以太坊（ETH）注册4个连续的红色每月蜡烛，ETH/BTC比率打入新的5年低点

以太坊的原住民令牌Ether（ETH）在三月份的山寨币下降了18.47％后，连续四个红色蜡烛登记。

The cryptocurrency market saw some red close out March, with the chart of Ether (ETH) revealing four consecutive bearish monthly candles.

加密货币市场三月有些红色，以太（ETH）（ETH）的图表揭示了四个连续的看跌每月蜡烛。

While the altcoin is currently trading at $1,734.48, down 18.47% over the month, the current market structure is showing a sustained bearish trend that has not been seen since the bear market of 2022.

尽管AltCoin目前的交易价格为1,734.48美元，在本月下降了18.47％，但目前的市场结构显示出一种持续的看跌趋势，这是自2022年熊市以来一直没有看到的。

With each monthly candle close taking place below the previous month’s low, analysts are beginning the debate about whether ETH is approaching a bottom or if there is more downside ahead for the altcoin.

随着每月蜡烛关闭的时间都低于上个月的低点，分析师开始辩论有关ETH是否正在接近底部或Altcoin是否有更多的缺点。

ETH/BTC ratio hits new 5-year low

ETH/BTC比率达到新的5年低点

On March 30, the Ethereum/Bitcoin ratio dropped to a five-year low of 0.021. The ETH/BTC ratio measures ETH’s value against Bitcoin (BTC), and the current decline underlines Ether’s underperformance against Bitcoin over the past five years.

3月30日，以太坊/比特币比率下降到五年低点为0.021。 ETH/BTC的比率衡量了ETH对比特币（BTC）的价值，当前的下降强调了Ether在过去五年中对比特币的表现不佳。

In fact, the last time the ETH/BTC ratio dipped to 0.021, ETH was valued between $150-$300 in May 2020.

实际上，在2020年5月，ETH/BTC比率上次降至0.021时，ETH的价值在150-300美元之间。

ETH/BTC 1-month chart. Chart: TradingView

ETH/BTC 1个月图。图表：TradingView

Data from the token terminal showed Ethereum’s monthly fees dropped to $22 million in March 20205, its lowest level since June 2020, indicating low network activity and market interest.

令牌终端的数据显示，以太坊的月费下降到20205年3月的2200万美元，这是自2020年6月以来的最低水平，表明网络活动和市场兴趣较低。

Ethereum fees represent the cost users pay for transactions, which is influenced by network demand. When network fees begin to drop, it indicates reduced network utility.

以太坊费用代表用户支付交易的成本，这受网络需求的影响。当网络费用开始下降时，它表明网络实用程序减少。

Despite the price action and revenue malaise, Ethereum analyst VentureFounder said that the ETH/BTC bottom could occur over the next few weeks. The analyst hinted at a potential bottom between 0.017 and 0.022, suggesting that the ratio might drop further before a recovery. The analyst said,

尽管价格行动和收入不适，以太坊分析师Venture Founder表示，ETH/BTC底部可能会在接下来的几周内发生。该分析师暗示了0.017至0.022之间的电位底部，这表明该比率可能在恢复之前进一步下降。分析师说，

“The ETH/BTC ratio has been showing some interesting moves recently. Personally, I'm expecting the bottom to form around 0.017-0.022 over the next few weeks.

“ ETH/BTC的比率最近显示出一些有趣的动作。个人，我希望在接下来的几周内，底部的底层将在0.017-0.022左右。

We're currently at a critical fib level (0.021) which is also the low from May 2020 when ETH was 150-300.”

我们目前处于关键的FIB水平（0.021），这也是2020年5月ETH 150-300的低点。”

Historical odds favor a short-term bottom

历史上有利于短期底部

Since its inception, ETH has registered three or more consecutive bearish monthly candles on five occasions, and each time, a short-term bottom was the result. The chart below shows that the most back-to-back red months occurred in 2018, with seven, but prices jumped 83% after the correction.

自成立以来，ETH已五次连续三个或更多的看跌每月蜡烛，每次是短期底层的结果。下图显示，最多的背靠背红色月份发生在2018年，其中7个月是七个，但在更正后的价格上涨了83％。

In 2022, after three consecutive bearish months, ETH price consolidated in a range for almost a year, but the bottom was in on the third bearish candle in June 2022.

在2022年，经过连续三个看跌月，ETH Price在一个范围内巩固了将近一年，但底部是2022年6月的第三枚看跌蜡烛。

Historically, Ethereum has a 75% probability of having a green month in April.

从历史上看，以太坊在四月有绿色月份的可能性为75％。

Related: Eric Trump’s ‘add ETH’ advice has almost wiped out $100k in 7 months

相关：埃里克·特朗普（Eric Trump）的“添加ETH”建议在7个月内几乎已经删除了10万美元

Based on Ethereum’s past quarterly returns, the altcoin experienced the least number of drawdowns in Q2 compared to other quarters. With the average returns in Q2 as high as 60.59%, the likelihood of positive returns in April.

根据以太坊过去的季度收益，与其他季度相比，Altcoin的跌幅最少。随着第2季度的平均收益高达60.59％，四月的正值可能性。