以太坊（ETH）导航动荡的市场格局

Ethereum（ETH）是分散应用程序和智能合同技术的基石，发现自己正在驾驶动荡的市场格局。

Recent market turbulence has seen approximately $165 million worth of long ETH positions liquidated in the past 24 hours, as reported by crypto derivatives platform Glassnode.

据加密衍生品平台玻璃节报道，最近24小时内清算了最近24小时清算的长期ETH职位，最近的市场动荡已有约1.65亿美元。

This substantial liquidation event, attributed to the recent market correction, underscores the weakening bullish sentiment surrounding Ethereum and the heightened risk associated with leveraged trading.

这项实质性清算事件归因于最近的市场校正，强调了以太坊围绕以太坊的看涨情绪，以及与杠杆交易有关的风险增加。

As leveraged traders, who typically borrow funds to amplify their trades, get liquidated, they are forced to sell their positions at a loss, adding to the prevailing sell-side pressure.

由于杠杆交易者通常借资金来扩大其交易，被清算，他们被迫亏本出售自己的头寸，增加了现行的卖方压力。

These liquidations, in turn, exert additional downward pressure on the market, creating a self-reinforcing cycle of liquidations and price drops.

这些清算反过来又在市场上施加了额外的向下压力，从而形成了清算和价格下降的自我增强周期。

The large-scale liquidations also highlight the lack of caution among traders, who may have overleveraged their positions, rendering them vulnerable to sudden price swings.

大规模清算还强调了交易者缺乏谨慎的态度，他们可能使自己的位置过度置于职位，使他们容易受到突然价格波动的影响。

This event signals a weakening of bullish conviction and raises concerns about the potential for further price declines.

该活动表明对看涨信念的削弱，并引起了人们对进一步价格下降的可能性的担忧。

Furthermore, an unusual movement of 1,700 ETH, valued at $3.18 million, has been observed from a dormant ICO participant to Binance.

此外，从休眠的ICO参与者到Binance，已经观察到了1,700张ETH的异常运动，价值318万美元。

This transaction, occurring after seven years of inactivity, suggests that the holder may be preparing to sell their coins, adding to the existing sell-side pressure on the market.

这项交易发生了七年的不活动，表明持有人可能准备出售其硬币，从而增加了市场上现有的卖方压力。

Traders are closely monitoring this development as they attempt to anticipate the intentions of the whale, who has been largely inactive since the 2017 ICO.

交易者正在密切监视这一发展，因为他们试图预见鲸鱼的意图，鲸鱼的意图自2017年ICO以来一直在不活跃。

Whale movements, particularly those involving large transfers to exchanges, often trigger market speculation and uncertainty. Traders attempt to anticipate the whale’s intentions, leading to increased volatility and potential price declines.

鲸鱼运动，尤其是涉及大量交流的鲸鱼运动，通常会引发市场投机和不确定性。交易者试图预见鲸鱼的意图，导致波动率提高和潜在价格下降。

The transfer of 1,700 ETH to Binance, a major cryptocurrency exchange, raises concerns about a potential sell-off, which could further exacerbate Ethereum’s price decline.1

将1,700 ETH转移到Binance，这是一种主要的加密货币交流，引起了人们对潜在抛售的担忧，这可能会进一步加剧以太坊的价格下降。1

While whales may engage in investment strategies rather than outright sales, the uncertainty surrounding their intentions can create unfavorable market conditions.

尽管鲸鱼可能参与投资策略而不是彻底的销售，但围绕其意图的不确定性可能会带来不利的市场条件。

Beyond the price action, Ethereum’s network activity has also shown signs of weakness. Daily transaction numbers have remained stagnant at around 1 million, indicating a decline in overall network usage.

除了价格行动之外，以太坊的网络活动还显示出弱点的迹象。每日交易数量仍然停滞在100万左右，表明整体网络使用情况下降。

While monthly transaction volumes have surpassed 40 million, they have fallen short of previous peak levels. Active addresses have also declined, remaining below 750,000, suggesting a decrease in user engagement.

虽然每月交易量超过4000万，但它们的峰值水平不高。主动地址也下降了，仍低于750,000，这表明用户参与度下降。

New Ethereum network addresses (7DMA) have also exhibited a declining trend, falling below 100,000. Despite a monthly total of 2.5 million new addresses, the impact has been less significant than previous spikes in new address creation.

新的以太坊网络地址（7DMA）也表现出趋势下降，低于100,000。尽管每月总共有250万个新地址，但其影响的重大影响不如新地址创建中的先前峰值。

These metrics suggest that Ethereum’s network activity, a key indicator of its utility, is experiencing a slowdown. This decline raises concerns about Ethereum’s ability to maintain its position as a leading utility network and its attractiveness to developers and users.

这些指标表明，以太坊的网络活动是其实用性的关键指标，正在逐渐放缓。这种下降引起了人们对以太坊保持其作为领先公用事业网络及其对开发人员和用户的吸引力的能力的关注。

In other bearish news, Ethereum has breached the “max pain” price level of $2,200, according to crypto derivatives data. This event is noteworthy as the break below the max pain price signals potential for further price declines.

根据加密衍生品数据，在其他看跌新闻中，以太坊违反了2200美元的“最大痛苦”价格水平。值得注意的是，低于最大疼痛价格信号的突破可能会导致进一步的价格下降。

The “max pain” theory suggests that market makers often manipulate prices to inflict maximum pain on options traders.

“最大痛苦”理论表明，做市商通常会操纵价格以给期权交易者带来最大的痛苦。

The break below the max pain price level, in this case, suggests that market makers may be positioning for further downward price action on Ethereum.

在这种情况下，低于最大疼痛价格水平的中断表明，做市商可能会定位以对以太坊的进一步下降。

As the cryptocurrency market continues to navigate a turbulent period, investors are closely watching key metrics and technical indicators to gauge the short-term and long-term trends.

随着加密货币市场继续驾驶动荡时期，投资者正在密切关注关键指标和技术指标，以评估短期和长期趋势。

The significant liquidations, potential whale sell-offs, and declining network activity suggest that Ethereum’s price could face additional downward pressure in the near term.

大量清算，潜在的鲸鱼抛售和网络活动下降表明，以太坊的价格可能会在短期内面临额外的向下压力。

However, the long-term fundamentals of Ethereum remain strong. The ongoing development of Ethereum 2.0, the increasing adoption of decentralized finance (DeFi), and the growing interest from institutional investors suggest that Ethereum has the potential to recover and resume its upward trajectory.

但是，以太坊的长期基本面仍然很强。以太坊2.0的持续发展，越来越多的分散财务（DEFI）的采用以及机构投资者日益增长的兴趣表明，以太坊有可能恢复并恢复其上升轨迹。

In the coming days, investors will be keeping an eye on the reactions to the recent price drops, the activity levels across the network, and any further large-scale movements from known Ethereum whales.

在接下来的几天里，投资者将密切关注对最近价格下跌，网络活动水平以及来自已知以太坊鲸鱼的任何大规模运动的反应。

The ability of Ethereum to hold above critical support levels and regain momentum will be crucial in determining its future trajectory.

以太坊保持高于关键支持水平和恢复动量的能力对于确定其未来轨迹至关重要。