<ul>
<li><em>以太坊（ETH）的价格触及其实现价格，提升了潜在底部的希望。</em></li>
<li><em>现货 ETH ETF 需求疲软和网络增长平稳可能会阻碍这种结果</em></li>
</ul>
<p>以太坊（ETH）的价格因触及一个关键水平而成为新闻焦点，该水平标志着之前长期市场底部，提升了该山寨币潜在反转的希望。</p>
<p>根据 CryptoQuant 分析师 Kriptolik 的说法，ETH 跌破了其 “实现价格”，即大多数买家的平均成本基础。这个水平通常标志着潜在的市场转变。分析师声称，</p>
<blockquote>
<p>“这些时期通常会伴随强劲的反弹——使其成为长期投资者的战略积累点。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg?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://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg"/></p>
<p>来源：CryptoQuant</p>
<p>附图还显示，实现价格在 2018-2020 年期间见证了市场反弹。</p>
<p>然而，当 ETH 的价格跌破该水平时，该水平也可能在短期内充当阻力。在这种情况下，分析师警告说，近期 ETH 的恐慌性抛售可能会增加。</p>
<h2>ETH 接下来会怎样？</h2>
<p>即便如此，美国股票和包括 ETH 在内的加密货币对特朗普关税更新的反应像是风险资产。因此，潜在底部的形成可能仅通过积极的宏观变化加速。</p>
<p>事实上，甚至机构投资者也连续六周退出该山寨币，这从美国现货 ETH ETF 的持续资金流出中可见一斑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.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://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.png"/></p>
<p>来源：Soso Value</p>
<p>根据分析师 Stacy Muur 的说法，另一个值得关注的数据点是活跃用户停滞。她指出，以太坊的活跃地址在过去四年中保持平稳。</p>
<p>尽管一些批评者认为用户迁移到了第二层（L2），但网络增长停滞可能会限制 ETH 的复苏前景。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg?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://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg"/></p>
<p>来源：Glassnode</p>
<p>从价格图表的角度来看，ETH 跌至两年来的低点，低于 1500 美元。事实上，它比其新闻时周期高点 4000 美元下跌了 64%。</p>
<p>在持续的宏观不确定性下，短期内延续下跌至 1000 美元的可能性不能被排除。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.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://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.png"/></p>
<p>来源：ETH/USDT，TradingView</p>
<p>简单来说，该山寨币达到了一个关键点，特别是从实现价格的角度来看。</p>
<p>然而，当前的宏观环境主导着市场方向，如果不确定性在短期内持续，可能会延迟 ETH 的潜在反弹。此外，从 ETH ETF 连续 7 周的资金流出来看，疲软的需求并未描绘出强劲的复苏前景。</p>

ETHE

<p>以太坊的价格已达到其实现价格，激发了市场触底的希望。然而，现货以太坊 ETF 需求疲软和网络增长停滞对复苏构成了风险。分析师指出，尽管之前的反弹都在类似的价格水平上发生，但当前的宏观经济不确定性以及美国现货以太坊 ETF 的持续资金流出可能会阻碍反弹。以太坊已跌至两年来的低点，较峰值下跌了 64%，如果市场条件持续不利，进一步下跌至 1000 美元的可能性不能排除</p>

<ul>
<li><em>ETH’s price tapped its realized price, raising hopes of a potential bottom.</em></li>
<li><em>Weak demand for spot ETH ETFs and flat network growth could derail such an outcome</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>以太坊（ETH）的价格触及其实现价格，提升了潜在底部的希望。</em></li>
<li><em>现货 ETH ETF 需求疲软和网络增长平稳可能会阻碍这种结果</em></li>
</ul>
</div><p>Ethereum’s [ETH] price is in the news after it tagged a key level that flagged previous long-term market bottoms, raising hopes of potential reversal for the altcoin.</p>
<div class="lb-trans"><p>以太坊（ETH）的价格因触及一个关键水平而成为新闻焦点，该水平标志着之前长期市场底部，提升了该山寨币潜在反转的希望。</p>
</div><p>According to CryptoQuant analyst Kriptolik, ETH dropped below its ‘realized price,’ the average cost basis for most buyers. This level often marks a potential market shift. The analyst claimed,</p>
<div class="lb-trans"><p>根据 CryptoQuant 分析师 Kriptolik 的说法，ETH 跌破了其 “实现价格”，即大多数买家的平均成本基础。这个水平通常标志着潜在的市场转变。分析师声称，</p>
</div><blockquote>
<p>“These periods have consistently been followed by strong recoveries — making them strategic accumulation points for long-term investors.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“这些时期通常会伴随强劲的反弹——使其成为长期投资者的战略积累点。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>The attached chart also revealed that the realized price saw market rebounds in 2018-2020.</p>
<div class="lb-trans"><p>附图还显示，实现价格在 2018-2020 年期间见证了市场反弹。</p>
</div><p>However, the level could also act as a resistance in the short term when ETH’s price drops below it. In such a case, the analyst warned that a hike in panic selling of ETH could be likely in the near term.</p>
<div class="lb-trans"><p>然而，当 ETH 的价格跌破该水平时，该水平也可能在短期内充当阻力。在这种情况下，分析师警告说，近期 ETH 的恐慌性抛售可能会增加。</p>
</div><h2>What’s next for ETH?</h2>
<div class="lb-trans"><h2>ETH 接下来会怎样？</h2>
</div><p>Even so, U.S stocks and crypto, including ETH, have reacted like risk-on assets to Trump tariff updates. As such, a likely bottom could be accelerated only through a positive macro shift.</p>
<div class="lb-trans"><p>即便如此，美国股票和包括 ETH 在内的加密货币对特朗普关税更新的反应像是风险资产。因此，潜在底部的形成可能仅通过积极的宏观变化加速。</p>
</div><p>In fact, even institutional investors exited the altcoin for six consecutive weeks, as shown by the consistent outflows from U.S spot ETH ETFs.</p>
<div class="lb-trans"><p>事实上，甚至机构投资者也连续六周退出该山寨币，这从美国现货 ETH ETF 的持续资金流出中可见一斑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.png"/></p>
<p>Source: Soso Value</p>
<div class="lb-trans"><p>来源：Soso Value</p>
</div><p>Another cautious data point, according to analyst Stacy Muur, is stagnant active users. She noted that Ethereum active addresses have been flat for four years.</p>
<div class="lb-trans"><p>根据分析师 Stacy Muur 的说法，另一个值得关注的数据点是活跃用户停滞。她指出，以太坊的活跃地址在过去四年中保持平稳。</p>
</div><p>Although some critics have argued that users migrated to L2s, stagnant network growth could cap ETH’s recovery prospects.</p>
<div class="lb-trans"><p>尽管一些批评者认为用户迁移到了第二层（L2），但网络增长停滞可能会限制 ETH 的复苏前景。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>From a price chart perspective, ETH dropped to a two-year low below $1.5k. In fact, it was down 64% from its press time cycle peak of $4k.</p>
<div class="lb-trans"><p>从价格图表的角度来看，ETH 跌至两年来的低点，低于 1500 美元。事实上，它比其新闻时周期高点 4000 美元下跌了 64%。</p>
</div><p>With ongoing macro uncertainty, an extended decline to $1k can’t be overruled in the short term.</p>
<div class="lb-trans"><p>在持续的宏观不确定性下，短期内延续下跌至 1000 美元的可能性不能被排除。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.png"/></p>
<p>Source: ETH/USDT, TradingView</p>
<div class="lb-trans"><p>来源：ETH/USDT，TradingView</p>
</div><p>Simply put, the altcoin hit a pivotal point, especially when tracked from a realized price perspective.</p>
<div class="lb-trans"><p>简单来说，该山寨币达到了一个关键点，特别是从实现价格的角度来看。</p>
</div><p>However, the macro front currently dominates market direction and could delay a potential ETH rebound if the uncertainty persists in the short term. Besides, as revealed by a 7-week streak of ETH ETF outflows, the weak demand didn’t paint a strong recovery outlook.</p>
<div class="lb-trans"><p>然而，当前的宏观环境主导着市场方向，如果不确定性在短期内持续，可能会延迟 ETH 的潜在反弹。此外，从 ETH ETF 连续 7 周的资金流出来看，疲软的需求并未描绘出强劲的复苏前景。</p>
</div>

以太坊的价格底部是否已经显现？关键数据指向