导航狂风的海：以太坊（ETH）与看跌压力抓住

加密货币在$ 2,000的阈值以下稳固的稳固，正在与看跌压力的汇合处挣扎

Ethereum (ETH) is battling a tempestuous sea of challenges as it consolidates precariously below the $2,000 threshold. A staggering $29 billion exodus from its DeFi ecosystem in just 30 days, Bitcoin’s ascendant dominance to record highs, and the lingering shadow of failed network updates are among the pressing issues converging on the cryptocurrency.

以太坊（ETH）正在与狂暴的挑战作斗争，因为它稳固地稳固于2,000美元的门槛以下。仅30天内，比特币的升级优势在其Defi生态系统中进行了惊人的290亿美元外埃及记录，而网络更新失败的阴影是加密货币的紧迫问题之一。

This article delves into the intricate web of on-chain data, market dynamics, and macroeconomic influences that are shaping Ethereum’s current trajectory, exploring the potential for a rebound or the risk of further decline.

本文深入研究了复杂的链上数据，市场动态和宏观经济影响的网络，这些网络正在塑造以太坊的当前轨迹，探索反弹的潜力或进一步下降的风险。

The $1,913 Starting Point: A Fragile Equilibrium

$ 1,913的起点：脆弱的平衡

$ 1,913的起点：脆弱的平衡

At the outset of Wednesday’s trading session, Ethereum was trading at $1,913, a price point that encapsulates the cryptocurrency’s current fragility. This level represents a precarious equilibrium, a battleground where bulls and bears are locked in a struggle for control.

在周三的交易会开始时，以太坊的交易价格为1,913美元，这个价格封装了加密货币当前的脆弱性。这个水平代表了一个不稳定的平衡，这是一个战场，公牛和熊陷入了控制斗争中。

After failing to maintain itself above the $2,000 mark, which had been breached on March 10th, Ethereum has consolidated within a 5% range below this critical resistance. This consolidation reflects the prevailing market uncertainty, with investors awaiting the U.S. Federal Reserve’s interest rate decision and grappling with the implications of Bitcoin’s growing dominance.

在3月10日违反了2,000美元的$ 2,000大关之后，以太坊已在此关键阻力范围内巩固了5％的范围。这种整合反映了普遍的市场不确定性，投资者在等待美联储的利率决策，并努力应对比特币日益增长的统治地位。

Bitcoin’s Ascendant Dominance: A Shifting Power Dynamic

比特币的上升主导地位：动力不断变化

比特币的上升主导地位：动力不断变化

One of the most significant developments impacting Ethereum’s performance is the dramatic rise of Bitcoin’s dominance. The BTC/ETH ratio, which tracks the relative performance of both assets, has surged to a record high of 44.6, which was reached on March 14th.

影响以太坊表现的最重要的发展之一是比特币主导地位的急剧上升。跟踪两种资产的相对绩效的BTC/ETH比率已飙升至3月14日达到的创纪录的44.6。

To put this in perspective, one Bitcoin can now purchase over 44 Ethereum, up from a 1:33 ratio at the recent lows on February 25th.

从角度来看，现在，一个比特币可以购买44多个以太坊，高于2月25日最近低点的1:33比率。

This shift in the power dynamic between Bitcoin and Ethereum reflects a growing preference for Bitcoin as a safe-haven asset. As global macroeconomic uncertainty increases, investors are turning to Bitcoin for stability and resilience.

比特币和以太坊之间动力动态的这种转变反映了对比特币作为避难所资产的偏好。随着全球宏观经济不确定性的提高，投资者正在求助于比特币，以获得稳定性和韧性。

Bitcoin’s status as the original cryptocurrency and its perceived resilience during previous market cycles make it a natural choice for investors seeking refuge from volatility.

比特币作为原始加密货币的地位及其在以前的市场周期中的感知韧性使其成为寻求避难所避难的投资者的自然选择。

The $29 Billion DeFi Exodus: A Sign of Eroding Confidence

耗资290亿美元的Defi Exodus：侵蚀信心的标志

耗资290亿美元的Defi Exodus：侵蚀信心的标志

The staggering $29 billion decline in Ethereum’s DeFi ecosystem within 30 days is a stark reminder of the challenges facing the platform. This exodus, which began on February 26th, reflects a significant erosion of confidence among DeFi users and investors.

以太坊在30天内，以太坊的Defi生态系统下降了290亿美元，这引起了平台面临的挑战。该出埃及从2月26日开始，反映了Defi用户和投资者对信心的重大侵蚀。

After hitting a peak of $240 billion on February 26th, the total value locked (TVL) in Ethereum’s DeFi protocols has plummeted to $211 billion on March 28th. This marks a staggering decrease of $29 billion in just 30 days.

在2月26日达到2400亿美元的峰值之后，以太坊Defi协议中的总价值锁定（TVL）在3月28日下降到2110亿美元。这标志着短短30天内的惊人降低了290亿美元。

The setbacks in network scalability and the series of failed updates have culminated in a shift of user preference towards Bitcoin, leading to a decline in the DeFi ecosystem.

网络可伸缩性和一系列失败更新的挫折导致用户偏好向比特币的转变，从而导致Defi生态系统的下降。

Failed Network Updates: A Lingering Shadow

网络更新失败：挥之不去的阴影

网络更新失败：挥之不去的阴影

Ethereum’s struggles with network scalability issues and failed updates have been closely monitored by investors, and the historical data reveals a concerning trend.

以太坊在网络可伸缩性问题上的斗争和更新失败的斗争已受到投资者的密切监控，历史数据揭示了有关趋势的一个。

Following the Ethereum Merge, which was completed in September 2022, there has been a devaluation of ETH, and crucially, multiple failed network upgrades have pushed ETH supply above pre-Merge levels.

在2022年9月完成的以太坊合并之后，ETH贬值了，至关重要的是，多次失败的网络升级将ETH供应推向了前合并水平以上。

The Pectra and Hoodi updates, both of which were anticipated to enhance network performance and scalability, ultimately failed to deliver the desired results. This has further dampened investor confidence and eroded trust in the Ethereum Foundation’s ability to manage the cryptocurrency’s development effectively.

Pectra和Hoodi的更新预计都可以提高网络性能和可伸缩性，最终未能提供所需的结果。这进一步削弱了投资者的信心，并侵蚀了以太坊基金会有效地管理加密货币发展的能力的信任。

The Ethereum Foundation’s attempt to regain control by shuffling leadership in February is still unfolding, and it remains to be seen whether this move will be successful in restoring investor confidence and altering the course of events.

以太坊基金会在二月份通过改组领导而重新获得控制权的尝试仍在发展，这一举动是否会成功地恢复投资者的信心和改变事件的进程，还有待观察。

Macroeconomic Factors: The Trump Tariff Effect

宏观经济因素：特朗普关税效应

宏观经济因素：特朗普关税效应

The impact of macroeconomic factors, particularly the Trump tariff effect, cannot be overlooked. The new trade tariff policies introduced by the Trump administration have rattled global markets, prompting crypto investors to seek safety in Bitcoin over Ethereum.

宏观经济因素的影响，尤其是特朗普关税效应，不可忽视。特朗普政府提出的新贸易关税政策使全球市场震撼，促使加密投资者在以太坊中寻求比特币安全性。

As reported by CCXV, Trump’s trade policies have had a significant bearing on investor sentiment and asset price movements. The trade tensions and geopolitical uncertainties have created a risk-off environment for investors, driving them towards safe-haven assets.

正如CCXV报道的那样，特朗普的贸易政策与投资者的情绪和资产价格变动有很大的影响。贸易紧张局势和地缘政治不确定性为投资者创造了冒险环境，推动了他们朝着避风港资产迈进。

In this context, Bitcoin’s inherent characteristics as a decentralized, scarce asset class make it a natural refuge for investors seeking to preserve capital and hedge against economic uncertainty.

在这种情况下，比特币作为分散的，稀缺的资产类别的固有特征使其成为寻求维护资本和对冲经济不确定性的投资者的自然避难所。

This has further contributed to Bitcoin’s ascendant dominance and Ethereum’s struggles in the face of a confluence of challenges.

这进一步促进了比特币的上升主导地位和面对挑战融合的以太坊的斗争。

The $2,000 Resistance: A Critical Barrier

2,000美元的抵抗：关键障碍

2,000美元的抵抗：关键障碍

The $2,000 level represents a critical barrier for Ethereum, and its inability to reclaim this level underscores the prevailing bearish sentiment and the challenges it faces in regaining bullish momentum.

2,000美元的水平代表了以太坊的关键障碍，它无法收回该水平强调了普遍的看跌情绪及其在重新获得看涨势头方面面临的挑战。

A decisive break above $2,

超过$ 2的决定性休息