尽管抛售压力令人担忧，但比特币减半后以太坊仍在飙升

比特币减半后，在强劲基本面的支撑下，比特币和以太坊价格均出现上涨。虽然比特币达到了 840,000 个区块的里程碑，但以太坊投资者尽管亏损地址有所增加，但仍表现出看涨情绪，这可能预示着山寨币市场的抛售压力。

Ethereum Price Soars Post-Bitcoin Halving, Despite Concerns of Selling Pressure

尽管存在抛售压力，但比特币减半后以太坊价格仍飙升

Following the highly anticipated Bitcoin halving event, the blockchain industry has witnessed several noteworthy milestones. Bitcoin's block count has reached 840,000, while the halving itself has reduced the mining reward to 3.125 Bitcoin per block. Surprisingly, despite predictions of a potential price drop due to selling pressure from miners, Bitcoin's price has surged, approaching $66K. Ethereum, the second-largest cryptocurrency, has also experienced a rally, supported by a range of positive on-chain metrics. However, concerns have been raised about the increasing number of loss-making Ethereum addresses, which could pose a potential risk of selling pressure on the altcoin.

在备受期待的比特币减半事件之后，区块链行业见证了几个值得注意的里程碑。比特币的区块数量已达到 840,000 个，而减半本身已将挖矿奖励减少至每个区块 3.125 比特币。令人惊讶的是，尽管预测由于矿工的抛售压力可能导致价格下跌，但比特币的价格却飙升，接近 6.6 万美元。在一系列积极的链上指标的支持下，第二大加密货币以太坊也经历了反弹。然而，人们对亏损的以太坊地址数量不断增加表示担忧，这可能会对山寨币造成潜在的抛售压力。

Ethereum Investors Maintain Bullish Outlook

以太坊投资者维持看涨前景

Data from Coinglass reveals that, despite recent price volatility, the majority of Ethereum investors remain bullish. This optimistic outlook is exemplified by the actions of a trader who, despite suffering a $4.5 million loss from a previous long position on ETH, has opened yet another long bet on the token. Over the past 24 hours, ETH price has witnessed a total liquidation of over $14.8 million, primarily driven by buyers.

Coinglass 的数据显示，尽管最近价格波动，但大多数以太坊投资者仍然看涨。一位交易员的行为就体现了这种乐观的前景，尽管该交易员之前持有 ETH 多头头寸，损失了 450 万美元，但他仍对该代币进行了另一笔多头押注。在过去 24 小时内，ETH 价格的清算总额超过 1480 万美元，主要是由买家推动的。

Loss-Making Addresses Raise Concerns

亏损地址引发担忧

However, data from IntoTheBlock suggests that ETH's price may face a short-term setback due to the surge in loss-making addresses. The proportion of out-the-money addresses has jumped from 8% to over 18% in a week, indicating rising impatience among holders. If ETH price fails to register further gains or triggers a correction, these holders may intensify selling pressure by closing their positions.

然而，IntoTheBlock 的数据表明，由于亏损地址激增，ETH 价格可能面临短期回调。一周内，价外地址比例从 8% 跃升至 18% 以上，表明持有者的不耐烦情绪加剧。如果 ETH 价格未能进一步上涨或引发回调，这些持有者可能会通过平仓来加剧抛售压力。

Netflow Metrics Indicate Buying Demand

净流量指标表明购买需求

The Netflow metric, which measures the difference between inflow and outflow volumes on exchanges, currently stands at -16K ETH, indicating that outflow volume is surpassing inflow. This suggests that buying demand is outweighing selling pressure, potentially reducing the likelihood of an immediate sell-off.

Netflow 指标衡量交易所流入量和流出量之间的差异，目前为 -16K ETH，表明流出量超过流入量。这表明购买需求超过了抛售压力，可能会降低立即抛售的可能性。

MVRV Ratio Suggests Potential for Price Stability

MVRV 比率表明价格稳定的潜力

Insights from IntoTheBlock reveal that Ethereum's Market Value to Realized Value (MVRV) ratio has fallen, suggesting that many Ethereum holders are yet to see profits. This scenario could be beneficial for ETH's price, as these holders may retain their holdings in anticipation of further increases, potentially stabilizing the price against downturns.

IntoTheBlock 的见解显示，以太坊的市场价值与已实现价值 (MVRV) 比率已经下降，这表明许多以太坊持有者尚未看到利润。这种情况可能有利于 ETH 的价格，因为这些持有者可能会保留其持有的资产，以预期价格进一步上涨，从而可能稳定价格以应对低迷。

Ethereum Growth Metrics Paint Mixed Picture

以太坊增长指标描绘出一幅混合图景

While these factors create a generally bullish sentiment for Ethereum, indicators of the network's growth present a mixed picture. Data from Santiment indicates a slowdown in the rate of new user adoption within the Ethereum ecosystem, which could potentially lead to further price drops.

虽然这些因素为以太坊带来了普遍看涨的情绪，但该网络的增长指标却呈现出喜忧参半的景象。 Santiment 的数据表明，以太坊生态系统内新用户采用率放缓，这可能会导致价格进一步下跌。

Technical Analysis Suggests Price Consolidation

技术分析表明价格整合

Ether has approached the 20-day EMA, currently at $3,158, signaling an attempt by bulls to regain momentum. However, sellers are creating strong resistance around the $3,200 mark, limiting the current buying demand. As of writing, ETH price trades at $3,165, declining over 1.5% in the last 24 hours.

以太币已接近 20 日均线，目前价格为 3,158 美元，表明多头试图重获动力。然而，卖家在 3,200 美元关口附近形成强劲阻力，限制了当前的购买需求。截至撰写本文时，ETH 价格交易价格为 3,165 美元，在过去 24 小时内下跌超过 1.5%。

The 20-day EMA is flattening, and the RSI is hovering just above the midpoint, indicating an equilibrium in market forces. Should the price retreat from the 20-day EMA, the ETH/USDT pair may pull back to $3,056. This level is crucial for the bulls to hold, as a breach could lead to a drop towards $2,800.

20 日均线趋于平缓，RSI 徘徊在中点上方，表明市场力量处于平衡状态。如果价格从 20 日均线回落，ETH/USDT 货币对可能会回落至 3,056 美元。对于多头守住这一水平至关重要，因为突破可能导致跌向 2,800 美元。

Conversely, if Ether breaks above the 200-day EMA, it could boost the buying momentum. The pair could then target the 50-day SMA at $3,586 and potentially extend gains to $3,700. Surpassing this threshold would signal the potential end of the corrective phase, paving the way for a retest of $4K.

相反，如果以太币突破 200 日均线，可能会提振购买势头。然后，该货币对可能将 50 日移动平均线目标定为 3,586 美元，并可能将涨幅扩大至 3,700 美元。超过这个阈值将标志着修正阶段可能结束，为重新测试 4000 美元铺平道路。

Conclusion

结论

Despite concerns over the increasing number of loss-making Ethereum addresses, indicators such as the MVRV ratio and Netflow metrics suggest that the overall sentiment for Ethereum remains positive. The technical analysis suggests a period of consolidation, with support at $3,056 and resistance at $3,200. Should Ether break above the 200-day EMA, it could trigger a rally towards $3,700 and potentially higher. The broader cryptocurrency market remains volatile, and investors are advised to exercise caution and conduct thorough research before making any investment decisions.

尽管人们对亏损的以太坊地址数量不断增加感到担忧，但 MVRV 比率和 Netflow 指标等指标表明，以太坊的整体情绪仍然乐观。技术分析表明将进入盘整期，支撑位为 3,056 美元，阻力位为 3,200 美元。如果以太币突破 200 日均线，可能会引发反弹至 3,700 美元甚至更高。更广泛的加密货币市场仍然波动，建议投资者在做出任何投资决定之前保持谨慎并进行彻底的研究。