交流的以太坊（ETH）供应在近十年内达到了其最低水平

以太坊在加密货币交流中的供应已在近十年来下降到其最低水平，但由于更广泛的市场挑战，价格继续挣扎。

The second-largest cryptocurrency, Ethereum (CRYPTO: ETH), has seen its supply on cryptocurrency exchanges fall to the lowest level in nearly a decade. However, despite this bullish signal, the price continues to struggle amid broader market challenges.

第二大加密货币以太坊（Crypto：ETH）看到了其在加密货币交换上的供应量降至近十年来最低水平。然而，尽管有这种看涨信号，但由于更广泛的市场挑战，价格仍在挣扎。

Here's a look at what's happening with Ethereum and what analysts are saying about the potential for a supply shock.

这是以太坊发生了什么以及分析师对供应冲击的可能性的评价。

What Happened: As crypto analytics platform Santiment pointed out, Ethereum's available supply on exchanges has now dropped to 8.97 million. This marks the lowest level since November 2015.

发生的事情：正如加密分析平台所指出的那样，以太坊在交流中的可用供应现已下降到897万。这标志着自2015年11月以来的最低水平。

"Thanks to the many DeFi and staking options, Ethereum's holders have now brought the available supply on exchanges down to 8.97M, the lowest amount in nearly 10 years (November, 2015). There is 16.4% less $ETH on exchanges compared to just 7 weeks ago," Santiment said.

Santiment说：“多亏了许多Defi和Staking选择，以太坊的持有人现在将可用的交易所供应量下降到897万，是近10年内最低的（2015年11月）。与仅7周前相比，交流的$ ETH少16.4％。”

This reduction in supply suggests that investors are moving their ETH into cold storage wallets for long-term holding or transferring tokens to DeFi and staking platforms rather than keeping them available for immediate trading on exchanges.

供应量的减少表明，投资者将其ETH转移到冷藏钱包中，以进行长期持有或将令牌转移到Defi和Statiking Platforms上，而不是让它们可以立即进行交易交易。

When supply decreases on exchanges, it typically reduces selling pressure. With fewer tokens available for trading, conditions for a potential "supply shock" could emerge if demand remains strong or increases.

当供应减少时，它通常会降低销售压力。随着可用于交易的代币较少，如果需求保持强劲或增加，可能会出现潜在的“供应冲击”条件。

Earlier this year, Bitcoin (CRYPTO: BTC) hit a new all-time price high after hitting seven-year lows in January. Several analysts believe that a similar scenario could play out with Ethereum.

今年早些时候，比特币（Crypto：BTC）在一月份达到7年的低点后达到了新的历史价格。几位分析师认为，类似的情况可能会与以太坊一起发挥作用。

"Just a question of time before the big supply shock," said Crypto General.

加密将军说：“只是大供应冲击之前的时间问题。”

Another commenter, Ted, said that with ETH supply on exchanges dropping daily, "buyers will soon compete, leading to bidding wars."

另一位评论者泰德（Ted）说，随着ETH供应的交流每天下降，“买家将很快竞争，导致竞标战争。”

See More: Best Cryptocurrency Scanners

查看更多：最佳加密货币扫描仪

Why It Matters: A few analysts are setting a price target of $6,000 for Ethereum in 2025.

为什么重要的是：一些分析师在2025年将以太坊的价格目标定为6,000美元。

For perspective, a move to $6,000 would be a 200% gain from Monday's price of $1,990.

从周一的价格为1,990美元的价格中，将其转移到6,000美元将是200％的收益。

At the beginning of the year, several analysts were bullish on Ethereum setting a new all-time high in 2025. While Bitcoin and some other cryptocurrencies have hit new highs in recent months, Ethereum has struggled to do so.

在今年年初，几位分析师对以太坊的看涨看涨，在2025年设定了新的历史最高点。尽管比特币和其他一些加密货币在最近几个月中达到了新的高点，但以太坊仍在努力这样做。

The second-largest cryptocurrency by market capitalization reached around $4,000 on several occasions but was rejected before it could approach its November 2021 peak of $4,878. From the highs of the year, Ethereum is down around 50%.

市值的第二大加密货币曾多次达到4,000美元左右，但在2021年11月的峰值达到4,878美元之前就被拒绝了。从一年中的高点开始，以太坊下降了约50％。

Ethereum's cryptocurrency market dominance has also fallen from over 22% in early 2024 to less than 9%.

以太坊的加密货币市场优势也从2024年初的22％下降到不到9％。

One factor that could be impacting Ethereum's performance is the increased competition from layer-2 networks, which process transactions more cheaply than the Ethereum mainnet.

可能影响以太坊的性能的一个因素是，第2层网络的竞争增加，该竞争比以太坊主网更便宜地处理交易。

According to DeFiLlama data, Ethereum-based decentralized exchange protocols handled $9.8 billion in the past week. Of that amount, $5.67 billion was from Arbitrum and Base, highlighting the shift to layer-2 solutions.

根据Defillama数据，在过去一周中，基于以太坊的分散交换协议处理了98亿美元。其中56.7亿美元来自仲裁和基础，突出了向第二层解决方案的转变。

Monthly DEX volume on Ethereum fell from $92 billion in December to $82 billion in February and March volumes are expected to be even lower.

以太坊的每月DEX数量从12月的920亿美元下降到2月的820亿美元，预计3月份的销量将更低。

The lower mainnet usage also impacted Ethereum's fee revenue, which went from $218 million in December to just $46 million in February. While the recent Dencun upgrade reduced gas fees by 95%, making transactions less costly, overall revenue continues to fall.

Mainnet下部的使用也影响了以太坊的费用收入，该收入从12月的2.18亿美元增加到2月的4600万美元。虽然最近的Dencun升级的汽油费降低了95％，但交易的成本降低，但总体收入仍在下降。

The total value locked in Ethereum has also fallen from $76 billion in December to $46 billion. The metric tracks how many assets are being used in the Ethereum ecosystem.

以太坊中锁定的总价值也从12月的760亿美元下降到460亿美元。该指标跟踪以太坊生态系统中使用了多少资产。

Institutions don't appear interested in Ethereum as the New York Stock Exchange and Chicago Board Options Exchange both submitted applications to the SEC to permit staking in Ethereum ETFs, which could increase institutional involvement.

机构似乎对以太坊不感兴趣，因为纽约证券交易所和芝加哥董事会期权交易所交易所向SEC提交了申请，以允许在以太坊ETF中参与，这可能会增加机构的参与。

From a technical perspective, Ethereum is trading with resistance at $2,042 and the 50-day moving average providing a barrier. The relative strength index is at 41.22 and shows recovery from oversold conditions, but no strong momentum.

从技术角度来看，以太坊的电阻为2,042美元，而50天移动平均线提供障碍。相对强度指数为41.22，显示出从超售条件中恢复，但没有强大的动力。

If Ethereum breaks above $2,042, the next price targets could be $2,163 and $2,370. If the cryptocurrency fails to hold $1,986, it may fall to $1,714, where previous buying interest emerged.

如果以太坊的损失超过$ 2,042，那么下一个目标目标可能为$ 2,163和2,370美元。如果加密货币无法持有1,986美元，则可能降至1,714美元，而先前的购买利息出现了。

"Either Ethereum bounces here and this is a generational bottom, or it’s over," said crypto analyst Scott Melker.

加密分析师斯科特·梅尔克（Scott Melker）说：“以太坊在这里弹跳，这是一个世代的底层，要么已经结束了。”

The coming weeks could prove crucial for what happens next with the Ethereum price.

接下来的几周对于以太坊价格下一步发生的事情可能至关重要。