<ul>
<li><em>以太坊的现货净流量在七天内保持负值，显示出各投资者群体的持续积累。</em></li>
<li><em>市场做市商重新进入，积累活动频繁，暗示向上走势的结构性支撑。</em></li>
</ul>
<p>以太坊 [ETH] 继续横盘交易，但在表面之下，动能似乎正在积聚。</p>
<p>尽管市场参与者在市场停滞时有所退却，但链上数据表明以太坊生态系统比以往任何时候都更加活跃。</p>
<h2><strong>ETH 做市商重返市场</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ETH-money-makers.jpg?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/2025/06/ETH-money-makers.jpg"/></p>
<p>来源：X</p>
<p>因此，Aphractal 创始人 Joao Wedson 观察到以太坊做市商强势回归。</p>
<p>根据他的 Wyckoff 分析，积累和分配模式同时发生，但积累似乎占据主导地位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ETH-spot-inflow-outflow.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/2025/06/ETH-spot-inflow-outflow.png"/></p>
<p>来源：CoinGlass</p>
<p>当然，这不仅仅是猜测。</p>
<p>以太坊正受到所有市场参与者的强劲积累。首先，以太坊的现货净流量在一周内保持负值，确认了交易所的持续流出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-whale-to-exchange.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/2025/06/Ethereum-whale-to-exchange.jpeg"/></p>
<p>来源：IntoTheBlock</p>
<p>这表明市场上买家多于卖家。目前，市场上有各种规模的买家；例如，以太坊鲸鱼也在进行积极购买。</p>
<p>大型持有者净流入与交易所净流入比率也支持这一观点。该比率从 4.28% 急剧下降至 0.62%，暗示鲸鱼已减少交易所活动。</p>
<p>这意味着鲸鱼并没有出售以太坊，而是在购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.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/2025/06/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png"/></p>
<p>来源：CryptoQuant</p>
<p>增加的购买活动使得买家在过去一天内主导市场。因此，ETH 的买卖比率转为正值。</p>
<p>这里的正比率表明市场上的投资者大多在购买。因此，执行的买单数量更多，买家抬高报价，反映出市场的强劲积累。</p>
<h2><strong>ETH 能否最终突破？</strong></h2>
<p>如上所述，以太坊正在经历显著的积累，为这款山寨币的重大走势做好准备。因此，这种积累持续的时间越长，走势就会越大。</p>
<p>突破$2,660 将打开通往$2,830 的大门——这是一个流动性丰富的区域，可能吸引激进的走势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ATH-aggregated-liquidation-scaled.jpg?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/2025/06/ATH-aggregated-liquidation-scaled.jpg"/></p>
<p>来源：Alphractal</p>
<p>然而，以太坊必须有信心地突破这一区域。如果成功，下一关键阻力位在$3,000。</p>
<p>为了保持这一局面，牛市必须捍卫$2,556 的支撑位。跌破这一水平可能会使看涨论点失效。</p>

ETHE

<p>以太坊的现货净流量已经负值一周，表明投资者正在稳步积累。市场做市商重新参与，暗示向上走势的结构性支撑。链上数据显示活动增加，鲸鱼正在进行积极购买。ETH 的买卖比率为正，表明买入量大于卖出量。突破$2,660 可能会导致$2,830，但多头必须捍卫$2,556 的支撑，以维持这一看涨前景</p>

<ul>
<li><em>Ethereum’s Spot Netflow stayed negative for seven days, signaling steady accumulation across investor segments.</em></li>
<li><em>Market makers have re-entered with accumulation-heavy activity, hinting at structural support for an upward move.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>以太坊的现货净流量在七天内保持负值，显示出各投资者群体的持续积累。</em></li>
<li><em>市场做市商重新进入，积累活动频繁，暗示向上走势的结构性支撑。</em></li>
</ul>
</div><p>Ethereum [ETH] continued to trade sideways, but beneath the surface, momentum appeared to be building.</p>
<div class="lb-trans"><p>以太坊 [ETH] 继续横盘交易，但在表面之下，动能似乎正在积聚。</p>
</div><p>While market players had taken a step back as the market stagnated, on-chain data indicated the Ethereum ecosystem is more active than ever before.</p>
<div class="lb-trans"><p>尽管市场参与者在市场停滞时有所退却，但链上数据表明以太坊生态系统比以往任何时候都更加活跃。</p>
</div><h2><strong>ETH market makers are back in the game</strong></h2>
<div class="lb-trans"><h2><strong>ETH 做市商重返市场</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ETH-money-makers.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/06/ETH-money-makers.jpg"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>As such, Aphractal founder Joao Wedson observed that Ethereum market makers had returned with force.</p>
<div class="lb-trans"><p>因此，Aphractal 创始人 Joao Wedson 观察到以太坊做市商强势回归。</p>
</div><p>According to his Wyckoff-based analysis, both accumulation and distribution patterns were playing out in tandem, but accumulation appeared to dominate.</p>
<div class="lb-trans"><p>根据他的 Wyckoff 分析，积累和分配模式同时发生，但积累似乎占据主导地位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ETH-spot-inflow-outflow.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/06/ETH-spot-inflow-outflow.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><p>Of course, this wasn’t just speculation.</p>
<div class="lb-trans"><p>当然，这不仅仅是猜测。</p>
</div><p>Ethereum is seeing strong accumulation from all market participants. For starters, Ethereum’s Spot Netflow stayed negative for a full week, confirming consistent outflows from exchanges.</p>
<div class="lb-trans"><p>以太坊正受到所有市场参与者的强劲积累。首先，以太坊的现货净流量在一周内保持负值，确认了交易所的持续流出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-whale-to-exchange.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-whale-to-exchange.jpeg"/></p>
<p>Source: IntoTheBlock</p>
<div class="lb-trans"><p>来源：IntoTheBlock</p>
</div><p>This indicates that there are more buyers than sellers in the market. Currently, there are buyers of all sizes; for instance, Ethereum whales are also making aggressive purchases.</p>
<div class="lb-trans"><p>这表明市场上买家多于卖家。目前，市场上有各种规模的买家；例如，以太坊鲸鱼也在进行积极购买。</p>
</div><p>The Large Holders Netflow to Exchange Netflow Ratio also backed this view. It dropped sharply from 4.28% to 0.62%, implying whales had pulled back from exchange activity.</p>
<div class="lb-trans"><p>大型持有者净流入与交易所净流入比率也支持这一观点。该比率从 4.28% 急剧下降至 0.62%，暗示鲸鱼已减少交易所活动。</p>
</div><p>This implies that whales are not selling Ethereum instead, they are buying.</p>
<div class="lb-trans"><p>这意味着鲸鱼并没有出售以太坊，而是在购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/06/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>Increased buying activity has seen buyers dominate the market over the past day. Thus, the ETH Taker Buy-Sell Ratio turned positive.</p>
<div class="lb-trans"><p>增加的购买活动使得买家在过去一天内主导市场。因此，ETH 的买卖比率转为正值。</p>
</div><p>A positive ratio here suggests that investors in the market are mostly buying. As such, there are more buy orders executed with buyers lifting offers reflecting strong accumulation across the market.</p>
<div class="lb-trans"><p>这里的正比率表明市场上的投资者大多在购买。因此，执行的买单数量更多，买家抬高报价，反映出市场的强劲积累。</p>
</div><h2><strong>Can ETH finally breakout?</strong></h2>
<div class="lb-trans"><h2><strong>ETH 能否最终突破？</strong></h2>
</div><p>As observed above, Ethereum is experiencing significant accumulation, setting the altcoin up for a major move. Thus, the longer this accumulation lasts, the bigger the move will be.</p>
<div class="lb-trans"><p>如上所述，以太坊正在经历显著的积累，为这款山寨币的重大走势做好准备。因此，这种积累持续的时间越长，走势就会越大。</p>
</div><p>A breakout above $2,660 would open the door to $2,830—an area stacked with high liquidity, which could attract aggressive moves.</p>
<div class="lb-trans"><p>突破$2,660 将打开通往$2,830 的大门——这是一个流动性丰富的区域，可能吸引激进的走势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/06/ATH-aggregated-liquidation-scaled.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/06/ATH-aggregated-liquidation-scaled.jpg"/></p>
<p>Source: Alphractal</p>
<div class="lb-trans"><p>来源：Alphractal</p>
</div><p>However, Ethereum must clear this zone with conviction. If it does, the next key resistance sits at $3,000.</p>
<div class="lb-trans"><p>然而，以太坊必须有信心地突破这一区域。如果成功，下一关键阻力位在$3,000。</p>
</div><p>To keep this setup alive, bulls must defend the $2,556 support. A breakdown below this level could invalidate the bullish thesis.</p>
<div class="lb-trans"><p>为了保持这一局面，牛市必须捍卫$2,556 的支撑位。跌破这一水平可能会使看涨论点失效。</p>
</div>

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