以太坊（ETH）在下一次推动之前测试流动性

以太坊在 2024 年表现平平，全年表现低于比特币和许多顶级山寨币。

Ethereum had a lackluster 2024, trailing behind Bitcoin and many top altcoins throughout the year. While BTC soared to new all-time highs, ETH struggled to maintain bullish momentum, leaving investors questioning its market position. However, the upcoming year may present a different narrative, as historical trends indicate that altcoins, including ETH, tend to perform well in the post-halving year.

以太坊在 2024 年表现平淡，全年落后于比特币和许多顶级山寨币。尽管比特币飙升至历史新高，但以太坊却难以维持看涨势头，这让投资者对其市场地位产生了质疑。然而，即将到来的一年可能会出现不同的情况，因为历史趋势表明，包括 ETH 在内的山寨币在减半后的一年往往表现良好。

One key strength of Ethereum is its growing adoption and strong investor hodling behavior. According to key metrics from IntoTheBlock, ETH's hodler ratio has now surpassed BTC's, showing a shift in long-term holding sentiment. This milestone is especially relevant as Bitcoin hodlers have recently been booking profits following BTC's new highs, reducing their market presence.

以太坊的一大关键优势是其不断增长的采用率和强大的投资者持有行为。根据 IntoTheBlock 的关键指标，ETH 的持有者比率现已超过 BTC，显示出长期持有情绪的转变。这一里程碑尤其重要，因为比特币持有者最近在比特币创下新高后获利了结，从而减少了他们的市场份额。

This dynamic could pave the way for ETH to regain dominance and potentially lead an altseason in 2025. With more ETH being held by committed investors, the supply available for trading is limited, which could serve as a catalyst for price appreciation once demand recovers.

这种动态可能为 ETH 重新占据主导地位铺平道路，并有可能在 2025 年引领山寨币季节。随着更多的 ETH 被坚定的投资者持有，可用于交易的供应量有限，一旦需求恢复，这可能会成为价格升值的催化剂。

As Ethereum enters a new cycle, the market will be eagerly watching for signals that can drive its recovery and potential breakout in the coming months. Whether ETH can capitalize on these metrics remains to be seen, but optimism for a brighter year ahead is building.

随着以太坊进入新的周期，市场将热切关注能够推动其复苏和未来几个月潜在突破的信号。 ETH 能否利用这些指标还有待观察，但人们对未来一年更加光明的乐观情绪正在增强。

Many analysts and investors are beginning to believe that Ethereum is approaching a potentially dark period after failing to break its yearly highs and continuing to set lower highs. Despite the growing optimism surrounding Ethereum’s long-term potential, the lack of bullish price action has left many questioning its near-term outlook.

许多分析师和投资者开始相信，以太坊在未能突破年度高点并继续创下更低的高点后，正在接近一个潜在的黑暗时期。尽管人们对以太坊的长期潜力越来越乐观，但缺乏看涨的价格走势让许多人质疑其近期前景。

Ethereum's price movements have been lackluster compared to Bitcoin and other altcoins, leading some to speculate that ETH could be heading for a more challenging phase in the market.

与比特币和其他山寨币相比，以太坊的价格走势一直乏善可陈，导致一些人猜测以太坊可能会进入市场更具挑战性的阶段。

Top analyst Maartunn recently shared valuable insights on X, revealing that Ethereum’s hodler ratio has surpassed Bitcoin’s. This shift is significant as it highlights that more investors are holding onto ETH for the long term, especially with Bitcoin’s recent profits prompting many hodlers to take their gains. Maartunn poses an important question: Could Ethereum hodlers follow suit when ETH finally breaks its previous all-time highs?

顶级分析师 Maartunn 最近分享了有关 X 的宝贵见解，透露以太坊的持有者比率已超过比特币。这一转变意义重大，因为它凸显出越来越多的投资者长期持有 ETH，尤其是比特币最近的利润促使许多持有者获利了结。 Maartunn 提出了一个重要的问题：当 ETH 最终突破之前的历史高点时，以太坊持有者是否会效仿？

While the outlook for 2025 could be bright for Ethereum, with its growing adoption and the potential for an altseason, there is a risk in keeping the current trend. If ETH fails to break its previous ATH and continues its pattern of lower highs, it could signal a more prolonged consolidation phase or even a deeper correction.

虽然以太坊 2025 年的前景可能会很光明，因为它的采用率不断上升，并且有可能出现山寨币季节，但保持当前趋势存在风险。如果 ETH 未能突破之前的 ATH 并继续其较低高点的模式，则可能预示着更长时间的盘整阶段，甚至更深层次的回调。

The market sentiment and key data points will be critical in determining whether Ethereum can capitalize on the positive trends in the coming year or face a more challenging road ahead.

市场情绪和关键数据点对于确定以太坊能否利用来年的积极趋势或面临更具挑战性的道路至关重要。

ETH Testing Liquidity Before The Next Push

ETH 在下一次推动之前测试流动性

Ethereum is currently trading at $3,390 after several days of consolidation below the key $3,550 level. Price action appears bearish, as ETH has failed to hold this level as support, instead continuing to form a series of lower highs. This ongoing trend suggests that selling pressure is dominating the market, and unless ETH manages to gain strength, the downside could extend further.

经过几天的盘整，以太坊目前的交易价格为 3,390 美元，低于 3,550 美元的关键水平。价格走势似乎看跌，因为 ETH 未能守住这一支撑位，而是继续形成一系列较低的高点。这种持续的趋势表明，抛售压力正在主导市场，除非 ETH 设法走强，否则下行趋势可能会进一步扩大。

However, there is still hope for Ethereum if it can break above the critical $3,750 resistance level. A push above this mark would signal a potential reversal and could set the stage for a strong rally. If bulls can reclaim $3,750 and hold it as support, ETH is likely to see a massive surge, with the potential to reach new highs in the coming weeks.

然而，如果以太坊能够突破关键的 3,750 美元阻力位，那么它仍然有希望。突破该关口将预示着潜在的逆转，并可能为强劲反弹奠定基础。如果多头能够夺回 3,750 美元并将其作为支撑位，那么 ETH 可能会出现大幅上涨，并有可能在未来几周内创下新高。

In the short term, Ethereum's ability to break and hold above $3,750 will be crucial for determining the next major move. If this level is rejected once again, ETH could continue its bearish trend and face deeper corrections. Therefore, investors and analysts will be closely watching for any signs of a breakout to confirm the next direction for Ethereum’s price.

短期内，以太坊能否突破并守住 3,750 美元上方，对于决定下一步的重大走势至关重要。如果该水平再次被拒绝，ETH 可能会继续其看跌趋势并面临更深层次的调整。因此，投资者和分析师将密切关注任何突破迹象，以确认以太坊价格的下一个方向。

Featured image from Dall-E, chart from TradingView

精选图片来自 Dall-E，图表来自 TradingView