尽管成立了，以太坊继续追逐比特币而没有始终超越它

成立将近十年后，以太坊继续追逐其最大的竞争对手比特币，而没有一贯的表现。

Almost a decade after its inception, Ethereum continues to chase its biggest competitor, Bitcoin, without ever consistently outperforming it. A recent analysis revealed that Ether has outperformed Bitcoin only on 15% of trading days since it entered the markets in 2015.

成立将近十年后，以太坊继续追逐其最大的竞争对手比特币，而没有一贯的表现。最近的一项分析表明，自2015年进入市场以来，Ether仅在15％的交易日仅比比特币优于比特币。

This data, highlighted by analyst James Check in a post on platform X on April 8, sheds light on the structural difficulties of the second-largest crypto asset by market capitalization.

分析师詹姆斯（James）在4月8日在平台X上发表的帖子中签到了这些数据，阐明了按市值计算的第二大加密资产的结构性困难。

While the two assets move largely in tandem, with both suffering losses of over 50% since the beginning of 2022, Bitcoin has managed to stay afloat, losing 6% on Monday, April 9, and remaining at a price point 275% higher than the peak of the bull cycle seven years ago.

虽然这两个资产在很大程度上转移了，但两者自2022年初以来遭受了50％以上的损失，但比特币设法保持维持生计，在4月9日星期一损失6％，并且比七年前的公牛周期的高峰高275％。

According to CoinGecko, ETH reached 1,400 dollars in the early hours of the same day. In the last 24 hours, the asset has seen an additional 10% drop, falling below 1,450 dollars, a price lower than the peak reached during the 2018 market cycle.

根据Coingecko的说法，ETH在同一天凌晨达到了1,400美元。在过去的24小时内，资产额外下降了10％，低于1,450美元，价格低于2018年市场周期中达到的峰值。

According to Check’s analysis, which examined the period from August 2015 to April 2024, the relative strength of the two assets is evident in the ETH/BTC ratio.

根据Check的分析，该分析研究了2015年8月至2024年4月，这两个资产的相对强度在ETH/BTC比率中很明显。

This ratio, which measures the value of Ether compared to that of Bitcoin, is currently at a five-year low, reaching 0.018 on April 9 according to TradingView data. To find such a low level, one must go back to December 2019, when Ether had fallen to $125 and Bitcoin was hovering around $7,000.

根据TradingView数据，该比率与比特币相比，该比率衡量了以太币的价值，目前处于五年低点，在4月9日达到0.018。为了找到如此低的水平，必须回到2019年12月，当时以太币跌至125美元，比特币徘徊在7,000美元左右。

This decline in the ratio reflects a true collapse in ETH prices, wiping out seven years of gains. In the last 24 hours, the asset has seen an additional 10% loss, falling below 1,450 dollars, a price lower than the peak reached during the 2018 market cycle.

该比率的下降反映了ETH价格的真正崩溃，消除了七年的收益。在过去的24小时内，资产又损失了10％，低于1,450美元，价格低于2018年市场周期中达到的高峰。

According to CoinGecko, ETH reached 1,400 dollars in the early hours of April 9. In comparison, Bitcoin lost 6% on the same day, bringing it to 75,000 dollars—a level still 275% higher than the peak of the bull cycle seven years ago.

根据Coingecko的数据，ETH在4月9日凌晨达到了1,400美元。相比之下，比特币在同一天损失了6％，使其达到75,000美元，比七年前的公牛峰值高275％。

Concerns are growing within the Ethereum community

以太坊社区中的担忧正在增长

The disappointment is also felt among the most fervent supporters of Ethereum. Despite the love for the project, many are beginning to confront a difficult reality: that of stagnation.

令人失望的是以太坊最热心的支持者之一。尽管对该项目充满了热爱，但许多人开始面对一个困难的现实：停滞。

Web3 researcher Stacy Muur commented in a post on X on April 8 that, while loving Ethereum, it is evident how the number of active addresses on the network has remained practically unchanged over the last four years.

Web3研究人员Stacy Muur在4月8日在X上发表的一篇文章中评论说，尽管热爱以太坊，但很明显，在过去四年中，网络上的主动地址数量几乎保持不变。

This data point, usually used to measure the level of activity and adoption of a blockchain network, in the case of Ethereum, suggests a lack of significant growth.

对于以太坊的情况，该数据点通常用于衡量区块链网络的活动水平和采用，这表明缺乏显着增长。

According to Muur’s analysis, in 2020, the average was around 1.5 million active addresses per week, a figure that has remained relatively stable, even in periods of market peaks, such as the 2021 bull market.

根据Muur的分析，在2020年，平均每周约有150万个活动地址，即使在2021年牛市等市场高峰期，这个数字仍然相对稳定。

This lack of growth in active addresses could explain ETH’s inability to regain ground compared to Bitcoin.

与比特币相比，主动地址缺乏增长可以解释ETH无法恢复地面。

Despite concerns related to activity on the main network, some analysts highlight the fact that a significant portion of the traffic has shifted to second layer networks, known as Ethereum Layer-2.

尽管与主网络上的活动有关，但一些分析师强调了一个事实，即流量的很大一部分已转移到第二层网络，即以太坊层2。

According to data provided by L2Beat, these scalable solutions are experiencing remarkable growth in terms of value locked on-chain.

根据L2BEAT提供的数据，这些可扩展的解决方案在链接链接的价值锁定方面具有显着的增长。

This suggests that the Ethereum ecosystem is indeed evolving, but in different directions, presenting a mixed picture for investors.

这表明以太坊生态系统确实在不断发展，但在不同的方向上，为投资者展示了混合的情况。

This could represent a glimmer of hope for the asset, which continues to be a pillar of the decentralized finance world (DeFi), despite the falling price.

这可能代表着对该资产的一线希望，尽管价格下降，但它仍然是分散金融界（DEFI）的支柱。

Technical supports: are we approaching a possible rebound?

技术支持：我们是否正在接近可能的反弹？

On the technical front, some sector analyses offer a less dramatic reading. Based on fractal patterns observed in the 2018 and 2022 cycles, the more optimistic observers believe that ETH is now at extremely oversold levels.

在技​​术方面，一些行业分析提供了不太戏剧性的阅读。基于2018年和2022个周期中观察到的分形模式，更乐观的观察者认为，ETH现在处于极高的水平。

This could indicate that the bottom is near, estimated around 1,000 dollars, according to technical indicators.

根据技术指标，这可能表明底部接近，估计约为1,000美元。

According to sector analysis firm Standpoint, such technical indicators suggest that a consolidation phase could precede a potential rebound. However, at the moment, the narrative is dominated by concern and the unfavorable comparison with a Bitcoin that continues to excel not only in performance but also in interest from institutional investors.

根据行业分析公司的观点，此类技术指标表明，合并阶段可以在潜在的反弹之前。但是，目前，叙述是由关注和与比特币的不利比较主导的，比特币不仅在绩效方面都表现出色，而且对机构投资者的兴趣也很高。

The identity in crisis of Ethereum

以太坊危机中的身份

The general picture highlights increasing pressure on Ethereum. Despite its innovative architecture for smart contracts and the immense ecosystem that has resulted from it, after the initial enthusiasm, Ether seems to have lost part of its appeal.

一般图片突出了以太坊的压力增加。尽管具有智能合约的创新建筑及其最初的热情之后，从中产生的巨大生态系统似乎已经失去了其吸引力的一部分。

To this is added a complicated relationship between the price of the native

为此添加了本地价格之间的复杂关系