自2025年初以来，以太坊[ETH]一直面临着巨大的斗争

自2025年初以来，以太坊[ETH]面临着巨大的斗争。因此，曾经作为比特币[BTC]挑战者遇到的替代币正在努力与较小的硬币竞争。

Since the beginning of 2025, Ethereum [ETH] has faced significant struggles. As such, the altcoin that was once presented as a Bitcoin [BTC] challenger is struggling to compete with smaller coins.

自2025年初以来，以太坊[ETH]面临着巨大的斗争。因此，曾经作为比特币[BTC]挑战者遇到的替代币正在努力与较小的硬币竞争。

This poor performance has caught the attention of key stakeholders, and mainstream media. As per a recent Bloomberg report, Ethereum is facing the most challenging period as it enters its second decade of operations.

这种糟糕的表现引起了主要利益相关者和主流媒体的关注。根据最近的彭博社报告，以太坊正面临着最具挑战性的时期。

Source: Bloomberg

资料来源：彭博

As such, Ethereum developers have been fleeing, early followers are angry, and the token has started lagging behind both BTC and its smaller competitors.

因此，以太坊开发人员一直在逃离，早期的追随者很生气，而代币开始落后于BTC及其较小的竞争对手。

Although Ethereum remains the second-largest crypto with $221 billion in market cap, ETH has declined significantly. ETH has declined by over 44% YTD, dropping from $3.6k in January 2025 to $1.8k.

尽管以太坊仍然是第二大加密货币，其市值为2210亿美元，但ETH的下降幅度很大。 ETH的YTD下降了超过44％，从2025年1月的3.6K下降到1.8K美元。

Source: Messari

资料来源：Messari

This decline has poised the altcoin for its worst quarterly drop since the 2022 bear market. Over the past year, while BTC has surged by 30%, Ethereum has declined by 47%, and it’s slowly losing its lead over competitors.

自2022年熊市以来，这种下降已经使山寨币的最差季度下降了。在过去的一年中，尽管BTC飙升了30％，但以太坊却下降了47％，并且逐渐失去了竞争对手的领先优势。

This has resulted in its market dominance decline to 7.9% from 17% over the past year. So, its competitors have grown at a faster and sustained rate.

这导致其市场优势从过去一年中的17％下降到7.9％。因此，其竞争对手的发展速度更快，持续。

For instance, the number of active developers on Ethereum-related software declined by 17% in 2024. However, its close rival Solana [SOL] saw a sharp increase in active developers.

例如，与以太坊相关软件的活跃开发人员的数量在2024年下降了17％。但是，其近距离竞争对手的Solana [sol]使主动开发人员急剧增加。

Thus, Solana has become a popular hub for memecoins with the network recording 83% year-to-year growth.

因此，Solana已成为Memecoins的流行枢纽，网络记录了83％的逐年增长。

This is also witnessed against other coins, such as Ripple’s XRP. While ETH has declined over the past year, XRP has risen by 249% on its price charts, with market cap rising from $30 billion to $127 billion.

还目睹了其他硬币，例如Ripple的XRP。尽管ETH在过去一年中有所下降，但XRP的价格表上升了249％，市值从300亿美元上升到1,270亿美元。

Source: Messari

资料来源：Messari

With ETH’s continued poor performance, the altcoin has become highly unattractive to investors. Looking at ETH’s Sharpe ratio over the past year, it has declined to -0.69.

随着ETH的持续性能持续，Altcoin对投资者的影响很大。从过去一年中，从ETH的夏普比率看，它的比率下降到-0.69。

This implies that investment returns have not only declined, but it has become a risky investment compared to risk-free assets.

这意味着投资回报不仅有所下降，而且与无风险资产相比，它已成为风险投资。

What’s happening with Ethereum?

以太坊发生了什么？

According to key stakeholders, one of the fundamental challenges affecting Ethereum is leadership. In his analysis, Ryan Watkins noted that Ethereum’s leadership has failed to capitalize on the previous momentum.

根据主要利益相关者的说法，影响以太坊的基本挑战之一是领导。瑞安·沃特金斯（Ryan Watkins）在分析中指出，以太坊的领导能力未能利用以前的势头。

He noted,

他指出，

“It’s all about growth and leadership — If the Ethereum ecosystem kept pace with, or outpaced, its peers, none of the above would matter.”

“这一切都与增长和领导联系 - 如果以太坊生态系统与同龄人保持同步或超过同龄人，那么以上都不重要。”

This leadership concern was also noted by Bloomberg, placing the blame on Ethereum founder, Vitalik Buterin, for failing to adapt to change.

彭博社还指出了这一领导力的关注点，将责任归咎于以太坊的创始人维塔利克·布特林（Vitalik Buterin）未能适应变化。

Under his leadership, Ethereum remains stuck in early visions of decentralization failing to join forces with politicians, and lobby in Washington DC as other players join a pro-crypto government.

在他的领导下，以太坊仍然陷入未能与政客联手的早期视野中，而在其他球员加入了一个亲克莱托普政府时，华盛顿特区的游说。

Buterin has remained critical of politicians, either endorsing them or any of them having crypto coins. This vision of a fully decentralized blockchain has left Buterin in the cold as other players join forces with governments.

巴特林仍然批评政客，无论是认可他们还是有加密货币的任何人。当其他玩家与政府联手时，这种完全分散的区块链的愿景使布特林陷入了寒冷。

What next for ETH

ETH的下一步

According to AMBCrypto's analysis, Ethereum was facing strong downward pressure at press time. The altcoin was trading at $1839, marking a 2.11% decline over the past day.

根据Ambcrypto的分析，以太坊在发稿时面临着强大的向下压力。 Altcoin的交易价格为1839美元，在过去的一天中下降了2.11％。

Equally, ETH has declined by 8.39% on weekly charts, implying strong negative sentiments.

同样，ETH在每周图表上也下降了8.39％，这意味着强烈的负面情绪。

Looking at ETH’s charts, the Stoch RSI signaled a potential continuation of this downtrend. Since making a bearish crossover five days ago, Stoch has dropped to 14.6 reflecting a strong downward momentum.

从ETH的图表中看，基地RSI标志着这种下降趋势的潜在延续。自从五天前进行看跌的跨界以来，斯托奇跌至14.6，反映出强劲的下降势头。

Therefore, if the external factors observed above remain unfavorable, the dip could continue. A further drop could see ETH drop to $1761. For a bullish outlook to reemerge, ETH must reclaim and hold above $2k.

因此，如果上面观察到的外部因素仍然不利，则可以继续下降。进一步的下降可能会使ETH降至1761美元。为了看好重新出现的前景，ETH必须收回并持有以上$ 2K的价格。