以太坊（ETH）价格可能会上涨，尽管目前仍处于同一水平

最新的以太坊网络数据显示出有希望的迹象，表明尽管目前价格停留在同一水平，但价格可能会上涨。

The latest Ethereum network data shows promising signs that the price could go up despite being stuck at the same level for now. Ethereum USD leverage is growing quickly on every major trading platform.

最新的以太坊网络数据显示出有希望的迹象，表明尽管目前价格停留在同一水平，但价格可能会上涨。以太坊美元杠杆在各大交易平台上都在快速增长。

The chart shows that since mid-2022, the leverage ratio kept rising and reached its highest point of 0.612 in January.

图表显示，自2022年中期以来，杠杆率不断上升，并于1月份达到最高点0.612。

Traders are showing more confidence in Ethereum’s future by using more borrowed money to make larger trades, hoping prices will go up.

交易员通过使用更多借来的资金进行更大规模的交易，对以太坊的未来表现出了更大的信心，希望价格会上涨。

The growing leverage ratio matched Ethereum’s price trend, with the cryptocurrency increasing from $2,500 before July to $3,200 by January.

不断增长的杠杆率与以太坊的价格趋势相匹配，该加密货币从 7 月之前的 2,500 美元上涨到 1 月的 3,200 美元。

When traders didn’t reduce their leverage during a price standstill in late December, they bet on Ethereum USD prices to jump upward rather than decline.

当交易者在 12 月底价格停滞期间没有降低杠杆时，他们押注以太坊美元价格会上涨而不是下跌。

When people take on more leverage (borrowed money to invest), the market becomes more unstable, and prices could soon move.

当人们采用更多杠杆（借钱进行投资）时，市场就会变得更加不稳定，价格可能很快就会发生变化。

The ongoing increase in leverage proves traders are optimistic while relying more heavily on derivatives to enlarge their investment positions.

杠杆率的持续增加证明交易者在更加依赖衍生品来扩大投资头寸的同时保持乐观。

Increased Open Positions Suggest Investor Confidence in Ethereum’s Potential Rally

未平仓头寸的增加表明投资者对以太坊的潜在反弹充满信心

Besides the leverage ratio, Ethereum’s growing open interest shows more investors are participating. Ethereum contracts jumped from roughly $8 Billion in August 2024 to over $19.5 Billion in January 2025.

除了杠杆率之外，以太坊不断增长的未平仓合约表明更多投资者正在参与其中。以太坊合约从 2024 年 8 月的约 80 亿美元跃升至 2025 年 1 月的超过 195 亿美元。

The huge growth in Ethereum futures markets shows that traders are becoming more active by making bets about where prices will go.

以太坊期货市场的巨大增长表明，交易者通过押注价格走势变得更加活跃。

Combining the growing open interest with leverage data shows stronger evidence for a price increase. A growing number of trading contracts, shown by higher open interest, means market participants have regained trust in trading.

将不断增长的未平仓合约与杠杆数据相结合，显示出更强有力的价格上涨证据。交易合约数量的增加，表现为未平仓合约的增加，意味着市场参与者重新获得了对交易的信任。

Ethereum’s price hasn’t moved beyond its current trading range of $3,200 to $3,400 for weeks. The gap between growing open interest and steady prices suggests that traders are preparing for a big market shift while markets gather more funds.

以太坊的价格几周来都没有超出当前 3,200 美元至 3,400 美元的交易区间。不断增长的持仓量和稳定的价格之间的差距表明，交易者正在为市场的重大转变做准备，同时市场正在聚集更多的资金。

When open interest grew fast in the past, but prices stayed still, we saw big price changes coming soon after. Participants in Ethereum’s market are maintaining their investments, anticipating a decisive event that would confirm if their guess was correct.

过去，当持仓量快速增长但价格保持不变时，我们很快就会看到价格的大幅变化。以太坊市场的参与者正在维持他们的投资，预计会发生决定性事件来确认他们的猜测是否正确。

The current high open interest means small market movements might be pushed to larger price changes.

当前的高持仓量意味着小幅市场波动可能会导致更大的价格变化。

The breakdown of the open interest numbers tells us as much as the total amount itself. Professional investors and institutions are moving in, making up most of the growth, which we can see from the rise of regulated exchanges in the market.

未平仓合约数量的细目告诉我们的信息与总金额本身一样多。专业投资者和机构正在进入，构成了增长的大部分，这一点我们可以从市场上受监管交易所的崛起中看到。

On-Chain Signals Point to Possible Ethereum USD Price Recovery in the Near Term

链上信号表明以太坊美元价格近期可能回升

How funding rates behave in Ethereum’s network gives more clues about where market participants stand. From late 2022 to January 2025, funding rates stayed mostly positive, showing that buyers of rising positions were paying extra to borrow from those selling short.

以太坊网络中资金费率的表现方式为市场参与者的立场提供了更多线索。从 2022 年底到 2025 年 1 月，融资利率大多保持为正，这表明头寸增加的买家正在支付额外费用来从卖空者那里借款。

Despite the current price stability, traders clearly prefer buying now in hopes of future price gains.

尽管目前价格稳定，但交易商显然更愿意现在购买，希望未来价格上涨。

In mid-November, funding rates hit important high levels while Ethereum’s price was close to $4,000. Although Ethereum’s market price has fallen, the lasting positive funding rates prove that market participants still have confidence in higher future prices.

11 月中旬，资金费率达到重要高位，而以太坊的价格接近 4,000 美元。尽管以太坊的市场价格有所下跌，但持续的正资金利率证明市场参与者仍然对未来价格走高抱有信心。

Traders are willing to pay extra fees to keep their buy positions open because they strongly believe Bitcoin’s price will rise.

交易者愿意支付额外费用来保持买入头寸，因为他们坚信比特币的价格会上涨。

However, long stretches of good funding can create market problems when traders stay too positive and prices suddenly drop.

然而，当交易者过于乐观且价格突然下跌时，长期良好的融资可能会造成市场问题。

Further data from the blockchain strengthens the case for price recovery. Even though Ethereum’s price hasn’t changed much, people continue making many network transactions.

来自区块链的更多数据强化了价格回升的理由。尽管以太坊的价格没有太大变化，但人们仍在继续进行许多网络交易。

More active accounts on the platform tell us people are staying engaged, which tells us what price direction might come next.

平台上更活跃的账户告诉我们人们正在保持参与，这告诉我们接下来可能会出现什么价格方向。