以太坊（ETH）价格行动引发辩论，因为资产仍处于压力下

市场数据显示，ETH在12小时内已下跌了近16％。自2023年10月以来，它首次将其短暂降至1,800美元以下。

Ethereum’s price action has sparked intense debate among traders, as the asset remains under pressure following a turbulent first quarter of 2025.

以太坊的价格行动引发了交易者激烈的辩论，因为在2025年第一季度动荡不安之后，资产仍处于压力下。

Market data shows ETH has fallen nearly 16% over 12 hours. It briefly dipped below $1,800 for the first time since October 2023. Analysts now warn that the next move could determine Ethereum’s trajectory for the coming months.

市场数据显示，ETH在12小时内已下跌了近16％。自2023年10月以来，它首次将其短暂降至1,800美元以下。分析师现在警告说，下一步可以决定以太坊在未来几个月内的轨迹。

Crypto market capitalization has also taken a hit, dropping by $240 billion in a single day. This erased all gains made since the U.S. elections, pushing total market value down to $2.6 trillion.

加密市值也受到了打击，一天中下降了2400亿美元。这消除了自美国大选以来的所有收益，将总市场价值降低到2.6万亿美元。

With Ethereum leading the losses among top altcoins, questions arise over whether the asset is nearing its bottom or preparing for further declines.

由于以太坊带来了顶级山寨币之间的损失，因此对于资产即将接近其底层还是准备进一步下降的问题出现了问题。

This analysis delves into the technical patterns, institutional demand indicators, and network disruptions that are shaping Ethereum’s price trends and broader implications for the cryptocurrency market.

该分析深入研究了技术模式，机构需求指标和网络中断，这些破坏正在塑造以太坊的价格趋势和对加密货币市场的更广泛影响。

Institutional participation in Ethereum appears to be weakening, as the Coinbase Premium Index remains negative. This indicates ETH is trading at a discount on Coinbase compared to Binance, signaling lower appetite from institutional and retail traders in the U.S.

由于Coinbase Premium指数仍然负面，因此在以太坊中的机构参与似乎正在减弱。这表明ETH与Binance相比，ETH的交易价格折扣，表明美国的机构和零售商人的胃口较低

Historically, extended periods of negative Coinbase Premium values have aligned with price downturns, reinforcing the bearish outlook. For Ethereum to regain bullish momentum, the index must turn positive, reflecting renewed accumulation from major buyers.

从历史上看，负面co键的较长时期与价格下降相一致，从而增强了看跌前景。为了使以太坊恢复看涨势头，该指数必须变为积极，这反映了主要买家的新积累。

This aligns with the analysis from analyst @0xQuit, who is questioning whether ETH is at the start of a bear market or approaching its bottom.

这与分析师 @0xQuit的分析保持一致，后者质疑ETH是在熊市的开始还是接近其底部。

"That seems reasonable given the pain we’ve seen," the analyst stated.

这位分析师说：“考虑到我们看到的痛苦，这似乎是合理的。”

Should Ethereum fail to reclaim key resistance levels, forecasts of deeper losses to $1,500—or even as low as $200 to $400—could come into play. This would mimick previous bear market cycles that saw ETH lose over 90% of its value.

如果以太坊未能恢复关键阻力水平，预测将对1,500美元的更深层损失（即使低至200美元至400美元）的预测可能会发挥作用。这将模仿以前的熊市周期，这使ETH损失了其价值的90％以上。