以太坊（ETH）已经面临着动荡的开始到2025年

以太坊（ETH）是市场资本化的第二大加密货币，到2025年都面临着动荡的开端。

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has encountered a turbulent start to 2025. Following a steep decline of 45% in the first quarter, ETH struggled to maintain its recovery momentum, failing to break above the critical $2,000 psychological barrier. The cryptocurrency’s inability to sustain gains and persistent resistance levels have raised concerns among investors and traders alike.

以太坊（ETH）是市场资本化的第二大加密货币，到2025年遇到了动荡的开端。在第一季度急剧下降了45％之后，ETH努力维持其恢复势头，未能超出关键的2,000美元的心理障碍。加密货币无法维持收益和持续的抵抗水平，这引起了投资者和交易者的关注。

As institutional interest waned and on-chain activity slowed, the market remained uncertain about Ethereum’s future trajectory.

随着机构兴趣的减弱和链上活动的减慢，市场对以太坊的未来轨迹仍然不确定。

Ethereum’s Q1 Performance: A Tough Start to 2025

以太坊的第一季度表现：艰难的开端到2025

以太坊的第一季度表现：艰难的开端到2025

The first quarter of 2025 proved to be one of the most challenging periods for Ethereum in recent times. Commencing the year at $1,700, the cryptocurrency experienced a significant sell-off, slipping below the key $1,500 support level. By the end of Q1, ETH had lost nearly 45% in value, closing at $936. This marks the third-worst quarterly performance for Ethereum since 2016.

事实证明，2025年第一季度是近期以太坊最具挑战性的时期之一。加密货币以1,700美元的价格开始，经历了重大抛售，低于关键的1,500美元支持水平。到第一季度结束时，ETH的价值损失了近45％，收盘价为936美元。这标志着自2016年以来以太坊的第三季度表现。

According to data from Coinglass, the cryptocurrency’s market capitalization also took a substantial hit, decreasing by about $170 billion during Q1. In comparison, Bitcoin (BTC) experienced a less volatile quarter, with a 14% decline from the start of 2025.

根据Coinglass的数据，加密货币的市值也受到了巨大打击，在第一季度中减少了约1700亿美元。相比之下，比特币（BTC）经历了一个易波动性的季度，从2025年初开始下降14％。

The cryptocurrency market encountered difficulties in March as rising interest rates and macroeconomic uncertainties led to institutional investors pulling back from riskier assets, including cryptocurrencies. This is evident from the outflows observed in Ethereum exchange-traded funds (ETFs). After experiencing inflows of $1.4 billion in Q1 2024, these ETFs saw outflows of $403 million in March alone.

由于利率上升和宏观经济的不确定性，机构投资者从包括加密货币在内的风险较高的资产中退缩，因此加密货币市场在3月遇到了困难。从以太坊交换基金（ETF）中观察到的流出可以明显看出这一点。在2024年第1季度的第一季度流入了14亿美元之后，仅在3月，这些ETF就看到了4.03亿美元的流出。

The significant sell-off has implications for the cryptocurrency market in the coming months as traders will be closely watching to see if there are any signs of renewed interest from institutional investors.

在接下来的几个月中，交易者将密切关注是否存在机构投资者的新利益迹象，这对加密货币市场具有重要意义。

Standard Chartered analysts have adjusted their year-end ETH price target from $10,000 to $4,000, considering the growing competition faced by Ethereum from its layer-2 solutions. These alternatives, such as Optimism (OP) and Gnosis (GNO), offer lower transaction fees and improved scalability, gradually drawing users away from the Ethereum mainnet.

考虑到以太坊在其2层解决方案中面临的竞争日益增长的竞争，标准特许分析师已将其年终ETH价格目标从10,000美元调整为4,000美元。这些替代方案，例如乐观（OP）和GNOSIS（GNO），可提供较低的交易费用和提高的可伸缩性，逐渐使用户远离以太坊主网。

Despite the challenges posed by rising competition in the blockchain space, some analysts remain optimistic about Ethereum’s long-term prospects.

尽管在区块链领域的竞争不断上升带来的挑战，但一些分析师仍然对以太坊的长期前景保持乐观。

Technical Analysis: Key Resistance and Support Levels

技术分析：关键阻力和支持水平

技术分析：关键阻力和支持水平

Ethereum’s recent price action has been characterized by a failure to maintain recovery above the $1,880 level. After attempting to break through resistance at $1,955 and encountering rejection, ETH slipped back below the $1,850 threshold.

以太坊最近的价格行动的特征是未能将回收率保持在1,880美元以上。在试图以1,955美元的价格突破阻力并遇到拒绝之后，ETH滑回到$ 1,850的门槛以下。

Technical indicators suggest continued bearish pressure, with ETH trading below the 100-hourly Simple Moving Average (SMA). Additionally, a key bullish trend line offering support at $1,865 was broken, further signaling weakness in the market.

技术指标表明持续的看跌压力，ETH交易低于100小时的简单移动平均线（SMA）。此外，一条主要的看涨趋势线，提供1,865美元的支持，破坏了支持，进一步表示市场上的疲软。

On the upside, a clear break above the 100-hourly SMA and the 200-hourly SMA, currently at $1,900, could pave the way for a steeper recovery toward the 50% Fibonacci retracement level of $2,060 (from the March lows to the April highs).

从好的方面来说，高于100小时SMA的明显突破，目前为1,900美元的200小时SMA可能为迈向50％的斐波那契回溯水平（从3月的低点到四月高点）铺平了道路。

Key resistance levels to watch include:

要观看的关键阻力水平包括：

* $1,955

* $ 1,955

* $2,000

* $ 2,000

* 50% Fibonacci retracement level at $2,060

* 50％斐波那契回撤水平为$ 2,060

On the downside, Ethereum’s critical support levels include:

不利的一面，以太坊的关键支持水平包括：

* $1,800

* $ 1,800

* $1,750

* $ 1,750

* $1,700

* $ 1,700

Ethereum’s Role in the DeFi Ecosystem: A Silver Lining?

以太坊在Defi生态系统中的作用：一线希望？

以太坊在Defi生态系统中的作用：一线希望？

Despite its struggles in the price domain, Ethereum continues to play a dominant role in the decentralized finance (DeFi) sector. In March, Ethereum reclaimed the top spot in decentralized exchange (DEX) trading volume, processing $64 billion worth of transactions, compared to $54 billion on Bitcoin.

尽管在价格领域中挣扎，但以太坊仍在分散的财务（DEFI）行业中继续发挥主导作用。 3月，以太坊恢复了分散交易量（DEX）交易量的头号，处理价值640亿美元的交易，而比特币为540亿美元。

This underscores Ethereum’s stronghold as the preferred blockchain for DeFi applications, despite competition from emerging networks like Optimism, Arbitrum, and Mantle. However, one concerning trend is the sharp decline in Ethereum transaction fees and burn rate.

尽管有乐观，仲裁和地幔等新兴网络的竞争，但这强调了以太坊的据点是Defi应用的首选区块链。但是，关于趋势的一个是以太坊交易费用和燃烧率的急剧下降。

Over the past week, only 53 ETH were burned per day, a significant drop from the 3,000 ETH burned daily just two months ago. This decline suggests reduced on-chain activity, potentially reflecting lower user engagement and DeFi participation.

在过去的一周中，每天只烧了53个ETH，两个月前每天燃烧的3,000 ETH都大幅下降。这种下降表明链上活动减少，有可能反映出较低的用户参与度和DEFI参与。

As transaction fees and the burn rate continue to decrease, it could indicate a slowdown in on-chain activity, which might concern some investors.

随着交易费和燃烧率继续降低，这可能表明链上活动的放缓可能会涉及一些投资者。

Institutional Sentiment and Market Outlook

机构情感和市场前景

机构情感和市场前景

Professional traders remain cautious about Ethereum’s short-term outlook. The ETH futures premium remains below the neutral 5% threshold, suggesting a

专业交易者对以太坊的短期前景保持谨慎。 ETH期货溢价保持低于中性的5％阈值，这表明