032 美元至 3221 美元之间找到支撑。

A bounce-back from this range may not necessarily indicate the start of a major rally.

从该区间反弹并不一定意味着大幅反弹的开始。

Can ETH Price still rally above $10,000 in 2025?

2025 年 ETH 价格还能涨到 10,000 美元以上吗？

Recent supply and demand characteristics point to a temporary return to short-term price swings. Nonetheless, the long-term outlook is still positive.

近期的供需特征表明价格将暂时回归短期波动。尽管如此，长期前景仍然乐观。

One of the main reasons for optimism is the upcoming shift to a pro-crypto administration in the U.S. This development is expected to have far-reaching implications in the crypto market, especially regarding regulations.

乐观的主要原因之一是美国即将转向支持加密货币的政府。这一发展预计将对加密市场产生深远的影响，特别是在监管方面。

Another major development that could supercharge ETH adoption is on the horizon. The Ethereum network is set to undergo a major upgrade called Pectra.

另一项可能促进 ETH 采用的重大进展即将出现。以太坊网络将进行名为 Pectra 的重大升级。

Early details of the Pectra upgrade reveal that there will be improvements to staking, including increasing the validator staking cap to 2048 ETH from the current 32 ETH. The enhancements will also extend to scalability and staking, with plans to include staking rewards to boost participation. These changes could potentially enhance ETH's attractiveness in the long run.

Pectra 升级的早期细节显示，质押方面将会有所改进，包括将验证者质押上限从目前的 32 ETH 增加到 2048 ETH。这些增强功能还将扩展到可扩展性和质押，并计划包括质押奖励以提高参与度。从长远来看，这些变化可能会增强 ETH 的吸引力。