以太坊（ETH）市场分析

在整个市场大涨的背景下，以太坊的表现却乏善可陈，让许多持有者感到失望。

As the broader market rallies to new all-time highs, many altcoins have failed to keep up, leaving their holders disappointed. However, a recent analysis of on-chain data suggests that Ethereum (ETH) may be poised for a breakout in the near term.

随着大盘上涨至历史新高，许多山寨币未能跟上，让其持有者感到失望。然而，最近对链上数据的分析表明，以太坊（ETH）可能会在短期内突破。

According to the analysis, several key indicators are pointing to an impending price surge for ETH. The first is rising ETH ETF inflows. Since November 6th, institutions have been buying up an average of 195K ETH per day, totaling $663.8 million. These inflows have helped ETH ETF net flows turn positive for the first time since its launch.

根据分析，几个关键指标都表明 ETH 的价格即将飙升。首先是 ETH ETF 流入量增加。自 11 月 6 日以来，机构平均每天购买 19.5 万枚 ETH，总计 6.638 亿美元。这些资金流入帮助 ETH ETF 净流量自推出以来首次转正。

Another bullish indicator is Ethereum's open interest, which denotes outstanding derivative contracts. ETH's open interest has now surpassed its previous record of the $13 billion mark, showcasing an increase of over 40% in the past four months. This surge in open interest, combined with positive funding rates, suggests increasing optimism among traders.

另一个看涨指标是以太坊的未平仓合约，它表示未偿还的衍生品合约。 ETH 的未平仓合约现已突破之前的 130 亿美元大关，在过去四个月内增长了 40% 以上。未平仓合约的激增，加上正的融资利率，表明交易者的乐观情绪日益增强。

Large investors, or whales, have also been accumulating ETH at a rapid pace. Similar to Bitcoin (BTC),🐋 over 1.5 billion $ETH in the past three weeks. However, due to ETH's massive supply crunch in comparison to BTC, it positions the altcoin as a prime candidate for a price surge, especially considering the lower exchange supply, record staking rates, and a significantly lower annual emission rate.

大型投资者或鲸鱼也一直在快速积累 ETH。与比特币 (BTC) 类似，过去三周🐋超过 15 亿美元 ETH。然而，由于与 BTC 相比，ETH 的供应严重紧缩，这使得山寨币成为价格飙升的主要候选者，特别是考虑到较低的交易所供应量、创纪录的质押率以及显着较低的年发行率。

Bitcoin vs. Ethereum On-Chain Metrics

比特币与以太坊链上指标

In contrast to BTC, the ETH MVRV Z-Score suggests an impending price increase for ETH, akin to the one observed in Q4 2020. This analysis further highlights the stark difference in price movements between BTC and ETH during the bull run.

与 BTC 相比，ETH MVRV Z 得分表明 ETH 的价格即将上涨，类似于 2020 年第四季度观察到的情况。这一分析进一步凸显了牛市期间 BTC 和 ETH 价格走势的明显差异。

The Ethereum network itself is experiencing strong growth on several fronts. Total Value Locked (TVL), fees, active users, and revenue have all seen significant increases in the last 30 days, while the token supply remains relatively flat.

以太坊网络本身在多个方面正在经历强劲增长。过去 30 天内，锁定总价值 (TVL)、费用、活跃用户和收入均显着增长，而代币供应量却相对持平。

Finally, a "Hopium Chart" compares the price action of BTC and ETH over the last bull run, highlighting a striking similarity in their respective trends. The only difference is that ETH is lagging behind BTC by a few months, which is a common occurrence during a bull run.

最后，“Hopium 图表”比较了 BTC 和 ETH 在上一次牛市中的价格走势，突显了它们各自趋势的惊人相似性。唯一的区别是 ETH 落后 BTC 几个月，这在牛市期间很常见。

"In my opinion, ETH looks primed for a pump toward $4K if BTC doesn’t ruin the rally," the analysis concludes.

分析总结道：“在我看来，如果 BTC 不破坏涨势，ETH 似乎已经做好了涨向 4000 美元的准备。”

While these on-chain indicators paint a bullish picture for the future of Ethereum, it's important to remember that the future is always uncertain. However, for Ethereum investors, this analysis provides a glimmer of hope and suggests that there could be more upside to come in the coming months.

虽然这些链上指标为以太坊的未来描绘了一幅乐观的图景，但重要的是要记住，未来总是不确定的。然而，对于以太坊投资者来说，这一分析带来了一线希望，并表明未来几个月可能会有更多上涨空间。