<p><strong>关键要点：</strong></p>
<ul>
<li>以太坊网络基本面改善，与其强韧的 ETH 期货市场相辅相成。</li>
</ul>
<ul>
<li>二层交易的增加突显了生态系统的增长。</li>
</ul>
<p>自 5 月 13 日以来，以太币多次未能突破$2,700，但尽管短期内表现疲软，以太币的价格在过去 30 天内仍比更广泛的加密货币市场总市值高出 17%，这提高了在宏观经济不确定性持续的情况下出现修正的可能性。</p>
<p>投资者担心，所有区块链上对去中心化应用（DApps）兴趣的下降是 ETH 仍然交易在其 2021 年 10 月历史高点$4,870 下方 48% 的关键原因。该行业的总锁定价值（TVL）目前为$1,220 亿，仍比 2021 年 12 月的峰值低 43%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.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://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg"/></p>
<p>以太坊继续在 TVL 市场中占据主导地位，市场份额为 54.2%，领先的以太坊二层解决方案还获得了额外的 6.3% TVL 份额，减轻了来自替代区块链的竞争压力。总体而言，以太坊生态系统内的存款是其两个最大竞争对手 Solana 和 BNB Chain 总和的四倍多。</p>
<p>批评者认为，以太坊未能为 2025 年第一季度定义的 memecoin 狂潮做好准备，尤其是在官方特朗普（TRUMP）代币于 1 月推出后，Solana 上的链上活动激增。尽管一些 Solana DApps 经历了强劲的势头，但对 SOL 持有者的整体好处仍然不确定。</p>
<p>例如，Solana 上排名前四的 DApps——Meteora、Pump、Jito 和 Axiom——在过去 30 天内产生了$3.563 亿的费用。然而，Solana 网络在同一时期内仅收集了$4850 万。这种动态对 SOL 的价格施加了下行压力，因为这些项目中的几个定期出售国库储备。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.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://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg"/></p>
<p>相比之下，以太坊上排名前四的 DApps 在同一 30 天内产生了$1.69 亿的费用，而用户支付了$3830 万的网络处理费用。这表明，以太坊对二层扩展解决方案的依赖可能对 ETH 投资者更为有利，相较于 Solana 的不均匀收入分配。</p>
<p><strong>以太币投资者感到沮丧，但二层增长突出</strong></p>
<p>为了评估在以太币在 5 月 29 日至 5 月 30 日之间价格下跌 9% 后交易者是否转向看空，检查 ETH 期货市场是有用的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.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://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg"/></p>
<p>尽管在两天的下跌中有$1.59 亿的看涨杠杆头寸被清算，但 ETH 期货的年化溢价仍保持在 6% 左右。在中性市场中，5% 到 10% 之间的溢价被视为标准，因为卖方需要补偿以延迟结算。</p>
<p>一些以太币投资者也对以太坊缺乏明显的竞争优势感到沮丧。最近的网络升级并未显著改变市场情绪。然而，以太坊的二层生态系统现在处理的交易量是基础层的 15 倍以上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.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://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg"/></p>
<p>最终，投资者情绪仍然与更广泛的宏观经济趋势紧密相连。ETH 跌破$2,400 水平的可能性与全球经济衰退风险和贸易紧张关系密切相关。以太坊的 TVL 和交易可扩展性有助于缓解下行风险，并减少 ETH 表现不及更广泛的山寨币市场的可能性。</p>
<p>本文仅供一般信息参考，不应被视为法律或投资建议。此处表达的观点、想法和意见仅代表作者本人，并不一定反映或代表 Cointelegraph 的观点和意见。</p>

ETHE

<p>以太坊的网络基础正在改善，尽管 ETH 的价格在突破 2700 美元方面面临困难，但二层交易显著增加。在过去的 30 天里，ETH 的表现超出了更广泛的加密货币市场 17%。然而，关于去中心化应用（DApps）兴趣下降和宏观经济不确定性的担忧依然存在，使得 ETH 的价格比历史最高点低 48%。以太坊在锁定总价值（TVL）方面保持着 54.2% 的主导市场份额，远远超过 Solana 和 BNB Chain 等竞争对手。投资者情绪仍与宏观趋势相关，全球经济衰退的担忧带来了下行风险</p>

<p><strong>Key takeaways:</strong></p>
<div class="lb-trans"><p><strong>关键要点：</strong></p>
</div><ul>
<li>Ethereum network fundamentals improve alongside its resilient ETH futures markets.</li>
</ul>
<div class="lb-trans"><ul>
<li>以太坊网络基本面改善，与其强韧的 ETH 期货市场相辅相成。</li>
</ul>
</div><ul>
<li>An increase in layer-2 transactions highlights ecosystem growth.</li>
</ul>
<div class="lb-trans"><ul>
<li>二层交易的增加突显了生态系统的增长。</li>
</ul>
</div><p>Ether  has repeatedly failed to break above $2,700 since May 13, but despite this short-term weakness, Ether’s price has outperformed the broader cryptocurrency market capitalization by 17% over the past 30 days, raising the likelihood of a correction as macroeconomic uncertainty continues.</p>
<div class="lb-trans"><p>自 5 月 13 日以来，以太币多次未能突破$2,700，但尽管短期内表现疲软，以太币的价格在过去 30 天内仍比更广泛的加密货币市场总市值高出 17%，这提高了在宏观经济不确定性持续的情况下出现修正的可能性。</p>
</div><p>Investors are concerned that declining interest in decentralized applications (DApps) across all blockchains is a key reason why ETH still trades 48% below its October 2021 all-time high of $4,870. The industry’s total value locked (TVL), currently at $122 billion, is still 43% below its December 2021 peak.</p>
<div class="lb-trans"><p>投资者担心，所有区块链上对去中心化应用（DApps）兴趣的下降是 ETH 仍然交易在其 2021 年 10 月历史高点$4,870 下方 48% 的关键原因。该行业的总锁定价值（TVL）目前为$1,220 亿，仍比 2021 年 12 月的峰值低 43%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg"/></p>
<p>Ethereum continues to dominate the TVL landscape with a 54.2% market share, and leading Ethereum layer-2 solutions have secured an additional 6.3% share of the TVL, reducing the competitive pressure from alternative blockchains. Altogether, deposits within the Ethereum ecosystem are more than four times greater than the combined totals of its two largest rivals, Solana and BNB Chain.</p>
<div class="lb-trans"><p>以太坊继续在 TVL 市场中占据主导地位，市场份额为 54.2%，领先的以太坊二层解决方案还获得了额外的 6.3% TVL 份额，减轻了来自替代区块链的竞争压力。总体而言，以太坊生态系统内的存款是其两个最大竞争对手 Solana 和 BNB Chain 总和的四倍多。</p>
</div><p>Critics argue that Ethereum was unprepared for the memecoin frenzy that defined the first quarter of 2025, especially as onchain activity on Solana spiked after the Official Trump (TRUMP) token launched in January. Still, while a few Solana DApps experienced strong momentum, the overall benefit for SOL holders remains uncertain.</p>
<div class="lb-trans"><p>批评者认为，以太坊未能为 2025 年第一季度定义的 memecoin 狂潮做好准备，尤其是在官方特朗普（TRUMP）代币于 1 月推出后，Solana 上的链上活动激增。尽管一些 Solana DApps 经历了强劲的势头，但对 SOL 持有者的整体好处仍然不确定。</p>
</div><p>For example, the top four Solana DApps—Meteora, Pump, Jito, and Axiom—generated $356.3 million in fees over the past 30 days. However, the Solana network itself collected only $48.5 million during the same period. This dynamic creates downward pressure on SOL’s price, as several of these projects regularly sell off treasury reserves.</p>
<div class="lb-trans"><p>例如，Solana 上排名前四的 DApps——Meteora、Pump、Jito 和 Axiom——在过去 30 天内产生了$3.563 亿的费用。然而，Solana 网络在同一时期内仅收集了$4850 万。这种动态对 SOL 的价格施加了下行压力，因为这些项目中的几个定期出售国库储备。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg"/></p>
<p>For comparison, the top four DApps on Ethereum generated $169 million in fees over the same 30-day period, while users paid $38.3 million in network processing fees. This suggests that Ethereum’s dependence on layer-2 scaling solutions may be more favorable for ETH investors compared to Solana’s uneven revenue distribution.</p>
<div class="lb-trans"><p>相比之下，以太坊上排名前四的 DApps 在同一 30 天内产生了$1.69 亿的费用，而用户支付了$3830 万的网络处理费用。这表明，以太坊对二层扩展解决方案的依赖可能对 ETH 投资者更为有利，相较于 Solana 的不均匀收入分配。</p>
</div><p><strong>Ether investors are frustrated, but layer-2 growth stands out</strong></p>
<div class="lb-trans"><p><strong>以太币投资者感到沮丧，但二层增长突出</strong></p>
</div><p>To gauge whether traders turned bearish after Ether’s 9% price drop between May 29 and May 30, it’s useful to examine ETH futures markets.</p>
<div class="lb-trans"><p>为了评估在以太币在 5 月 29 日至 5 月 30 日之间价格下跌 9% 后交易者是否转向看空，检查 ETH 期货市场是有用的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg"/></p>
<p>Despite $159 million in liquidated bullish leveraged positions during the two-day decline, the ETH futures annualized premium remained near 6%. In neutral markets, a premium between 5% and 10% is considered standard, as sellers require compensation for delayed settlement.</p>
<div class="lb-trans"><p>尽管在两天的下跌中有$1.59 亿的看涨杠杆头寸被清算，但 ETH 期货的年化溢价仍保持在 6% 左右。在中性市场中，5% 到 10% 之间的溢价被视为标准，因为卖方需要补偿以延迟结算。</p>
</div><p>Some Ether investors are also frustrated by Ethereum’s lack of distinct competitive advantages. The most recent network upgrade did not shift sentiment significantly. However, Ethereum’s layer-2 ecosystem is now processing over 15 times more transactions than the base layer.</p>
<div class="lb-trans"><p>一些以太币投资者也对以太坊缺乏明显的竞争优势感到沮丧。最近的网络升级并未显著改变市场情绪。然而，以太坊的二层生态系统现在处理的交易量是基础层的 15 倍以上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg"/></p>
<p>Ultimately, investor sentiment remains anchored to broader macroeconomic trends. The likelihood of ETH breaking below the $2,400 level is closely tied to global recession risks and trade tensions. Ethereum’s TVL and transaction scalability help cushion the downside risk and reduce the chance that ETH will underperform the broader altcoin market.</p>
<div class="lb-trans"><p>最终，投资者情绪仍然与更广泛的宏观经济趋势紧密相连。ETH 跌破$2,400 水平的可能性与全球经济衰退风险和贸易紧张关系密切相关。以太坊的 TVL 和交易可扩展性有助于缓解下行风险，并减少 ETH 表现不及更广泛的山寨币市场的可能性。</p>
</div><p>This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.</p>
<div class="lb-trans"><p>本文仅供一般信息参考，不应被视为法律或投资建议。此处表达的观点、想法和意见仅代表作者本人，并不一定反映或代表 Cointelegraph 的观点和意见。</p>
</div>

以太坊期货数据和网络活动的增长支撑了 ETH 的价格强势