以太坊 (ETH) 价格在 1 月 13 日下跌 8% 后，新一周开始看跌

山寨币在亚洲交易时段早些时候显示出疲软迹象，在从前一天的高点席卷流动性后形成背离。

Ether (ETH) price began the new week on a bearish note following an 8% drop on Jan. 13. The altcoin showed signs of weakness early in the Asian trading session, forming a lower deviation after sweeping liquidity from the previous day's high.

继 1 月 13 日下跌 8% 后，以太币 (ETH) 价格在新的一周开始呈现看跌走势。该山寨币在亚洲交易时段早些时候显示出疲软迹象，在流动性从前一天的高点回落后形成了较低的背离。

Ethereum also lost a weekly support level at $3,200 during the correction, pushing the price to its lowest value since Nov. 21, 2023.

以太坊在回调期间还失去了 3,200 美元的周支撑位，将价格推至 2023 年 11 月 21 日以来的最低值。

Ethereum futures traders turning bearish

以太坊期货交易员转向看跌

Ether's drop below $3,200 triggered another large liquidation event for the altcoin within a two-week period.

以太币跌破 3,200 美元，在两周内引发了另一场山寨币大规模清算事件。

Over $90 million in leveraged positions were wiped out, of which $77 million was in longs. Interestingly, open interest reached a new all-time high on Jan. 7 at $32 billion, which suggests that the futures market was predominantly bearish, building an influx of short positions over the past seven days.

超过 9000 万美元的杠杆头寸被消灭，其中 7700 万美元是多头头寸。有趣的是，未平仓合约在 1 月 7 日创下历史新高，达到 320 亿美元，这表明期货市场主要看跌，过去 7 天空头头寸大量涌入。

As traders closed their previous longs early or booked profits on their short positions from the recent top at $3,700, Ether OI dropped to $28 billion on Jan. 12.

由于交易员提前平仓了之前的多头头寸，或者从近期高点 3,700 美元的空头头寸中获利，以太坊持仓量在 1 月 12 日跌至 280 亿美元。

Ether OI dropped to $28 billion on Jan. 12.OI rates are displayed on a logarithmic scale.Source: Coinglass

1 月 12 日，以太坊 OI 跌至 280 亿美元。OI 率以对数刻度显示。来源：Coinglass

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Ethereum has turned “inflationary” in the past 10 months

以太坊在过去10个月里已经陷入“通货膨胀”

As the ETH futures market recently turned bearish, the underlying demand to hold Ethereum has declined over the past year. According to Benjamin Cowen, a crypto commentator and analyst, Ether circulation has increased at a rate of 45,000 ETH/month, and the current supply is only 32,000 short of reaching its pre-merge supply,

由于ETH期货市场最近转为看跌，持有以太坊的潜在需求在过去一年中有所下降。加密货币评论员兼分析师 Benjamin Cowen 表示，以太坊流通量以每月 45,000 ETH 的速度增加，目前的供应量仅比合并前的供应量少了 32,000 个，

When Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, the token was expected to turn deflationary because of ETH burns. However, since the beginning of 2023, ETH supply has increased faster than ETH burns, leading the analyst to add the following observation:

当以太坊从工作量证明 (PoW) 过渡到权益证明 (PoS) 共识机制时，由于 ETH 销毁，预计该代币将变得通缩。然而，自 2023 年初以来，ETH 供应量的增长速度快于 ETH 销毁速度，导致分析师添加以下观察结果：

"Technically, there is no net inflation yet since the supply is still under pre-merge reserve. Still, prolonged periods of low demand will eventually bring the supply back above the limit once again."

“从技术上讲，由于供应仍处于合并前的储备之下，目前还没有出现净通胀。不过，长期的低需求最终将使供应再次高于限制。”

From a technical perspective, Ether's wick below $3,000 is likely forming a new range low. As observed in the chart, a narrow liquidity zone between $3,000 and $3,100 was cleared, triggering a buy-side liquidity sweep.

从技术角度来看，以太坊低于 3,000 美元的烛线可能会形成新的区间低点。如图所示，3,000 美元至 3,100 美元之间的狭窄流动性区域被清除，引发了买方流动性扫荡。

An immediate bullish deviation from the $3,000 level on the daily chart would imply that the buyers have taken charge again. However, further weakness may drop ETH to as low as the $2,800 support, including the weekly Fair Value Gap (FVG) that has been active since Donald Trump's election win.

日线图上立即看涨偏离 3,000 美元水平将意味着买家再次占据主导地位。然而，进一步的疲软可能会使 ETH 跌至 2,800 美元的支撑位，其中包括自唐纳德·特朗普当选以来一直活跃的每周公允价值缺口 (FVG)。

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投资建议或建议。每一项投资和交易行为都涉及风险，读者在做出决定时应自行研究。