以太坊（ETH）现在没有比特币的美好时光。这可能只是开始。

3月28日，ETH/BTC对下降了3.5％的盘中，降至0.0225 BTC左右，自2020年5月以来，我们从未见过的水平。

Ethereum (ETH) is having a rough time against Bitcoin (BTC) right now, as the ETH/BTC pair fell over 3.5% intraday on March 28, dropping to around 0.0225 BTC for the first time since May 2020. If the charts are anything to go by, it might not stop there.

以太坊（ETH）现在对比特币（BTC）的时间艰难，因为ETH/BTC对在3月28日下降了3.5％以上，自2020年5月以来首次下降至0.0225 BTC。

Bear Flag? Yep. And It’s Not Looking Great.

熊国旗？是的。而且看起来并不好。

Those who follow chart patterns will recognize the classic bear flag formation that ETH/BTC had been bouncing inside since early March, with the price breaking below the lower trendline of the channel. Usually, bear flags are just temporary upticks in a downtrend, which might continue after the bear flag is formed.

那些遵循图表模式的人将认识到ETH/BTC自3月初以来一直在内部弹跳的经典熊旗形成，价格低于频道的较低趋势线。通常，熊旗只是下降趋势中的临时升高，在形成熊旗后可能会继续。

Technical analysis:

技术分析：

The projected downside target for the bear flag pattern is around 0.021 BTC, which is about a 6% drop from the current price.

熊旗模式的预计下跌目标约为0.021 BTC，比目前的价格下降了约6％。

The pair is still trading way below both the 50-day EMA (0.02566) and the 200-day EMA (0.03338), which signals that the downtrend is still intact.

这对夫妇仍低于50天EMA（0.02566）和200天EMA（0.03338）的交易方式，这表明下降趋势仍然完好无损。

The RSI is approaching the 33.5 level, which is typically used to denote oversold territory. However, the RSI is still relatively high, and it might take some time for the selling pressure to subside.

RSI接近33.5级，通常用来表示超卖领土。但是，RSI仍然相对较高，可能需要一些时间才能减轻销售压力。

So Why Is ETH Struggling?

那为什么Eth挣扎呢？

Those who have been following the crypto market for some time will know that Ethereum has been lagging behind Bitcoin since 2017, falling over 85% from its all-time high of 0.156 BTC.

那些一直关注加密货币市场一段时间的人会知道，自2017年以来，以太坊一直落后比特币，比其历史最高0.156 BTC下降了85％以上。

Several factors are contributing to Ethereum's struggles. The Bitcoin spot ETF hype has obviously favored BTC over other cryptocurrencies, while competitors like Solana (SOL), Cardano (ADA), SUI, and others are steadily grabbing attention and market share. Among these competitors, SOL has been performing exceptionally well against ETH for months.

几个因素有助于以太坊的斗争。比特币现场ETF HYPE显然比其他加密货币更喜欢BTC，而Solana（Sol），Cardano（ADA），SUI等竞争对手都在稳步吸引注意力和市场份额。在这些竞争对手中，SOL在数月内一直表现出色。

Moreover, macroeconomic factors are also playing a role. Trump's tariffs on China, Mexico, and Canada are stirring up tension and could lead to a selloff in riskier assets. In such a scenario, Ethereum is likely to be sold off faster than Bitcoin, as it is still perceived as the safer crypto bet.

此外，宏观经济因素也起着作用。特朗普对中国，墨西哥和加拿大的关税正在激起紧张局势，并可能导致风险较高的资产。在这种情况下，以太坊的出售速度可能比比特币快，因为它仍然被视为更安全的加密赌注。

It's worth noting that ETH tends to mirror the stock market more closely than BTC. Its 52-week correlation with the S&P 500 is 0.69, while BTC's correlation is lower at 0.52. This suggests that if stocks start to decline, ETH is likely to follow suit, and at a faster pace.

值得注意的是，ETH倾向于比BTC更接近股票市场。它与标准普尔500指数的52周相关性为0.69，而BTC的相关性较低为0.52。这表明，如果股票开始下降，ETH可能会效仿，并且速度更快。

Overall, Ethereum is facing several headwinds that could lead to further weakness in the ETH/BTC pair. However, if the pair manages to close above the 50-day EMA, it could signal a shift in momentum, and we might see a move towards the 200-day EMA, offering some relief for beleaguered bulls. Nonetheless, with the pair still holding above the 0.02 BTC support, there is potential for additional downside in the upcoming sessions.

总体而言，以太坊正面临几种逆风，这可能导致ETH/BTC对的进一步弱点。但是，如果两人设法在50天的EMA上方关闭，这可能标志着动量的转变，我们可能会看到向200天EMA的转变，为饱受折磨的公牛提供了一些缓解。尽管如此，两人仍然保持在0.02 BTC的支持以上，因此在即将举行的会议中可能会有额外的缺点。