以太坊（ETH）可能正在接近其投降阶段的结束：分析师

据著名的加密分析师阿里·马丁内斯（Ali Martinez）称，以太坊（ETH）可能接近其投降阶段的末期。

Renowned crypto analyst Ali Martinez recently took to X to suggest that Ethereum (ETH) may be nearing the end of its capitulation phase.

著名的加密分析师阿里·马丁内斯（Ali Martinez）最近提出X，以表明以太坊（ETH）可能正在接近其投降阶段的结束。

The analyst stated that Ethereum’s Entity-Adjusted Dormancy Flow—which measures Ethereum’s market cap relative to its dormancy value, adjusted for unique entities rather than raw addresses—has dropped below the one-million mark.

这位分析师指出，以太坊的实体调整后的休眠流量（衡量以太坊相对于其休眠价值，对独特的实体而不是原始地址的调整后，都降至一百万个商标。

According to Martinez, this historically indicates a macro bottom zone for Ethereum, suggesting that the second-largest cryptocurrency by market capitalization could be undervalued.

根据马丁内斯（Martinez）的说法，这在历史上表明以太坊的宏观底部区域，这表明可以低估市值的第二大加密货币。

“This is the 4th time it touches this zone in the last 3 cycles. Each time it signaled a MACRO BOTTOM. It indicates low broader market sentiment as Dormancy is low, which means long-term holders are holding and smart money might be stepping in.”

“这是它在最近三个周期中第四次接触该区域。每次标志着宏观底部。它表明较低的市场情绪低落，因为休眠状况很低，这意味着长期持有人持有，智能货币可能会介入。”

Dormancy Flow: A Key Indicator of Recovery

休眠流程：恢复的关键指标

Martinez’s analysis highlights the significance of Ethereum’s dormancy flow in identifying potential turning points in the market. According to the analyst, a drop in this metric typically signals low sentiment among the broader market, suggesting that long-term holders are less inclined to sell. This could be a sign that the “smart money” is accumulating, potentially setting the stage for a price recovery.

马丁内斯（Martinez）的分析强调了以太坊休眠流程在识别市场中潜在转折点方面的重要性。根据分析师的说法，该度量标准的下降通常信号在更广泛的市场中低估，这表明长期持有人不太倾向于出售。这可能表明“聪明的钱”正在积累，有可能为价格恢复奠定基础。

“When this happens, it might indicate that capitulation has already occurred, and smart money might be stepping in,” Martinez explained.

马丁内斯解释说：“发生这种情况时，可能表明已经发生了投降，聪明的钱可能正在介入。”

In simpler terms, Ethereum could have already bottomed out, and investors may soon see a rebound as long-term holders resist the urge to sell off their positions.

从更简单的角度来看，以太坊可能已经触底了，而且由于长期持有人抵制出售其职位的冲动，投资者可能很快就会看到反弹。

A Look Back at Historical Patterns

回顾历史模式

Martinez’s observations are not without precedent.

马丁内斯的观察并非没有先例。

Similar drops in Ethereum’s Entity-Adjusted Dormancy Flow have historically coincided with market bottoms, with price recoveries unfolding afterwards.

以太坊实体调整后的休眠流量类似下降，历史上与市场最低点相吻合，此后价格回收的发展。

Those who have closely followed Ethereum’s past cycles may recall that in 2020, when the cryptocurrency was trading at around $100, it experienced a prolonged period of accumulation.

那些紧随以太坊过去周期的人可能会记得，当加密货币的交易价格约为100美元左右时，它的积累很长时间。

This led to a substantial rally, propelling ETH to reach a high of $480 in 2021.

这导致了大量集会，推动ETH在2021年达到480美元的高价。

What’s Next for Ethereum?

以太坊的下一步是什么？

While Martinez’s analysis doesn’t guarantee immediate price movement, it does suggest that Ethereum could be on the cusp of a reversal.

尽管马丁内斯的分析并不能保证立即的价格变动，但确实表明以太坊可能处于逆转的风口浪尖上。

For investors, this could be an opportunity to accumulate U.S.-based investors.

对于投资者来说，这可能是积累美国投资者的机会。