以太坊 (ETH) 价格分析：由于 ETH/BTC 货币对继续表现不佳，鲸鱼放弃了

以太坊最近的保证金借贷比率飙升，从 38 升至 72，反映了强劲的借贷浪潮。许多分析师认为这种跳跃是一个潜在的机会

is recent price action signaled a potential bearish wave.

最近的价格走势预示着潜在的看跌浪潮。

The price recently spiked from around $2,000 to highs of $2,300, showing a strong wave of buying pressure. However, this buying was largely fueled by margin loans, with the ratio rising sharply from 38 to 72.

价格近期从 2,000 美元左右飙升至 2,300 美元高位，显示出强劲的购买压力。然而，这种购买很大程度上是由保证金贷款推动的，比率从 38 急剧上升至 72。

This spike in the margin lending ratio could indicate a potential wave of forced deleveraging in the future. Margin traders borrowing at high interest rates often face the risk of being liquidated if the price drops significantly.

保证金贷款比率的飙升可能预示着未来潜在的强制去杠杆化浪潮。如果价格大幅下跌，以高利率借款的保证金交易者通常会面临被清算的风险。

In such cases, their positions are closed forcefully, leading to a rapid sell-off and driving the price lower. This phenomenon is especially relevant in bear markets and could explain the bearish outlook for Ethereum.

在这种情况下，他们的头寸会被强制平仓，导致迅速抛售并压低价格。这种现象在熊市中尤其重要，并且可以解释以太坊的看跌前景。

Another crucial aspect to consider is the coin’s performance against Bitcoin. In the ETH/BTC pair, traders wanted to see the price rise above 0.0385 BTC for a potential bullish continuation.

另一个需要考虑的重要方面是该代币相对于比特币的表现。在 ETH/BTC 货币对中，交易者希望看到价格升至 0.0385 BTC 以上，以实现潜在的看涨延续。

However, the price recently fell below the high-timeframe support level from where it had been consolidating. This breakout could indicate further downside pressure on ETH.

然而，价格最近跌破了一直盘整的高时间框架支撑位。这一突破可能表明 ETH 面临进一步的下行压力。

Moreover, ETH’s dominance chart also signaled a challenging period. The price recently broke down from a crucial support level, indicating possible further bearish pressure.

此外，ETH 的主导地位图也预示着一个充满挑战的时期。价格最近从关键支撑位跌破，表明可能存在进一步的看跌压力。

This bearish outlook aligns with the recent shift in investor attention toward alts like Solana, as some questioned Ethereum’s potential to outpace Bitcoin in the long term.

这种看跌前景与最近投资者注意力转向 Solana 等替代品的趋势一致，因为一些人质疑以太坊长期超过比特币的潜力。

To fully grasp the significance of this disparity, it’s essential to compare the long-term performance of both assets. Strikingly, investors who bought and held ETH from its early days still encountered no substantial gains against BTC, the more stable asset.

为了充分理解这种差异的重要性，有必要比较两种资产的长期表现。引人注目的是，从早期购买并持有 ETH 的投资者相对于更为稳定的资产 BTC 仍然没有获得实质性收益。

Despite having a market cap of $305 billion compared to Bitcoin’s $1.35 trillion, the latter consistently maintained lower volatility, making it more attractive to traditional finance investors.

尽管比特币的市值为 3050 亿美元，而比特币的市值为 1.35 万亿美元，但后者始终保持较低的波动性，这使其对传统金融投资者更具吸引力。

This preference is evident in the crypto space, where many investors ultimately aim to convert gains from alts into Bitcoin, a trend that appears to be weakening.

这种偏好在加密货币领域很明显，许多投资者最终的目标是将替代品的收益转换为比特币，这一趋势似乎正在减弱。

This year, several Ethereum whales sold off their holdings, with one prominent investor, who had held ETH for over ten months, finally making a move.

今年，几位以太坊鲸鱼抛售了自己的资产，一位持有 ETH 十多个月的著名投资者终于采取了行动。

This particular whale, known for their large transactions, deposited 8,982 ETH, valued at around $22.93 Million, into OKX. Notably, they sold only a portion of their ETH holdings, netting around $3 Million in gains from an initial investment that, if sold at its peak in March, would have yielded over $16 Million.

这只以大额交易而闻名的鲸鱼向 OKX 存入了 8,982 ETH，价值约 2293 万美元。值得注意的是，他们只出售了部分 ETH 持有量，从初始投资中获得了约 300 万美元的收益，如果在 3 月份的高峰期出售，收益将超过 1600 万美元。

This sell-off showcases the challenges faced by Ethereum as it attempts to regain momentum. While some whales sold their holdings at a loss, others, like one who had held ETH for 1,100 days, opted to sell at a profit to capitalize on the rising prices.

这次抛售展示了以太坊在试图重获动力时所面临的挑战。虽然一些鲸鱼亏本出售其持有的资产，但其他鲸鱼（例如持有 ETH 1,100 天的鲸鱼）选择出售以获利，以利用价格上涨的机会。

Collectively, these whale sell-offs contributed to the bearish sentiment surrounding Ethereum. Despite these setbacks, some positive signs emerged.

总的来说，这些鲸鱼的抛售加剧了围绕以太坊的看跌情绪。尽管遇到这些挫折，但还是出现了一些积极的迹象。

For instance, Ethereum’s accumulation wallets increased by 65% this year, indicating that new investors entered the market and maintained their positions. Many investors anticipated the Moving Average Convergence Divergence (MACD) indicator on the weekly chart to turn positive, hinting that momentum could soon shift upward.

例如，以太坊的累积钱包今年增加了65%，表明新投资者进入市场并维持仓位。许多投资者预计周线图上的移动平均线收敛分歧（MACD）指标将转为正值，暗示势头可能很快就会向上转变。

Although Ethereum’s short-term trend appeared uncertain, some analysts expected the network’s long-term prospects to improve. However, the market dynamics have shifted drastically this year.

尽管以太坊的短期趋势似乎不确定，但一些分析师预计该网络的长期前景将会改善。然而，今年市场动态发生了巨大变化。

The success of the Bitcoin ETF and the comparatively underwhelming performance of Ethereum’s ETF sparked a crucial development in the crypto market.

比特币 ETF 的成功和以太坊 ETF 相对平淡的表现引发了加密货币市场的关键发展。

Traditional finance investors prioritized Bitcoin due to its potential for stable returns over five to ten years, a strategy that aligns with the priorities of these investors.

传统金融投资者优先考虑比特币，因为它具有在五到十年内稳定回报的潜力，这一策略符合这些投资者的优先事项。

This shift in attention placed Ethereum in a more challenging position, as these investors appeared to favor Bitcoin over Ethereum in the long term. As a result, Ethereum faced heightened pressure to maintain investor interest and propel the price upward.

这种注意力的转变使以太坊处于更具​​挑战性的地位，因为从长远来看，这些投资者似乎更青睐比特币而不是以太坊。因此，以太坊面临着维持投资者兴趣并推动价格上涨的更大压力。