尽管市场情绪看跌，但以太坊 [ETH] 鲸鱼仍在增持；公牛队会重新掌控比赛吗？

以太坊 [ETH] 在过去 30 天内贬值了 12.44%，而截至发稿时比特币 [BTC] 的跌幅为 4.74%。

Bitcoin [BTC] has been making headlines for the past few weeks, thanks to its new all-time high (ATH) above $100k. However, BTC’s smaller counterpart, Ethereum [ETH], has also been making some interesting moves.

过去几周，比特币 [BTC] 因其突破 10 万美元的历史新高 (ATH) 而成为头条新闻。然而，比特币规模较小的对手以太坊 [ETH] 也做出了一些有趣的举动。

After shedding 12.44% of its value in the last 30 days, ETH has struggled to defend key support levels in the last six weeks. Its affinity to the $3k level has given rise to many jokes made at the expense of ETH holders and bulls. However, despite the bearish sentiment, whale accumulation has continued.

在过去 30 天内下跌 12.44% 后，ETH 在过去六周内一直难以守住关键支撑位。它与 3000 美元水平的密切关系引发了许多以 ETH 持有者和多头为代价的笑话。然而，尽管市场情绪悲观，鲸鱼的积累仍在继续。

A $30 million withdrawal from Binance was not necessarily representative of market sentiment. In fact, the price action and other metrics gave more bearish than bullish signs.

从币安提款 3000 万美元并不一定代表市场情绪。事实上，价格走势和其他指标给出的看跌信号多于看涨信号。

Highlighting some key on-chain metrics, crypto analyst Ali Martinez noted that the network growth has been slowing down. The new addresses change over the past week (7-day NA) was -9.32%. This indicated reduced adoption and demand from newcomers to the chain.

加密货币分析师 Ali Martinez 强调了一些关键的链上指标，指出网络增长一直在放缓。过去一周（7 天 NA）的新地址变化为 -9.32%。这表明该链新加入者的采用率和需求有所减少。

On the other hand, the 7-day active address change saw a 7.7% positive swing. This alluded to fewer newcomers, but higher trading and network activity over the past week.

另一方面，7 天活跃地址变化出现 7.7% 的正向波动。这意味着过去一周新加入者减少，但交易和网络活动增加。

Looking back over a longer period, the Coinbase Premium has been in negative territory for a majority of the past month. This metric tracks the percentage difference between Ethereum prices on Coinbase and Binance, giving some insight into the behavior of U.S-based investors.

回顾较长时期，Coinbase 溢价在过去一个月的大部分时间里都处于负值区域。该指标跟踪 Coinbase 和 Binance 上的以太坊价格之间的百分比差异，从而可以深入了解美国投资者的行为。

The negative premium on Coinbase implied greater selling pressure and weak buying from U.S-based participants. It also underlined the cautious approach to ETH from these traders.

Coinbase 的负溢价意味着更大的抛售压力和美国参与者的买盘疲软。这也凸显了这些交易者对 ETH 的谨慎态度。

The price action over the past two months also highlighted caution and an eagerness to sell ETH. The range formation in the first half of December gave way as BTC crashed from $108k to $92k. While BTC was trading at $96.5k at press time, ETH formed lower lows and was valued just under $3.2k.

过去两个月的价格走势也凸显了​​人们对 ETH 的谨慎态度和抛售热情。随着 BTC 从 10.8 万美元暴跌至 9.2 万美元，12 月上半月的区间形成被打破。截至发稿时，BTC 的交易价格为 9.65 万美元，而 ETH 则形成了更低的低点，估值略低于 3.2 万美元。

Finally, the OBV highlighted the steady selling pressure since December by marking a series of lower highs. The RSI also noted the prevalent bearish momentum. As things stand, the $3.4k resistance zone needs to be reclaimed before swing traders can adopt a bullish bias.

最后，OBV 创下一系列较低的高点，凸显了自 12 月以来的稳定抛售压力。 RSI 还注意到普遍的看跌势头。就目前情况而言，在波段交易者采取看涨偏见之前，需要收回 3400 美元的阻力区。