以太坊（ETH）价格下跌$ 1600，鲸鱼转储143K ETH，在Dencun升级之前

以太坊（ETH）价格在周四的1,600美元低于1,600美元，在亚洲早期会议上下跌了1％，因为鲸鱼驱动的卖出压力越来越大，链上的指标表示重新测试了关键支持水平。

* Ethereum (ETH) price dropped below $1,600 on Thursday, sliding 1% during the early Asian session, as whale-driven sell pressure increased and on-chain metrics signaled a retest of critical support levels.

*以太坊（ETH）的价格在周四下跌低于1,600美元，在亚洲早期会议上下跌了1％，随着鲸鱼驱动的卖出压力增加，链上指标表示重新测试了关键支持水平。

* A group of Ethereum whales had sold over 143,000 ETH in the past seven days, said Ali Martinez from IntoTheBlock. This coincided with rising concerns over ETH’s value accrual model and its inability to capture fees after the March 2024 Dencun upgrade.

*来自Intotheblock的阿里·马丁内斯（Ali Martinez）说，在过去的七天中，一群以太坊鲸鱼卖出了143,000多个ETH。这是对ETH的价值应计模型的不断上升的关注，以及在2024年3月Dencun升级后无法捕获费用的问题。

* " $1,528.50 is a key support level," said Martinez, adding that over 2.61 million addresses had formed an 'inferno' holding around 4.82 million ETH at that price. A break below this zone could trigger further downside volatility.

*“ $ 1,528.50是一个关键的支持水平，”马丁内斯说，并补充说，超过261万个地址以该价格构成了一个'Inferno'的持有量约为482万ETH。在该区域下方的突破可能会触发进一步的下行波动。

* But some Ethereum developers have proposed increasing blob fees to support L1 earnings. However, Binance analysts warned that Layer-2 networks could migrate to cheaper alternatives like Celestia or EigenLayer if minimum blob costs rise.

*但是一些以太坊开发人员提议增加斑点费用以支持L1收益。但是，Binance分析师警告说，如果最低斑点成本上升，则第2层网络可以迁移到更便宜的替代方案，例如Celestia或Eigenlayer。

* "L2s are rational businesses," they stated, suggesting a price-sensitive dynamic that could fragment the Ethereum ecosystem further.

*他们说，“ L2是理性的业务”，提出了一种对价格敏感的动态，可以进一步片段分散以太坊生态系统。

Rising L2s Put Spotlight on ETH’s Economic Model

上升的L2S将ETH的经济模型引起了人们的关注

Scalability improved 15.95x with Ethereum’s recent Dencun upgrade, which also accelerated data availability across Layer-2 chains.

通过以太坊最近的Dencun升级，可伸缩性提高了15.95倍，这也加速了跨第2层链的数据可用性。

But the upgrade slashed Layer-1 (L1) fee accrual by a large margin, weakening ETH’s utility as a revenue-generating asset, said Binance Research.

Binance Research说，但是升级的第1层（L1）费用大幅度削减了，从而削弱了ETH作为创收资产的效用。

L2s now settle for a fraction of what they previously paid on L1. This finding is crucial as it impacts the sustainability of L2s in the long term.

现在，L2会适应他们以前在L1上支付的费用的一小部分。这一发现至关重要，因为从长远来看会影响L2的可持续性。

With L2s quickly gaining traction for their low transaction costs and efficient throughput, the narrative of ETH as ‘ultrasound money’—based on burned gas fees—has lost some ground to faster-growing blockchains like Solana and BNB Chain.

随着L2迅速获得其低交易成本和高效吞吐量的吸引力，ETH作为“超声波货币”的叙述（基于燃烧的汽油费用）失去了一定的基础，无法更快地增长的区块链，例如Solana和BNB链。

Some Ethereum developers have proposed increasing blob fees to support L1 earnings. However, Binance analysts noted that L2 networks could migrate to cheaper alternatives like Celestia or EigenLayer if minimum blob costs rise.

一些以太坊开发人员提议增加斑点费用以支持L1收益。但是，Binance分析师指出，如果最低斑点成本上升，L2网络可以迁移到更便宜的替代品，例如Celestia或Eigenlayer。

“L2s are rational businesses,” they stated, suggesting a price-sensitive dynamic that could fragment the Ethereum ecosystem further.

他们说：“ L2是理性的业务，”提出了一种对价格敏感的动态，可以进一步分散以太坊生态系统。

ETH Price Approaches Historic Buy Zone As Sentiment Weakens

Eth Price接近历史性的买入区，随着情感削弱

Market participants are closely monitoring as ETH approaches its realized price—a level that has historically been linked with macro bottoms.

随着ETH接近实现的价格，市场参与者正在密切监视，这一水平与宏观底部有关。

Analyst Abramchart highlighted that each major Ethereum bull cycle has begun near or below the lower Bollinger Band, toward which ETH is now heading.

分析师Abramchart强调说，每个主要的以太坊牛周期都始于下Bollinger频段附近或下方，ETH现在正在向其前进。

"If the trend continues downward, it could signal deep-value accumulation," abramchart stated. However, they noted that a clean break below the band could indicate further weakness in the market.

艾布拉姆查特说：“如果趋势持续下降，它可能会向深价值积累。”但是，他们指出，在乐队下方的干净突破可能表明市场上的弱点。

As ETH trades closer to or below this metric, sentiment typically turns neutral or bearish, setting the stage for potential recovery or capitulation.

随着ETH更接近或以下该指标，情绪通常会变成中性或看跌，为潜在的恢复或投降奠定了基础。

ETH Price Caution Urged Amid ‘Buy The Dip’ Fatigue

ETH PRISE警告敦促在“购买”蘸酱中

Short-term traders are still in a difficult position, with several popular X accounts, such as IncomeSharks, detailing personal losses from mistimed entries.

短期交易者仍然处于困难的位置，其中有几个流行的X帐户，例如输入式标记，详细介绍了误入条目中的个人损失。

"A good example of why taking some profits is important and why you can't keep buying every single dip," they wrote.

他们写道：“一个很好的例子说明为什么要获得一些利润很重要，以及为什么您不能继续购买每一个蘸酱。”

The comment highlights broader market fatigue after multiple attempts to bounce failed, leaving traders skeptical of any sustained recovery, especially as bulls struggle to maintain momentum.

该评论重点介绍了多次反弹尝试失败后更广泛的市场疲劳，使交易者怀疑任何持续的康复，尤其是当公牛努力维持动力时。

Volume has quickly dried up on most exchanges, and speculative buying activity has largely cooled. But historical data favors patient accumulation during these drawdowns—provided prices manage to hold above key zones.

在大多数交流中，数量很快就干燥了，投机性购买活动在很大程度上也得到了冷却。但是，历史数据有利于患者在这些缩减期间的积累 - 预定的价格设法保持在关键区域之上。

Any decisive break below $1,528.50 could alter the trend structure significantly, as it's a level that has been crucial in past cycles due to the massive inferno of addresses formed around that price.

任何低于$ 1,528.50的决定性中断都可能会大大改变趋势结构，因为由于该价格围绕该价格围绕地址的大量地狱，这对于过去的周期至关重要。

ETH Still Outpaces Competitors In Network Security

ETH仍然超过网络安全中的竞争对手

Despite the challenges, Ethereum still outpaces competitors in network security, having maintained over 1 million validators, in stark contrast to Celestia (100) and EigenDA (170). But the debate around value accrual remains largely unresolved.

尽管面临挑战，但以太坊仍在网络安全方面的竞争对手超过100万个验证者，与Celestia（100）和Eigenda（170）形成鲜明对比。但是，围绕价值应计的辩论在很大程度上尚未解决。

Binance Research highlighted "based rollups" like Taiko, which contributed more L1 fees to Ethereum than the top three L2s combined over the past year. However, upcoming upgrades—Pectra and Fusaka—do not prioritize this model, which may delay a complete solution.

Binance Research强调了Taiko之类的“基于汇总”，该研究对以太坊的L1费用比过去一年中排名前三的L2贡献了更多。但是，即将进行的升级（Precra和Fusaka）没有优先考虑此模型，这可能会延迟完整的解决方案。

Ethereum’s next major protocol change is due on May 7, with another one scheduled for Q4. Whether these updates will sufficiently address the current economic concerns remains to be seen.

以太坊的下一个主要协议更改将于5月7日举行，另一项计划为第四季度。这些更新是否会充分解决当前的经济问题，还有待观察。

Overall, Ethereum’s price action, on-chain behavior, and structural limitations converge at a pivotal moment. While historical indicators suggest a potential long-term bottom, whale exits and the difficulties in capturing fees paint a more cautious picture.

总体而言，以太坊的价格行动，链链行为和结构限制在关键时刻汇聚在一起。虽然历史指标表明潜在的长期底部，但鲸鱼的出口和捕获费用的困难描绘了更谨慎的情况。

The coming weeks will be crucial in determining whether $1,52

接下来的几周对于确定1,52美元是否至关重要