以太坊（ETH）的价格不足以比特币（BTC）这个周期

以太坊价格表现不佳。尽管比特币价格达到了新的历史最高水平，但以太坊却没有。

The Ethereum (ETH) price has underperformed this cycle. While the Bitcoin (BTC) price reached a new all-time high, Ethereum did not. Instead, it reached a high of $4,107, which is 18% below its all-time high of $4,868.

以太坊（ETH）价格表现不佳。尽管比特币（BTC）价格达到了新的历史最高水平，但以太坊却没有。取而代之的是，它达到了$ 4,107的高价，比其历史最高高的$ 4,868的高度降低了18％。

This has caused the Ethereum to Bitcoin ratio (ETH/BTC) to trend downward for over 1,190 days. With ETH/BTC recently breaking down from a key horizontal support level, it is worth analyzing its price action to see where it can bottom.

这导致以太坊比特币比（ETH/BTC）向下趋势超过1,190天。随着ETH/BTC最近从关键的水平支撑级分解，值得分析其价格行动，以查看其最低点。

ETH/BTC Downtrend Continues

ETH/BTC下降趋势仍在继续

The weekly time frame ETH/BTC chart shows that the price has trended downward for 1,190 days. The decline started with a high of ₿0.088 in December 2021.

每周的时间范围ETH/BTC图表显示，价格已经下降了1,190天。下降始于2021年12月的₿0.088。

Then, the price created a lower high of ₿0.085 in September 2022 before accelerating its downward movement.

然后，价格在2022年9月创造了较低的高度₿0.085，然后加速了其向下移动。

The decline is the longest in history, surpassing the 805-day downward trend after the June 2017 all-time high of ₿0.157.

下降是历史上最长的，超过了2017年6月有史以来₿0.157的805天下降趋势。

In 2025, the Ethereum price fell below the ₿0.027 horizontal support area. This area is critical since it has provided support and resistance since 2017.

2025年，以太坊价格低于₿0.027水平支撑区。该领域至关重要，因为它自2017年以来提供了支持和抵抗。

The next closest support level is at ₿0.017, created by the current cycle’s low.

下一个最接近的支持级别是由当前周期的低点创建的₿0.017。

Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling. The RSI is below 30, while the MACD is negative, indicating a bearish trend.

技术指标是看跌。相对强度指数（RSI）和移动平均收敛/发散（MACD）正在下降。 RSI低于30，而MACD为负，表明看跌趋势。

So, the weekly time frame suggests Ethereum will continue losing ground against Bitcoin.

因此，每周的时间范围表明以太坊将继续对比特币失去立场。

Ethereum Sentiment

以太坊情绪

Despite the massive decline and long downtrend, Ethereum enthusiasts still hope for a bullish trend reversal.

尽管下降且下降趋势很长，但以太坊爱好者仍然希望看涨趋势逆转。

Crypto ELITES notes similarities between the 2017 and 2025 movements, suggesting a breakout is in store and will trigger the altcoin season.

加密精英指出了2017年至2025年运动之间的相似之处，这表明突破正在商店中，并将触发山寨币季节。

Merljin , the Trader, notes a similar fractal , considering the current decline a fake-out that will lead to a massive pump.

交易员梅尔金（Merljin）指出，考虑到当前的伪造将导致大量泵。

TitanofCrypto suggests that whales are accumulating Ethereum , hence a significant price increase will occur soon.

TitanofCrypto建议鲸鱼正在积累以太坊，因此很快就会发生大幅上涨。

CryptoFella tweeted a retest of a descending resistance trend line to predict a bounce, while Crypto Rover is bullish because of Donald Trump’s significant ETH allocation among its crypto holdings.

Cryptofella在推特上进行了重新测试，以预测降低的抵抗趋势线以预测弹跳，而Crypto Rover则是看好的，因为唐纳德·特朗普（Donald Trump）在其加密货币中的重大ETH分配。

Therefore, despite its severe underperformance, Ethereum enthusiasts have not lost hope and believe a rally is just around the corner.

因此，尽管表现不佳，但以太坊爱好者并没有失去希望，并认为集会在拐角处。

When Will Ethereum Bottom?

以太坊何时会底部？

The long-term wave count suggests that the ETH/BTC price is in wave C of an A-B-C correction (red) that started after the all-time high. The sub-wave count is in black.

长期的波数表明，ETH/BTC价格是在历史高较高之后开始的ABC校正（红色）的波C。子波计数为黑色。

If the count is accurate, Ethereum is in sub-wave three of the five-wave decline. This is usually the sharpest portion of the downtrend, explaining Ethereum’s massive drop.

如果计数是准确的，则以太坊位于五波下降的第三次中。这通常是下降趋势中最清晰的部分，这解释了以太坊的大量下降。

Giving waves W and Y the same length leads to a low of ₿0.009. While this will be the lowest price since 2017, it will not present a new all-time low.

给出的波w和y相同的长度导致低点为₿0.009。虽然这将是自2017年以来最低的价格，但它不会带来新的历史最低点。

Alternatively, closing above the ₿0.027 resistance will invalidate this count and instead suggest that the correction is complete. This currently seems unlikely.

另外，闭合₿0.027电阻将其无效，而是表明校正已完成。目前似乎不太可能。