以太坊（ETH）鲸鱼的利润率与以前的熊市水平相当

这引起了人们对以太坊价格的市场状况的担忧。尽管以太坊的价格几乎是上一个熊市的两倍，但大型持有人还是

Large Ethereum (ETH) holders, also known as whales, are experiencing unrealized profit ratios comparable to previous bear market levels, raising concerns about market conditions around Ethereum price.

大型以太坊（ETH）持有人，也称为鲸鱼，正经历与以前的熊市水平相当的未实现的利润率，这引起了人们对以太坊价格周围市场状况的担忧。

Despite Ethereum’s price being nearly twice as high as during the last bear market, which was in 2022, large holders between 1,000 and 10,000 ETH now show a negative unrealized profit ratio.

尽管以太坊的价格几乎是最后一个熊市的两倍，即2022年，但现在的1,000至10,000 ETH的大持有人现在显示出负面的利润率。

This signals that they are currently holding ETH at an average price that is higher than the current market price, indicating a potential unrealized loss for these large investors.

这表明他们目前以高于当前市场价格高的平均价格持有ETH，这表明对这些大型投资者的潜在未实现损失。

Furthermore, ETH/BTC continues to decline, and the market continues to be cautious due to fear, uncertainty, and doubt (FUD), which may be stifling any serious attempts by institutions to enter the market.

此外，ETH/BTC继续下降，由于恐惧，不确定性和怀疑（FUD），市场继续保持谨慎，这可能会扼杀机构进入市场的任何认真尝试。

However, on-chain data indicates that Ethereum may be in an undervalued zone where one may have embraced opportunities for long-term investors to buy.

但是，链上的数据表明，以太坊可能位于被低估的区域，人们可能会为长期投资者购买机会。

Ethereum Price MVRV Drops to Undervalued Levels

以太坊价格MVRV下降到被低估的水平

The Ethereum (ETH) Market Value to Realized Value (MVRV) ratio has dropped to below 1, an indicator used to gauge the relative valuation of an asset’s market price to the average purchase price of its holders, has declined to below 1.

以太坊（ETH）的市场价值与已实现价值（MVRV）的比率下降到1以下，该指标用于评估资产市场价格的相对估值与其持有人的平均购买价格的相对估值，已降至1以下。

This condition is known to be severe enough to spark rebounds in price from a historical perspective. But past market cycles suggest that ETH tends to soar after it hits this level.

众所周知，这种情况足够严重，可以从历史的角度来激发价格的篮板。但是过去的市场周期表明，在达到这一水平之后，ETH倾向于飙升。

The data from CryptoQuant shows that ETH investors’ realized price is now extremely concentrated around $2,200-$2,300 which may now constitute a strong support level.

来自CryptoQuant的数据表明，ETH投资者的实现价格现在非常集中在2,200-2,300美元左右，现在可能构成了强大的支持水平。

It is very possible that buying pressure from institutional investors will keep the price rising even if ETH drops below this level.

从机构投资者那里购买压力也很可能会使价格上涨，即使ETH降至此水平以下。

Accumulation Increases as ETH Addresses Grow

随着ETH地址的增长，积累增加

On-chain data from CryptoQuant shows a surge in Ethereum (ETH) accumulation addresses—wallets that have received ETH but never withdrawn it—over the past two months.

从过去两个月中，来自CryptoQuant的链链数据显示以太坊（ETH）积累地址的激增（ETH）积累地址（已收到ETH但从未撤回）的Walles。

This suggests that investors are taking advantage of the current market conditions to accumulate ETH at what they perceive as discounted prices.

这表明投资者正在利用当前的市场状况，以他们认为折现价格的价格积累ETH。

If this accumulation trend continues, it could signal a shift in market sentiment, with institutional investors potentially preparing for a long-term price recovery.

如果这种累积趋势继续下去，它可能表明市场情绪的转变，机构投资者有可能为长期价格恢复做准备。

The growing interest in Ethereum at this stage aligns with previous observations of crypto price trends.

在此阶段，对以太坊的兴趣日益与以前对加密价格趋势的观察一致。

Greater macroeconomic uncertainty could be shifting institutional investors’ preferences towards recognized assets with strong fundamentals, setting the stage for the next leg of the bull market.

更大的宏观经济不确定性可能是将机构投资者的偏好转移到具有强大基本原理的公认资产上，这为下一个牛市奠定了基础。

Ethereum Price: Macroeconomic Factors and Market Uncertainty

以太坊价格：宏观经济因素和市场不确定性

The crypto market is currently facing several external pressures, including U.S. liquidity policies and global economic factors.

加密市场目前面临着几个外部压力，包括美国的流动性政策和全球经济因素。

The Trump administration’s approach to tariffs and monetary tightening has introduced additional uncertainty, which could affect asset markets.

特朗普政府对关税和货币收紧的方法引入了额外的不确定性，这可能会影响资产市场。

Despite these hurdles, Ethereum remains the second-largest cryptocurrency by market cap, and the foremost leader in decentralized finance (DeFi) adoption.

尽管有这些障碍，但以太坊仍然是市值第二大加密货币，也是分散金融（DEFI）采用的最重要的领导者。

At current price levels, its strong fundamentals could attract more institutional buyers still.

在目前的价格水平上，其强大的基本面可能会吸引更多的机构买家。

Pectra Upgrade and Ethereum’s Future Outlook

Pectra升级和以太坊的未来前景

The direction of the next price trend for Ethereum could be зависеть на from the development of the network. The recently launched Pectra upgrade is expected to bring major improvements. They may significantly contribute to improving Ethereum’s scalability and efficiency.

以太坊的下一个价格趋势的方向可能是网络开发中的зз路。最近推出的Pectra升级有望带来重大改进。它们可能会有助于提高以太坊的可扩展性和效率。

Ethereum developers can be seen working on making the enhancements in its network. Market participants are interested to see any signs of a possible price recovery.

可以看到以太坊开发人员在其网络中进行增强。市场参与者有兴趣看到可能恢复价格的任何迹象。

Ethereum’s price was $2,217.58 with a 5.51% increase in the last 24 hours. However, there was a 10% loss over the past week.

以太坊的价格为2,217.58美元，在过去24小时内增长了5.51％。但是，过去一周亏损了10％。

With a market cap of $267.4 Billion, ETH remains a wholesale giant in the crypto space, and network upgrades will kick off a new bullish phase.

ETH的市值为2674亿美元，在加密货币领域仍然是一个批发巨头，网络升级将启动新的看涨阶段。