以太坊（ETH）面临越来越多的挑战，因为销售压力侵蚀了投资者的信心

随着无情的销售压力继续侵蚀投资者的信心，以太坊（ETH）正面临越来越多的挑战。

Ethereum (ETH) is encountering an increasingly challenging landscape as persistent selling pressure continues to erode investor confidence. Since the beginning of the year, the second-largest cryptocurrency by market capitalization has struggled to regain its footing, with bullish momentum fading in the wake of persistent bearish sentiment.

随着持续的销售压力继续侵蚀投资者的信心，以太坊（ETH）正在遇到越来越具有挑战性的景观。自今年年初以来，按市值下的第二大加密货币一直在努力重新获得地位，随着持续的看跌感情，看涨的动力逐渐消失。

As market uncertainty grows, the price trajectory of Ethereum remains in question, leaving investors and analysts speculating about its next move.

随着市场不确定性的增长，以太坊的价格轨迹仍然存在，使投资者和分析师猜测其下一步行动。

Ethereum’s Struggles: A Look at Market Trends

以太坊的挣扎：查看市场趋势

Since January 2025, Ethereum has seen a continuous downtrend, struggling to break past key resistance levels. The broader crypto market has been grappling with macroeconomic concerns, regulatory uncertainty, and a lack of liquidity, all of which have contributed to the challenges facing ETH.

自2025年1月以来，以太坊一直处于不断的下降趋势，努力打破了关键阻力水平。更广泛的加密市场一直在努力应对宏观经济问题，监管不确定性和缺乏流动性，所有这些都促成了ETH面临的挑战。

With prices sliding lower and no significant catalysts in sight, traders are beginning to question whether Ethereum can recover in the near term.

随着价格下降且没有明显的催化剂，交易者开始质疑以太坊是否可以在短期内恢复。

Weak Buying Pressure and Diminished Confidence

购买压力较弱，信心降低

One of the primary issues facing Ethereum is the lack of strong buying pressure. In previous years, ETH has benefited from robust demand from both retail and institutional investors. However, current market conditions have led to hesitancy among investors.

以太坊面临的主要问题之一是缺乏强大的购买压力。在过去的几年中，ETH从零售和机构投资者的强劲需求中受益。但是，当前的市场状况导致投资者犹豫不决。

Despite the fundamental strengths of Ethereum, such as its dominance in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, the current macroeconomic backdrop has dampened enthusiasm.

尽管以太坊的基本优势，例如它在分散的金融（DEFI）和不可杀死的代币（NFT）领域的主导地位，但目前的宏观经济背景却抑制了热情。

Moreover, institutional players, who played a key role in Ethereum’s rise in 2024, appear to be sitting on the sidelines, awaiting clearer signals before re-entering the market. On-chain data also suggests a decline in active addresses and transaction volume, indicating that engagement within the Ethereum network has weakened.

此外，在2024年以太坊崛起中发挥了关键作用的机构参与者似乎坐在场上，在重新进入市场之前等待更清晰的信号。链上数据还表明，主动地址和交易量的下降，表明以太坊网络中的参与度削弱了。

Ethereum’s Technical Outlook: More Downside?

以太坊的技术前景：更多缺点？

From a technical perspective, Ethereum remains in a precarious position. Key support levels have continued to break down, leading to concerns that ETH could see further losses in the coming weeks.

从技术角度来看，以太坊仍然处于不稳定的位置。关键支持水平继续崩溃，导致人们担心ETH可能会在未来几周内看到进一步的损失。

A prolonged period of consolidation or a further dip below these key levels could signal more pain for investors who are holding long positions.

长时间的合并或进一步的下降到这些关键水平以下可能会表明对那些长期职位的投资者的痛苦更大。

Macroeconomic and Regulatory Pressures

宏观经济和监管压力

The broader financial landscape has also contributed to Ethereum’s struggles. The Federal Reserve’s continued stance on high interest rates has created a risk-averse environment, causing capital to flow away from speculative assets like cryptocurrencies.

更广泛的金融格局也促进了以太坊的斗争。美联储对高利率的持续立场创造了一种规避风险的环境，导致资本从加密货币等投机资产中流动。

Additionally, ongoing regulatory scrutiny in the United States and other jurisdictions has led to uncertainty regarding the long-term adoption of Ethereum and institutional participation.

此外，美国和其他司法管辖区正在进行的监管审查导致对以太坊和机构参与的长期采用的不确定性。

One of the key regulatory concerns is whether Ethereum could be classified as a security by the U.S. Securities and Exchange Commission (SEC). Although Ethereum has been widely considered a commodity rather than a security, recent discussions and regulatory actions have renewed fears that ETH could face increased scrutiny.

关键的监管问题之一是，美国证券交易委员会（SEC）是否可以将以太坊归类为安全。尽管以太坊已被广泛认为是商品而不是安全性，但最近的讨论和监管行动已经引起了人们对ETH可能面临更多审查的担忧。

Such a classification could have significant implications for exchanges and institutions that offer Ethereum-related products.

这样的分类可能对提供与以太坊相关产品的交易所和机构具有重大影响。

Ethereum’s Long-Term Prospects: Can It Rebound?

以太坊的长期前景：它可以反弹吗？

Despite the current bearish sentiment, the long-term prospects for Ethereum remain promising. The network continues to dominate the smart contract ecosystem, powering the vast majority of decentralized applications (dApps), DeFi protocols, and NFT marketplaces.

尽管目前具有看跌的情绪，但以太坊的长期前景仍然很有希望。该网络继续主导智能合同生态系统，为绝大多数分散应用程序（DAPP），DEFI协议和NFT市场提供动力。

Furthermore, ongoing upgrades, such as Ethereum’s transition to a more efficient proof-of-stake consensus mechanism, could enhance the network’s scalability and appeal.

此外，持续的升级，例如以太坊向更有效的证明共识机制的过渡，可以增强网络的可扩展性和吸引力。

However, the path to recovery for Ethereum remains uncertain, and investors will be closely watching for any signs of bullish momentum or macroeconomic shifts that could favor the second-largest cryptocurrency.

但是，以太坊恢复的途径仍然不确定，投资者将密切关注任何看涨势头或宏观经济转变的迹象，这些迹象可能有利于第二大加密货币。