随着市场情绪恶化，以太坊价格下跌

尽管周二短暂看涨，但以太坊在 24 小时内下跌 2.6%，让人对以太坊立即复苏产生怀疑。交易量下降、市值下降以及衍生品市场兴趣减弱表明前景日益看跌。以太坊的技术结构显示支撑位减弱和阻力位强劲，可能会在短期内阻碍其上行轨迹。

Ethereum Price Stumbles Amid Weakening Sentiment

以太坊价格因市场情绪疲软而下跌

A brief surge in bullish sentiment on Tuesday led investors to believe that the recent retracement in cryptocurrency markets was merely a temporary setback. However, a 2.6% decline in Ethereum (ETH) prices over the past 24 hours has cast doubt on the likelihood of an immediate recovery to all-time highs.

周二看涨情绪的短暂飙升使投资者相信加密货币市场近期的回调只是暂时的挫折。然而，以太坊 (ETH) 价格在过去 24 小时内下跌 2.6%，让人对立即恢复到历史高点的可能性产生怀疑。

After reaching a high of $4,091 on Tuesday, ETH prices have since retreated to around $3,430 during U.S. business hours. A significant drop in trading volume, down 38% to $19 billion, suggests waning interest among traders. A further 3% correction in ETH's market capitalization reflects a growing bearish outlook.

在周二触及 4,091 美元高点后，ETH 价格在美国营业时间内回落至 3,430 美元左右。交易量大幅下降，下降 38% 至 190 亿美元，表明交易者的兴趣减弱。 ETH 市值进一步调整 3%，反映出看跌前景日益加剧。

Declining Derivatives Interest Raises Concerns

衍生品兴趣下降引发担忧

The recent price decline has had a negative impact on the derivatives market, with open interest falling from a record high of $13 billion in March to $11.34 billion by the end of March, according to data from Coinglass. While open interest has recovered slightly to $11.7 billion, further corrections cannot be ruled out.

Coinglass的数据显示，近期价格下跌对衍生品市场产生了负面影响，未平仓合约从3月份创纪录的130亿美元下降至3月底的113.4亿美元。虽然未平仓合约略有回升至 117 亿美元，但不能排除进一步调整的可能性。

A decrease in open interest in derivatives markets often indicates reduced trader activity, which can reflect diminished liquidity, waning confidence in the market, and potential shifts in market trends.

衍生品市场未平仓合约的减少通常表明交易者活动减少，这可以反映出流动性减少、市场信心减弱以及市场趋势的潜在变化。

DeFi TVL Declines, Adding to Selling Pressure

DeFi TVL 下降，增加抛售压力

According to DeFi Llama, the total value locked (TVL) in decentralized finance (DeFi) protocols has fallen to $50.63 billion from a recent high of $57.59 billion. A decline in DeFi TVL, which includes assets staked in smart contracts, tends to exacerbate selling pressure as investors withdraw their holdings from staking contracts in anticipation of further price declines.

根据 DeFi Llama 的数据，去中心化金融 (DeFi) 协议的锁定总价值 (TVL) 已从近期高点 575.9 亿美元降至 506.3 亿美元。 DeFi TVL（包括智能合约中质押的资产）的下降往往会加剧抛售压力，因为投资者预计价格会进一步下跌，因此从质押合约中撤回所持资产。

Technical Analysis Points to Challenges Ahead

技术分析指出未来的挑战

The technical outlook for ETH remains bearish, despite the recovery witnessed last week. A correction followed immediately after the price reached $3,640, as investors remained unconvinced of a sustained rally above $4,000 and subsequently to $5,000.

尽管上周出现复苏，但 ETH 的技术前景仍然看跌。在价格达到 3,640 美元后立即进行了调整，因为投资者仍然不相信价格会持续上涨至 4,000 美元以上并随后升至 5,000 美元。

At the time of writing, the 38.2% Fibonacci level is providing support, and ETH is expected to bounce from this level. However, the Moving Average Convergence Divergence (MACD) indicator, while still bullish, is beginning to show signs of a retracement towards the neutral area, which could encourage traders to short ETH.

截至撰写本文时，38.2% 斐波那契水平正在提供支撑，预计 ETH 将从该水平反弹。然而，移动平均收敛分歧（MACD）指标虽然仍然看涨，但开始显示出向中性区域回撤的迹象，这可能会鼓励交易者做空 ETH。

Resistance and Support Levels Hinder Recovery

阻力位和支撑位阻碍复苏

According to blockchain data from IntoTheBlock, Ethereum price may face significant resistance in the short term due to weakening support levels and strong resistance areas.

根据IntoTheBlock的区块链数据，由于支撑位减弱和阻力区域较强，以太坊价格短期内可能面临重大阻力。

The IOMAP model indicates that the region between $3,615 and $3,715 represents the largest supply zone, where 727,000 addresses purchased 4.22 million ETH at an average price of $3,370. If ETH manages to recover to this level, investors in this cohort may sell at their breakeven points, dampening the uptrend and potentially triggering another sell-off.

IOMAP 模型表明，3,615 美元至 3,715 美元之间的区域是最大的供应区域，其中 727,000 个地址以 3,370 美元的平均价格购买了 422 万个 ETH。如果 ETH 成功恢复到这一水平，该群体的投资者可能会在盈亏平衡点卖出，从而抑制上涨趋势，并可能引发另一次抛售。

The IOMAP model also shows that support areas have been weakening, which could lead to a drastic change in the technical structure and potentially far-reaching losses to $2,400.

IOMAP模型还显示支撑区域一直在减弱，这可能导致技术结构发生巨大变化，并可能导致深远的损失至2,400美元。

Conclusion

结论

The recent decline in Ethereum prices has raised concerns among investors, who are now questioning the sustainability of the recent rally. Weakening sentiment, declining derivatives interest, and a bearish technical outlook suggest that ETH may face challenges in reaching $4,000 in the near term.

最近以太坊价格的下跌引起了投资者的担忧，他们现在质疑近期上涨的可持续性。情绪疲软、衍生品兴趣下降以及看跌的技术前景表明，ETH 短期内可能面临触及 4,000 美元的挑战。