以太坊（ETH）在第二季度2025年的价格下降了急剧下跌

这种下降使以太坊的MVRV Z得分推向了中性区域以下，进入了累积区域，这表明ETH目前可能正在以其内在价值下进行交易。

The price of Ethereum (ETH) has seen a dramatic drop in Q1 2025, with its market value falling by 45.3% to levels below $2000. This decline has pushed Ethereum’s MVRV Z-Score below the neutral zone, dipping into the accumulation zone, suggesting that ETH may currently be trading under its intrinsic value. The MVRV Z-Score, a key indicator for gauging market sentiment, has historically been a useful tool for identifying potential buying opportunities, especially when the score dips below 1.

以太坊（ETH）的价格在2025年第1季度下降了急剧下跌，其市场价值下降了45.3％，至2000美元以下。这种下降使以太坊的MVRV Z得分推向了中性区域以下，进入了累积区域，这表明ETH目前可能正在以其内在价值下进行交易。 MVRV Z分数是测量市场情绪的关键指标，历史上一直是确定潜在购买机会的有用工具，尤其是当得分下降以下时。

MVRV Z-Score and Ethereum’s Current Position

MVRV Z得分和以太坊的当前位置

The MVRV (Market Value to Realized Value) Z-Score is a popular metric used to assess whether an asset is overvalued or undervalued relative to its historical fair value. When the Z-Score is below 1, it indicates that the asset is trading below its intrinsic value, which often signals an accumulation phase for long-term investors. Ethereum’s recent dip into this accumulation zone mirrors similar patterns seen in late 2020 and 2023, periods during which ETH experienced substantial gains after these low-price levels.

MVRV（已实现价值的市场价值）Z-Score是一种流行的度量标准，用于评估资产相对于其历史公允价值而被高估还是被低估。当Z分数低于1时，这表明资产的交易低于其内在价值，这通常标志着长期投资者的累积阶段。以太坊最近浸入该积累区域反映了2020年底和2023年看到的类似模式，在此期间，ETH在这些低价水平之后经历了很大的增长。

The MVRV Z-Score and Ethereum's price action in 2023. (Source: ارز دیجیتال)

MVRV Z得分和以太坊在2023年的价格行动（来源：数字货币）

This period of price weakness has also seen a return of large-investor activity in the Ethereum market. One such whale made a notable purchase of 3,659.83 ETH for $5.88 million in DAI after being dormant for 2.8 years. This move, despite the ongoing price drop, signals confidence in Ethereum’s future prospects, as the whale looks to accumulate a significant amount of ETH at a discounted price.

这个价格疲软的时期还看到了以太坊市场的大型投资活动的回归。一只这样的鲸鱼在休眠已有2。8年后，以588万美元的价格购买了3,659.83 ETH，以588万美元的价格购买。尽管价格持续下跌，但这一举动表明了对以太坊未来前景的信心，因为鲸鱼希望以折扣价积累大量的ETH。

One Bitcoin whale completed a large purchase of 3,659.83 ETH for $5,880,888 in DAI. The whale had been inactive for 2.8 years before making this move. (Source: Bitscout)

一条比特币鲸完成了3,659.83 ETH的大笔购买，售价为$ 5,880,888。鲸鱼在采取这一举动之前已经无活跃了2。8年。 （来源：bitscout）

The drop in Ethereum’s price during Q1 2025 has been one of the steepest seen in recent times, with a 45.3% decline leading ETH to trade below the $2000 mark. This level is a significant psychological support zone, and with the MVRV Z-Score now below 1, many analysts and traders are viewing this price point as a potential opportunity for long-term accumulation.

以太坊在2025年第1季度的价格下跌是近来最陡峭的幅度之一，下降了45.3％，导致ETH的贸易低于2000美元。该水平是一个重要的心理支持区，而MVRV Z分数现在低于1，许多分析师和交易者都将这个价格视为长期积累的潜在机会。

Historically, periods when the MVRV Z-Score dips below 1 have been followed by strong recoveries in Ethereum’s price as market sentiment turns bullish once again. The MVRV Z-Score is often used by investors to time market cycles. The metric’s ability to highlight periods when an asset is trading significantly below its intrinsic value has made it a useful tool for spotting accumulation opportunities.

从历史上看，MVRV Z得分下降到1以下的时期，随着以太坊价格的强劲回收，市场情绪再次使人看涨。 MVRV Z分数经常被投资者用于时间市场周期。该指标突出资产交易的时期的能力大大低于其内在价值，使其成为发现积累机会的有用工具。

In the case of Ethereum, the Z-Score’s move into the accumulation zone aligns with previous instances in late 2020 and 2023, where Ethereum saw strong rallies after periods of extended price declines. For investors who view Ethereum’s long-term potential positively, this period of price depression could present a compelling entry point.

在以太坊的情况下，Z分数进入累积区域与2020年末和2023年以前的实例保持一致，以太坊在延长价格下降后看到了强烈的集会。对于那些对以太坊长期潜在潜力的投资者来说，这一价格萧条时期可能会提出一个令人信服的入口点。

For long-term Ethereum investors, the current market conditions, coupled with the MVRV Z-Score’s indication of undervaluation, suggest that this may be a prime time to accumulate ETH at a discounted price. The combination of whale purchases and the significant decline in price could signal that Ethereum is on the verge of a rebound.

对于长期以太坊投资者而言，当前的市场状况以及MVRV Z-SCORE的低估指标表明，这可能是以折扣价积累ETH的黄金时间。购买鲸鱼的结合和价格的大幅下降可能表明以太坊正处于反弹的边缘。

Additionally, with Ethereum’s ongoing development and its role in the broader cryptocurrency ecosystem, many investors remain optimistic about the token’s future performance. As Ethereum continues to trade below its intrinsic value, it is likely that more institutional investors, as well as whales, will look to accumulate ETH, setting the stage for potential growth in the months to come. Investors who adopt a long-term perspective may find this to be an advantageous period to position themselves for Ethereum’s eventual recovery.

此外，随着以太坊的持续发展及其在更广泛的加密货币生态系统中的作用，许多投资者对代币的未来绩效保持乐观。随着以太坊继续贸易以低于其内在价值的贸易，越来越多的机构投资者和鲸鱼可能会积累ETH，为未来几个月内的潜在增长奠定了基础。采用长期观点的投资者可能会发现这是一个有利的时期，可以将自己定位为以太坊最终的恢复。