以太坊的市场斗争 - 导航宏观经济不确定性和比特币的兴奋

以太坊（ETH）曾经被誉为市值中比特币（BTC）的潜在继任者，他发现自己处于关键时刻。

Ethereum (ETH) is struggling to maintain its footing as it faces a perfect storm of challenges, ranging from a significant decline in its DeFi ecosystem's total value locked (TVL) and a record-breaking Bitcoin (BTC)/ETH ratio to macroeconomic uncertainties surrounding the U.S. Federal Reserve's rate decision.

以太坊（ETH）正在努力保持其基础，因为它面临着完美的挑战风暴，包括其Defi生态系统的总价值锁定（TVL）的大幅下降以及围绕US Federal Resedress储备的宏观经济不确定性的创纪录的比特币（BTC）/ETHCOIN（BTC）/伦理比率。

At the beginning of the week, the asset is trading at $1,913, consolidating within a narrow 5% range ahead of the critical $2,000 resistance level and struggling to pierce through it. However, it is still noteworthy that the asset has dropped by 50% from its all-time high of $4,897, which it reached in August 2023.

在本周初，该资产的交易价格为1,913美元，在狭窄的5％范围内固定在关键的2,000美元阻力水平之前，并努力努力刺穿它。但是，仍然值得注意的是，该资产的历史最高售价为4,897美元，该资产于2023年8月达到了50％。

The cryptocurrency is also dealing with the implications of the BTC/ETH ratio hitting a seven-month high this week, rendering Bitcoin more valuable relative to Ethereum. This shift in valuation is unfolding against the backdrop of the U.S. Federal Reserve's upcoming interest rate decision, which is expected to have a bearing on risk appetite and, ultimately, the price of ETH.

加密货币还处理了本周BTC/ETH比率达到七个月高的含义，相对于以太坊更有价值的比特币。在美国美联储即将到来的利率决定的背景下，估值的转变正在发生，预计这与风险偏好有关，最终与ETH的价格有关。

The implications of the BTC/ETH ratio are heating up as the apex cryptocurrency attempts to break out of its own consolidation range in order to test the critical $70,000-$72,000 resistance level. A successful breakout could propel Bitcoin towards new highs, widening the valuation gap between the two crypto giants even further.

BTC/ETH比率的含义正在加热，因为Apex加密货币试图脱离其自身的合并范围，以测试关键的$ 70,000- $ 72,000的电阻水平。成功的突破可以推动比特币转向新的高点，从而进一步扩大了两个加密巨头之间的估值差距。

The narrative that Ethereum’s DeFi and smart contract capabilities would help it overtake Bitcoin’s market cap has been largely debunked, especially as the DeFi ecosystem continues to shed value at a rapid pace. In the past 30 days alone, Ethereum’s DeFi TVL has dropped by $29 billion.

以太坊的Defi和智能合同能力将有助于其超过比特币的市值的叙述在很大程度上被揭穿了，尤其是随着Fefi生态系统继续以快速的速度降低价值。仅在过去的30天中，以太坊的Defi TVL下跌了290亿美元。

The sharp devaluation of the second-largest cryptocurrency can be attributed to two key factors: Trump’s new trade tariff policies, which have been a source of macroeconomic uncertainty, and the ongoing saga of Ethereum’s network scalability issues, which are limiting the throughput of transactions and leading to higher gas fees.

第二大加密货币的急剧贬值可以归因于两个关键因素：特朗普的新贸易关税政策，这些政策一直是宏观经济不确定性的来源，以及以太坊网络可伸缩性问题的持续传奇，这些问题限制了交易的吞吐量，并带来了较高的汽油费用。

The decrease in DeFi TVL can be attributed to liquidity providers and yield seekers withdrawing capital from the DeFi protocols, contributing to a net outflow of coins from the ecosystem into short-term market supply.

DEFI TVL的减少可以归因于流动性提供者和寻求收益的人从DEFI协议中撤出资本，从而导致了从生态系统净流出到短期市场供应中的硬币净流出。

The decrease in liquidity in the DeFi ecosystem can be attributed to liquidity providers and yield seekers withdrawing capital from the DeFi protocols, contributing to a net outflow of coins from the ecosystem into short-term market supply.

Defi生态系统中流动性的下降可以归因于流动性提供者和寻求收益的人从Defi协议中撤出资本，从而导致了从生态系统净流出的硬币净流向短期市场供应。

This outflow of coins is likely to exert further downward pressure on Ethereum’s price, especially if it continues to consolidate below the $2,000 resistance level. Moreover, the technical indicators are signaling potential volatility ahead, which could be influenced by the Fed’s decision and the implications for risk appetite.

硬币的流出可能会对以太坊的价格施加进一步的向下压力，尤其是如果它继续巩固了2,000美元的电阻水平。此外，技术指标正在信号传达潜在的波动性，这可能会受到美联储的决定以及对风险食欲的影响的影响。

As Ethereum attempts to chart a course out of this predicament, the upcoming U.S. Federal Reserve's interest rate decision looms large, threatening to dry up liquidity in the DeFi ecosystem and push ETH coins previously locked in smart contracts into the short-term market supply.

当以太坊试图从这种困境中绘制一门课程时，即将到来的美国储备的利率决策隐约可见，威胁要干燥Defi生态系统中的流动性，并将ETH Coins推向以前将智能合约锁定在短期市场供应中的ETH COINS。