以太坊的复苏摇摇欲坠：尽管技术具有弹性，但监管担忧依然存在

自 4 月 13 日以来，以太币 (ETH) 已暴跌超过 14%，跌破 3,300 美元。尽管买家提高了对 3,000 美元的支持，但由于围绕以太坊生态系统的监管不确定性和缺乏“新的叙述”，人们仍然担心 ETH 可能难以重新回到 3,500 美元。这种监管不确定性源于 SEC 对 Uniswap Labs 正在进行的调查以及 SEC 对现货以太 ETF 的待决决定。

Ether's Ebbing Tide: Regulatory Turmoil and Technical Resilience

以太坊的退潮：监管混乱和技术弹性

Ether (ETH), the second largest cryptocurrency, has faced a significant downward trend in recent weeks, experiencing a sharp drop of 14.8% from April 13 to April 14. Despite buyers intervening to strengthen support each time ETH approached the $3,000 level, concerns linger about its ability to reclaim $3,500 without a compelling narrative.

第二大加密货币以太币（ETH）近几周面临大幅下跌趋势，4月13日至4月14日暴跌14.8%。尽管每次ETH逼近3000美元关口时都有买家介入加强支撑，但担忧依然挥之不去关于它在没有令人信服的叙述的情况下收回 3,500 美元的能力。

Fundamental Weakness: Lack of Fresh Catalysts

根本弱点：缺乏新的催化剂

Analysts attribute Ether's weakness relative to Bitcoin (BTC) to the absence of new fundamental developments. The Ethereum native token has failed to attract fresh narratives and inflows, leaving it vulnerable to price fluctuations.

分析师将以太坊相对于比特币（BTC）的疲软归因于缺乏新的基本面发展。以太坊原生代币未能吸引新的叙述和资金流入，使其容易受到价格波动的影响。

Regulatory Uncertainty Casts a Shadow

监管不确定性蒙上阴影

Over the past two months, Ether has underperformed Bitcoin by 16%, a trend that intensified on April 9 after VanEck investment firm's chief investment officer, Jan van Eck, expressed skepticism about the prospects for a U.S. spot Ether ETF in May. This follows a period of inaction by the U.S. SEC regarding pending ETF applications, further dampening investor enthusiasm.

过去两个月，以太币的表现落后于比特币 16%，这一趋势在 4 月 9 日 VanEck 投资公司首席投资官 Jan van Eck 对 5 月份美国现货以太币 ETF 的前景表示怀疑后进一步加剧。在此之前，美国证券交易委员会在一段时间内对未决的 ETF 申请不采取行动，进一步削弱了投资者的热情。

Regulatory uncertainty has also permeated the broader Ethereum ecosystem, including layer-2 solutions, decentralized finance (DeFi), and nonfungible token (NFT) marketplaces. On April 11, Uniswap Labs, operator of the popular decentralized exchange, announced its readiness to defend itself against a potential enforcement notice from the SEC.

监管不确定性也渗透到了更广泛的以太坊生态系统中，包括 Layer-2 解决方案、去中心化金融 (DeFi) 和不可替代代币 (NFT) 市场。 4 月 11 日，流行的去中心化交易所运营商 Uniswap Labs 宣布准备就 SEC 可能发出的执法通知进行辩护。

Amidst this regulatory uncertainty, there have been some positive developments. Michael Welsh and Joseph Watkins, two lead SEC attorneys in a lawsuit against crypto platform DEBT Box, resigned on April 22 after allegations of power abuse surfaced. The Blockchain Association and the Crypto Freedom Alliance of Texas have also filed a lawsuit challenging the SEC's broad interpretation of the term "dealer."

在这种监管不确定性的情况下，出现了一些积极的进展。迈克尔·威尔士 (Michael Welsh) 和约瑟夫·沃特金斯 (Joseph Watkins) 是美国证券交易委员会 (SEC) 对加密货币平台 DEBT Box 提起诉讼的两名首席律师，他们在滥用权力的指控浮出水面后于 4 月 22 日辞职。区块链协会和德克萨斯州加密货币自由联盟也提起诉讼，质疑 SEC 对“交易商”一词的广义解释。

On-Chain Indicators Paint a Contrasting Picture

链上指标描绘了一幅对比图

Despite the price weakness, on-chain data suggests resilience. On April 23, Ether's price rebounded above $3,200, supported by increased demand for Ethereum decentralized applications (DApps). The network's smart contract deposits, as measured by total value locked (TVL), reached their highest level since July 2022 at 30.2 million ETH on April 22.

尽管价格疲软，但链上数据显示出韧性。 4 月 23 日，在以太坊去中心化应用程序 (DApp) 需求增加的支撑下，以太币价格反弹至 3,200 美元以上。以锁定总价值 (TVL) 衡量，该网络的智能合约存款于 4 月 22 日达到 2022 年 7 月以来的最高水平，达到 3020 万 ETH。

Ethereum's TVL growth has been driven by innovative platforms such as EigenLayer staking solution, Uniswap exchange, Pendle yield provider, and Renzo liquid staking application. In contrast, the Tron blockchain has experienced a decline in TVL over the past 30 days.

以太坊的 TVL 增长是由 EigenLayer 质押解决方案、Uniswap 交易所、Pendle 收益提供商和 Renzo Liquid 质押应用程序等创新平台推动的。相比之下，Tron 区块链的 TVL 在过去 30 天内经历了下降。

Options Market Sentiment Remains Balanced

期权市场情绪保持平衡

The ETH options 25% delta skew, a metric that gauges professional traders' sentiment, showed an increase between April 9 and April 18, indicating growing risk aversion. However, this trend reversed on April 19 as ETH fell below $3,000. Current data reveals a balanced dynamic between call (buy) and put (sell) options, suggesting neutral market sentiment.

ETH 期权 25% Delta 偏差（衡量专业交易者情绪的指标）在 4 月 9 日至 4 月 18 日期间有所增加，表明风险厌恶情绪不断增强。然而，这一趋势在 4 月 19 日发生逆转，ETH 跌破 3000 美元。当前数据显示看涨期权（买入）和看跌期权（卖出）之间的动态平衡，表明市场情绪中性。

Conclusion

结论

Ether's recent price struggles underscore the impact of regulatory uncertainty and the lack of a strong narrative. While on-chain metrics and options market sentiment indicate resilience, a bull run surpassing $3,500 remains elusive until investor enthusiasm is rekindled. The SEC's stance on spot Ether ETFs and the broader regulatory landscape will continue to shape the trajectory of the Ethereum ecosystem.

以太坊最近的价格困境凸显了监管不确定性和缺乏强有力的叙述的影响。尽管链上指标和期权市场情绪显示出韧性，但在投资者热情重新点燃之前，超过 3,500 美元的牛市仍然难以实现。美国证券交易委员会对现货以太坊 ETF 的立场和更广泛的监管环境将继续塑造以太坊生态系统的发展轨迹。