以太坊[ETH]面临着最具挑战性的时期之一

以太坊[ETH]曾经是Altcoin空间中无可争议的领导者，近年来正面临其最具挑战性的时期之一。

Ethereum [ETH], once the undisputed leader in the altcoin space, is now facing one of its most challenging periods in recent years. The cryptocurrency has plummeted to its lowest value since 2020, driven by declining network activity, reduced transaction fees, and the unintended consequences of the Dencun upgrade. These factors have fueled inflationary pressures, raising concerns about Ethereum’s future.

以太坊[ETH]曾经是Altcoin空间中无可争议的领导者，近年来正面临其最具挑战性的时期之一。自2020年以来，加密货币一直跌至其最低价值，这是由于网络活动减少，交易费用减少以及Dencun升级的意外后果的驱动。这些因素加剧了通货膨胀压力，引起了人们对以太坊未来的担忧。

As Bitcoin remains relatively stable, Ethereum’s sharper decline raises questions about whether this is a temporary setback or the beginning of a prolonged downturn.

由于比特币仍然相对稳定，以太坊的尖锐下降引发了有关这是临时挫折还是长期衰退的开始的问题。

Ethereum’s value has taken a significant hit, with a nearly 45% decline in recent weeks compared to Bitcoin’s 10% drop. This disproportionate downturn suggests that Ethereum is facing internal challenges.

以太坊的价值受到了重大打击，最近几周下降了近45％，而比特币的下降了10％。这种不成比例的低迷表明以太坊正面临内部挑战。

One of Ethereum’s biggest strengths has been its robust network activity, with millions of transactions and smart contracts executed daily. However, recent data shows a steep decline in active addresses and overall network usage. Fewer transactions mean less demand for ETH, leading to a natural decline in its value.

以太坊最大的优势之一是其强大的网络活动，每天执行数百万笔交易和智能合约。但是，最近的数据显示，主动地址和整体网络使用情况急剧下降。较少的交易意味着对ETH的需求较小，从而导致其价值自然下降。

The much-anticipated Dencun upgrade was expected to bring efficiency improvements and reduce gas fees. While it succeeded in lowering fees, it inadvertently led to lower burn rates. Ethereum’s EIP-1559 mechanism was designed to make ETH a deflationary asset by burning a portion of transaction fees.

备受期待的Dencun升级预计将带来提高效率并降低汽油费。尽管它成功降低了费用，但它无意中导致燃烧率降低。以太坊的EIP-1559机制旨在通过燃烧一部分交易费用来使ETH成为通货膨胀资产。

With reduced transaction costs, the network’s burn rate has hit record lows, increasing inflationary pressure on ETH’s circulating supply.

随着交易成本的降低，该网络的燃烧率达到了创纪录的低点，增加了ETH循环供应的通货膨胀压力。

Ethereum’s shift to a proof-of-stake (PoS) consensus mechanism aimed to make it a deflationary asset, but the current network conditions have had the opposite effect. The low burn rate and stagnant transaction volumes have contributed to an increase in Ethereum’s supply, weakening its scarcity-based value proposition.

以太坊转移到旨在使其成为通缩资产的共识机制的转变（POS），但当前的网络条件具有相反的效果。低燃烧率和停滞的交易量导致以太坊供应的增加，从而削弱了其基于稀缺的价值主张。

Inflationary pressures are now a significant concern, making ETH less attractive as an investment.

现在，通货膨胀压力是一个重大问题，使ETH作为投资的吸引力降低了。

Bitcoin and Ethereum often move in tandem, but recent trends suggest a growing divergence. Bitcoin has managed to maintain relative stability, while Ethereum’s sharp downturn has raised alarms. This gap in performance suggests Ethereum may be facing systemic issues.

比特币和以太坊经常串联，但最近的趋势表明差异越来越大。比特币设法保持了相对稳定性，而以太坊的急剧下滑发出了警报。性能差距表明以太坊可能面临系统问题。

Ethereum has experienced downturns before, but the current slump is particularly concerning due to its prolonged nature and the fundamental challenges it faces. During previous bear markets, ETH rebounded alongside Bitcoin as market sentiment improved. However, the present scenario appears different due to Ethereum’s internal weaknesses.

以太坊以前经历过低迷，但是由于其长期性质和面临的基本挑战，目前的低迷尤其令人担忧。在以前的熊市中，随着市场情绪的改善，ETH与比特币并肩反弹。但是，由于以太坊的内部弱点，目前的情况似乎不同。

Despite its current struggles, Ethereum still has strong fundamentals that could pave the way for recovery. Several factors will determine whether ETH can regain its strength or continue its downward trajectory:

尽管目前挣扎，以太坊仍然具有强大的基本原理，可以为康复铺平道路。几个因素将决定ETH是否可以恢复其力量或继续其向下轨迹：

Increased adoption and use cases are pivotal for Ethereum’s recovery. This means attracting more developers, decentralized applications (dApps), and users to drive transaction volume. Layer 2 solutions and Ethereum’s role in decentralized finance (DeFi) could play a crucial role in reviving demand.

采用和用例的增加对于以太坊的恢复至关重要。这意味着吸引更多的开发人员，分散应用程序（DAPP）和用户来驱动事务量。第2层解决方案和以太坊在分散融资（DEFI）中的作用在恢复需求中起着至关重要的作用。

Ethereum’s development team may need to introduce further protocol updates to address inflationary pressures. A revised burn mechanism or additional efficiency improvements could help stabilize Ethereum’s supply and demand dynamics.

以太坊的开发团队可能需要引入进一步的协议更新，以解决通货膨胀压力。修订的燃烧机制或额外的效率提高可以帮助稳定以太坊的供应和需求动态。

Institutional interest in Ethereum has waned compared to Bitcoin. Regaining institutional confidence will be critical for ETH’s recovery. If major financial players show renewed interest in Ethereum-based solutions, it could drive positive price action.

与比特币相比，以太坊的机构兴趣已经减弱。重新获得机构信心对于ETH的恢复至关重要。如果主要的金融参与者对基于以太坊的解决方案表现出新的兴趣，则可以推动正价行动。

Ethereum’s fate is also tied to overall crypto market trends. If the broader market recovers, Ethereum will likely follow suit. However, ETH needs to show independent strength to reassure investors of its long-term viability.

以太坊的命运也与整体加密货币市场趋势有关。如果更广泛的市场恢复，以太坊可能会效仿。但是，ETH需要表现出独立的实力，以使投资者的长期生存能力使投资者保证。

Overall, Ethereum is at a crucial crossroads as it grapples with declining network activity, inflationary pressures, and a weaker market position compared to Bitcoin.

总体而言，与比特币相比，以太坊处于关键的十字路口，因为它应对网络活动的下降，通货膨胀压力和市场地位较弱。

The Dencun upgrade, while aiming to improve Ethereum’s ecosystem, has had some unintended consequences that are contributing to ETH’s decline. The coming months will be pivotal in determining whether Ethereum can recover or if it will continue to struggle.

Dencun升级虽然旨在改善以太坊的生态系统，但却产生了一些意想不到的后果，这导致了ETH的衰落。未来几个月将在确定以太坊是否可以恢复或是否会继续挣扎方面关键。

Investors and developers alike will be closely watching key network metrics and upcoming upgrades to gauge the future of the blockchain giant.

投资者和开发商都将密切关注关键网络指标和即将进行的升级，以评估区块链巨头的未来。