以太坊面临艰难的市场条件

以太坊（ETH）是市场资本化的第二大加密货币，最近几个月面临着巨大的动荡。

The second-largest cryptocurrency, Ethereum (ETH), has been facing some tough market conditions in recent months. Once a beacon of stability and innovation in the blockchain space, Ethereum has found itself caught in the crossfire of macroeconomic uncertainty, diminishing institutional demand, and a decline in whale activity.

最近几个月，第二大加密货币以太坊（ETH）一直面临一些艰难的市场条件。以太坊曾经是区块链空间中稳定和创新的灯塔，发现自己陷入了宏观经济不确定性，机构需求减少以及鲸鱼活动下降的交火中。

As of April 2, Ethereum is trading at $1,869, showcasing a 56% decline since early December. This downturn has left investors and analysts pondering whether ETH can manage to reclaim its former highs or if further downside is imminent.

截至4月2日，以太坊的交易价格为1,869美元，自12月初以来下降了56％。这种低迷使投资者和分析师思考ETH是否可以设法夺回其以前的高点，还是即将到来的不利方面。

Examining the technical perspective, Ethereum now stands at a fully diluted valuation of roughly $225 billion, with a 24-hour trading volume of $14.8 billion. Notably, there has been a net outflow of $403 million from U.S.-listed spot Ether ETFs over the past week, indicating that institutional investors might be pulling back.

在研究技术观点时，以太坊现在的估值为大约2250亿美元，交易量为148亿美元。值得注意的是，在过去一周中，从美国上市Ether ETF的净流出了4.03亿美元，这表明机构投资者可能正在退缩。

Moreover, an analysis of on-chain data reveals a significant decline in whale activity, further signaling reduced confidence among large-scale holders.

此外，对链数据的分析表明，鲸鱼活动的显着下降，进一步的信号降低了大规模持有人的置信度。

With the Ethereum price currently under pressure and network activity showing signs of fatigue, what does the future hold for this major altcoin? Let’s delve into the crucial factors affecting ETH’s performance and the possibility of a recovery.

由于目前处于压力和网络活动状态的以太坊价格显示出疲劳的迹象，该主要山羊的未来有什么影响？让我们深入研究影响ETH表现和恢复可能性的关键因素。

The recent struggles faced by Ethereum can be attributed to several interconnected factors, ranging from the broader macroeconomic environment to network-specific issues.

以太坊所面临的最近的斗争可以归因于几个相互联系的因素，从更广泛的宏观经济环境到特定于网络的问题。

One of the most significant external pressures on Ethereum’s price has been the escalating tariff trade wars between major global economies. Trade tensions, particularly those involving the United States and China, have ultimately led to uncertainty in the market, making investors move away from riskier assets, including cryptocurrencies, and towards traditional safe havens like gold and U.S. Treasury bonds.

以太坊价格最重要的外部压力之一是主要全球经济体之间的关税贸易战不断升级。贸易紧张局势，尤其是涉及美国和中国的贸易紧张局势，最终导致了市场不确定性，使投资者摆脱了包括加密货币在内的风险较高的资产，以及诸如黄金和美国财政债券之类的传统安全避风港。

However, as these economic policies shift, both Ethereum and the broader crypto market remain highly vulnerable to global financial trends. Higher interest rates, inflation concerns, and geopolitical conflicts further compound this uncertainty, making it difficult for Ethereum to regain momentum.

但是，随着这些经济政策的变化，以太坊和更广泛的加密货币市场都非常容易受到全球财务趋势的影响。更高的利率，通货膨胀问题和地缘政治冲突进一步加剧了这种不确定性，使以太坊难以恢复动力。

Another key factor that might be pushing institutional investors out of U.S. markets is the pending legislation in the United States that could impose stricter regulations on the cryptocurrency industry.

可能将机构投资者赶出美国市场的另一个关键因素是，在美国的即将到来的立法可能对加密货币行业施加更严格的法规。

While this factor is not entirely new, it seems to be increasing in importance as major institutions like BlackRock and Ark Invest continue to apply for spot bitcoin and ethereum ETFs.

尽管这个因素并不全新，但随着贝莱德（Blackrock）和方舟投资（Ark Invest）等主要机构继续申请现货比特币和以太坊ETF，它的重要性似乎正在增加。

Despite the strong interest in these types of products, it’s worth noting that there has been a net outflow of $403 million from U.S.-listed spot Ether ETFs over the past week, suggesting that institutional investors might be pulling back.

尽管对这些类型的产品产生了浓厚的兴趣，但值得注意的是，在过去一周中，从美国上市的Ether ETF中净流出了4.03亿美元，这表明机构投资者可能会退缩。

This outflow comes amid a period of heightened regulatory scrutiny on the cryptocurrency industry, especially in the United States. U.S. lawmakers are currently working on legislation that could impose stricter regulations on crypto firms, particularly regarding the reporting of income from cryptocurrency to the Internal Revenue Service (IRS).

由于对加密货币行业的监管审查，尤其是在美国，这一流出范围是在监管行业的高度审查中。美国立法者目前正在制定立法，这些立法可能对加密货币公司施加更严格的法规，尤其是关于从加密货币到国税局（IRS）收入的报告。

The potential for tighter regulations and the pending legislation might be pushing institutional investors to exit their U.S. holdings and move to markets with less stringent regulations, ultimately leading to a shift in the investment landscape.

更严格的法规和未决的立法的潜力可能是促使机构投资者退出美国的持股，并以不太严格的法规迁移到市场，最终导致投资格局的变化。

Apart from the institutional exits, which are noteworthy due to the large sums of money being moved, another factor to consider is the decreased usage and demand for the Ethereum network itself.

除了机构退出，由于货币的大量货币而值得注意的是，要考虑的另一个因素是对以太坊网络本身的使用和需求减少。

According to data from Chainmonitors, the total value of transactions on the Ethereum network has decreased by 30% over the past month. This decrease in on-chain activity might be a sign that demand for decentralized applications (dapps) and other services on the Ethereum blockchain is declining.

根据Chainmonitors的数据，过去一个月，以太坊网络上交易的总价值下降了30％。链上活动的减少可能表明，对以太坊区块链上的分散应用程序（DAPP）和其他服务的需求正在下降。

This decrease in activity is significant because it contributes to the overall demand for ETH, which in turn affects the cryptocurrency’s price.

这种活动的下降是显着的，因为它促进了对ETH的总体需求，这反过来影响了加密货币的价格。

As the network performs fewer operations and users engage less with the chain, the need for ETH units diminishes, potentially pushing the price downward.

随着网络的执行操作较少，用户与链条的互动较少，对ETH单位的需求会减少，从而有可能向下推动价格。

However, it’s important to note that this isn’t necessarily a fatal blow to Ethereum. The cryptocurrency has faced challenges in the past and managed to recover, and it might do so again in the future.

但是，重要的是要注意，这不一定对以太坊的致命打击。过去的加密货币过去曾面临挑战并设法恢复，并且将来可能会再次这样做。

The optimistic scenario for Ethereum’s price depends heavily on Bitcoin’s price movements. Historically, we’ve observed that Ethereum follows Bitcoin’s price trends to a certain extent.

以太坊价格的乐观情景在很大程度上取决于比特币的价格变动。从历史上看，我们观察到以太坊在一定程度上遵循比特币的价格趋势。

If Bitcoin (BTC) manages to regain its strength and pushes toward new highs, we might see Ethereum benefit from a market-wide rally.

如果比特币（BTC）设法重新获得了力量并推向新的高点，我们可能会看到以太坊从市场范围内的集会中受益。

Moreover, despite the recent outflows, if we see a reversal in sentiment among institutional investors, we could witness a return of big-money investors in the form of increased adoption of Ethereum ETFs.

此外，尽管最近出现了流出，但如果我们看到机构投资者之间的情感逆转，我们可以目睹大型投资者以增加以太坊ETF采用的形式的大型投资者的回报。

If this occurs and institutions regain confidence in the cryptocurrency market, we might see renewed buying pressure on ETH.

如果发生这种情况，并且机构恢复了对加密货币市场的信心，我们可能会看到对ETH的购买压力更新。

Another crucial factor to keep in mind is the transition of Ethereum’s network to proof-of-stake (PoS) and the upcoming network upgrades, which aim to enhance scalability, security, and efficiency.

要牢记的另一个关键因素是将以太坊网络过渡到销售证明（POS）和即将到来的网络升级，旨在提高可扩展性，安全性和效率。

The upcoming Ethereum Improvement Proposals (EIPs) and further

即将进行的以太坊改进建议（EIPS）和进一步