<p>自 2 月 24 日跌破 2600 美元以来，以太坊的价格一直在努力重新夺回这一水平。最近向 2000 美元水平的回调引发了以太坊期货的大量平仓，这引发了人们对以太坊需要发生什么才能突破 2500 美元的疑问。</p>
<p>在此期间，以太坊的表现比其他山寨币市场低了 10%，而这一下降是在一场推动索拉纳（以太坊的主要竞争对手）上涨的 memecoin 狂潮之后发生的。这表明还有其他因素在阻碍以太坊的价格，四个主要问题需要解决，以便以太坊能够重新进入牛市。</p>
<p>首先，以太坊网络即将进行的 Pectra 升级可能不足以推动有意义的反转。尽管该升级旨在降低基础层交易费用并增强可用性，但分析师认为以太坊在不同的二层解决方案之间仍然缺乏互操作性。最近关于以太坊测试网出现空区块的报告增加了风险感知，交易者担心升级可能会延迟。</p>
<p>其次，来自间接竞争对手如 Berachain 和 Hyperliquid 的竞争正在加剧。Berachain 已经吸引了超过 30 亿美元的存款，而 Hyperliquid 的未平仓合约超过了 28 亿美元。为了让以太坊的价格重新获得看涨动能，交易者需要得到保证，以太坊网络为其项目和用户提供实际且明确的优势。</p>
<p>第三，机构投资者的需求不足。在过去 10 个交易日中，现货 ETF 的资金流出在 9 天内为负，导致了显著的净撤资。考虑到以太坊供应的增加和区块链处理需求的降低，最终批准以太坊 ETF 的原生质押可能不会对机构需求产生重大影响。</p>
<p>最后，交易者对 2025 年可能批准的现货索拉纳 ETF 感到担忧，这可能会对目前仅能接触以太坊和比特币 ETF 产品的投资者形成直接竞争。为了让以太坊的价格达到 2500 美元及以上，投资者需要更明确的证据表明以太坊在其先发优势之外提供可持续的优势。</p>
<p>总之，以太坊的未来取决于网络升级、网络使用量的增加、随之而来的供应下降以及摩擦的减少。</p>
<p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a5b5d0994138002.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a5b5d0994138002.png"/></p>

ETHE

<p>以太坊的价格因即将到来的 Pectra 升级和来自 Solana 及其他平台的竞争加剧而下跌了 10%。这款加密货币在努力重新夺回 2600 美元的关口时，ETH 期货出现了大量平仓，价格接近 2000 美元。分析师指出了四个主要问题：升级影响不足、竞争加剧、机构需求缺乏以及 Solana ETF 可能获得批准。为了让以太坊恢复，必须展示出明显的优势并有效应对这些挑战</p>

<p>Ethereum's price has been struggling to reclaim the $2,600 mark since its drop below this level on February 24. The recent correction towards the $2,000 level has triggered significant liquidations in ETH futures, raising questions about what needs to happen for Ethereum to break above $2,500.</p>
<div class="lb-trans"><p>自 2 月 24 日跌破 2600 美元以来，以太坊的价格一直在努力重新夺回这一水平。最近向 2000 美元水平的回调引发了以太坊期货的大量平仓，这引发了人们对以太坊需要发生什么才能突破 2500 美元的疑问。</p>
</div><p>Ethereum has underperformed the altcoin market by 10% during this period, and the decline followed a memecoin frenzy that boosted Solana, Ethereum’s main competitor. This suggests that additional factors are hampering ETH’s price, and four major issues need to be addressed before Ether can reclaim a bull market.</p>
<div class="lb-trans"><p>在此期间，以太坊的表现比其他山寨币市场低了 10%，而这一下降是在一场推动索拉纳（以太坊的主要竞争对手）上涨的 memecoin 狂潮之后发生的。这表明还有其他因素在阻碍以太坊的价格，四个主要问题需要解决，以便以太坊能够重新进入牛市。</p>
</div><p>Firstly, the upcoming Pectra upgrade on the Ethereum network may not be sufficient to drive a meaningful turnaround. While the upgrade aims to lower base-layer transaction fees and enhance usability, analysts argue that Ethereum still lacks interoperability across different layer-2 solutions. Recent reports of empty blocks on the Ethereum testnet have added to risk perception, with traders worrying about potential delays in the upgrade.</p>
<div class="lb-trans"><p>首先，以太坊网络即将进行的 Pectra 升级可能不足以推动有意义的反转。尽管该升级旨在降低基础层交易费用并增强可用性，但分析师认为以太坊在不同的二层解决方案之间仍然缺乏互操作性。最近关于以太坊测试网出现空区块的报告增加了风险感知，交易者担心升级可能会延迟。</p>
</div><p>Secondly, competition from indirect competitors like Berachain and Hyperliquid is growing. Berachain has captured over $3 billion in deposits, and Hyperliquid has surpassed $2.8 billion in open interest. For ETH's price to regain bullish momentum, traders need reassurance that the Ethereum network offers practical and clear advantages for its projects and users.</p>
<div class="lb-trans"><p>其次，来自间接竞争对手如 Berachain 和 Hyperliquid 的竞争正在加剧。Berachain 已经吸引了超过 30 亿美元的存款，而 Hyperliquid 的未平仓合约超过了 28 亿美元。为了让以太坊的价格重新获得看涨动能，交易者需要得到保证，以太坊网络为其项目和用户提供实际且明确的优势。</p>
</div><p>Thirdly, there is a lack of demand from institutional investors. Spot ETF flows have been negative in nine of the last 10 trading days, resulting in significant net withdrawals. The eventual approval of native staking on Ethereum ETFs may not be a game-changer for institutional demand, given the increasing ETH supply and lower demand for blockchain processing.</p>
<div class="lb-trans"><p>第三，机构投资者的需求不足。在过去 10 个交易日中，现货 ETF 的资金流出在 9 天内为负，导致了显著的净撤资。考虑到以太坊供应的增加和区块链处理需求的降低，最终批准以太坊 ETF 的原生质押可能不会对机构需求产生重大影响。</p>
</div><p>Lastly, traders are concerned about the potential approval of a spot Solana ETF in 2025, which could create direct competition for investors who currently only have access to Ether and Bitcoin ETF products. For ETH's price to reach $2,500 and beyond, investors need clearer evidence that Ethereum offers sustainable advantages beyond its first-mover advantage.</p>
<div class="lb-trans"><p>最后，交易者对 2025 年可能批准的现货索拉纳 ETF 感到担忧，这可能会对目前仅能接触以太坊和比特币 ETF 产品的投资者形成直接竞争。为了让以太坊的价格达到 2500 美元及以上，投资者需要更明确的证据表明以太坊在其先发优势之外提供可持续的优势。</p>
</div><p>In summary, Ethereum's future depends on network upgrades, increased network usage, a subsequent decline in supply, and reduced friction</p>
<div class="lb-trans"><p>总之，以太坊的未来取决于网络升级、网络使用量的增加、随之而来的供应下降以及摩擦的减少。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a5b5d0994138002.png" alt="" original-src="https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a5b5d0994138002.png"/></p>

以太坊因升级问题下跌 10%，竞争对手收益增加