尽管300％激增，以太坊（ETH）仍继续落后比特币（BTC）

玻璃节数据的数据表明，自2022年中期以来，ETH/BTC比率一直在稳定下降，这突出了比特币在此周期中的优势。

Ethereum (CRYPTO: ETH) price continues to trail behind Bitcoin (CRYPTO: BTC) in the current market cycle, despite a remarkable 300% surge from its 2022 low of $880.

以太坊（Crypto：ETH）价格在当前市场周期中继续落后于比特币（加密：BTC），尽管其2022年低至880美元的低价涨幅300％。

Data from Glassnode reveals that the ETH/BTC ratio has been in a steady decline since mid-2022, highlighting Bitcoin’s dominance in this cycle.

玻璃节数据的数据表明，自2022年中期以来，ETH/BTC比率一直在稳定下降，这突出了比特币在此周期中的优势。

As of February 2, Ethereum trades at $3,107, but questions arise regarding its inability to maintain pace with Bitcoin, which continues to widen the gap despite Ethereum’s bullish fundamentals.

截至2月2日，以太坊的交易价格为3,107美元，但由于无法保持比特币的步伐而产生了疑问，尽管以太坊的看涨基本面，该比特币仍在不断扩大差距。

Bitcoin’s institutional momentum has been a major factor in this divergence. With the SEC’s approval of spot Bitcoin ETFs in January 2024, Bitcoin gained a significant regulatory advantage, giving it a six-month head start over Ethereum’s pending ETF applications.

比特币的机构势头一直是这种分歧的主要因素。随着SEC在2024年1月对现场比特币ETF的批准，比特币获得了显着的监管优势，这使它在以太坊的未决ETF应用程序中占据了六个月的开始。

This regulatory push helped Bitcoin post a 160% rally in 2024, far surpassing Ethereum’s 90% rise during the same period.

这种监管推动力在2024年有助于比特币发布160％的拉力赛，在同一时期，以太坊的90％上升。

The continued ETH/BTC ratio decline over 30 consecutive months suggests Bitcoin is outperforming Ethereum, largely due to Bitcoin’s first-mover advantage and its growing institutional adoption. There’s even speculation about Bitcoin’s possible inclusion on the U.S. government’s balance sheet, further solidifying its position.

连续30个月内，ETH/BTC持续的比率下降表明，比特币的表现优于以太坊，这在很大程度上是由于比特币的首次推动力优势及其不断增长的机构采用。甚至有人猜测比特币可能包含在美国政府的资产负债表中，进一步巩固了其立场。

Ethereum’s Quiet Strengths: Dominating DeFi

以太坊的安静优势：主导Defi

Despite Bitcoin’s dominance, Ethereum retains substantial strengths. Ethereum is the backbone of decentralized finance (DeFi), hosting 58% of the total blockchain Total Value Locked (TVL), amounting to $43 billion, according to analyst @puntium.

尽管比特币的统治地位，以太坊仍保留了实质性的优势。根据分析师@Puntium的说法，以太坊是分散融资（DEFI）的骨干，占区块链总价值锁定（TVL）的58％，总计430亿美元。

The Ethereum network also supports key applications such as stablecoins, NFTs, meme coins, and layer-2 scaling solutions.

以太坊网络还支持关键应用程序，例如Stablecoins，NFTS，Meme Coins和2层缩放解决方案。

However, Ethereum faces increasing competition from networks like Solana and Avalanche, which have gained traction in areas such as fees, staking, and use cases.

但是，以太坊面临着诸如Solana和Avalanche等网络的竞争，这些网络在费用，积分和用例等领域中获得了吸引力。

If Ethereum is to recover its relative dominance, it will likely require partnerships between the public and private sectors, especially in regions like the U.S., where regulatory clarity is still lagging behind Bitcoin’s progress.

如果以太坊要恢复其相对优势，它可能需要公共部门和私营部门之间的伙伴关系，尤其是在美国这样的地区，在美国这样的地区，监管清晰度仍然落后于比特币的进步。

Ethereum Price Prediction: Critical Levels to Watch

以太坊价格预测：关键的关键水平

As Ethereum grapples with institutional competition, it faces immediate technical hurdles.

当以太坊努力应对机构竞争时，它面临着直接的技术障碍。

On February 2, Ethereum saw a brief 4% dip to $3,068 before recovering back to $3,107. According to crypto trader Cas Abbé, Ethereum must reclaim $3,400 to confirm a bullish reversal towards $4,000.

2月2日，以太坊的短暂下跌4％至3,068美元，然后恢复至3,107美元。根据加密货币交易者CasAbbé的说法，以太坊必须收回$ 3,400，以确认看涨的逆转4,000美元。

The 100-day moving average ($3,300) and the upper boundary of a bullish flag ($3,400) represent a critical resistance zone for Ethereum.

100天移动平均线（3,300美元）和看涨国旗（3,400美元）的上边界是以太坊的关键阻力区。

A breakout above $3,240 could lead to significant liquidations of short positions, potentially triggering Ethereum’s price to move higher.

超过$ 3,240的突破可能会导致大量的短职位清算，从而有可能触发以太坊的价格提高。

However, Ethereum’s failure to hold the $3,500 level on February 1 raises concerns of a false breakout. According to Binance liquidation heatmaps, a concentration of short positions near $3,500 could prompt a retracement, with Ethereum possibly testing $3,000 support if momentum remains weak.

但是，以太坊未能在2月1日保持3500美元的水平，这引起了人们对虚假突破的担忧。根据Binance清算热图的说法，在$ 3500附近的短职位的集中度可能会引起回撤，如果动量仍然很弱，以太坊可能会测试3,000美元的支持。

Ethereum’s Outlook: Real-World Adoption Needed for Growth

以太坊的前景：成长所需的现实世界采用

Despite its impressive 300% rebound from its 2022 cycle low, Ethereum’s continued underperformance relative to Bitcoin can be largely attributed to the ETF-driven rally and institutional momentum surrounding Bitcoin.

尽管从2022年的循环低点起到了令人印象深刻的300％反弹，但以太坊相对于比特币的表现不佳，这主要归因于ETF驱动的集会和围绕比特币的机构动量。

For Ethereum to reverse this trend, analysts emphasize that real-world adoption—beyond its dominance in DeFi—is crucial.

为了使以太坊扭转这一趋势，分析师强调，现实世界中的采用（在Defi中的主导地位）至关重要。

The ETH/BTC ratio’s downward trajectory suggests that even as Ethereum thrives in decentralized finance, it may continue to lag behind Bitcoin unless significant shifts occur in regulatory environments and real-world use cases.

ETH/BTC比率的向下轨迹表明，即使以太坊在分散融资中蓬勃发展，除非在监管环境和现实世界中的用例中发生重大变化，否则它可能会继续落后于比特币。

Investors may find themselves testing their patience as they wait for Ethereum’s next big move.

当他们等待以太坊的下一个大举动时，投资者可能会发现自己正在测试自己的耐心。