<h2><strong>关键要点</strong></h2>
<h3><em>为什么以太坊的交易所流出量在下降？</em></h3>
<p>流出量急剧下降，显示持有者更倾向于将 ETH 保留在交易所之外，增强了在$3,800 支撑位附近的长期信心。</p>
<h3><em>什么信号支持 ETH 的下一步动作？</em></h3>
<p>基金持有量激增至 650 万 ETH，而现货 ETF 流入显示谨慎，表明机构支持可能推动 ETH 突破$4,000。</p>
<hr/>
<p>以太坊 [ETH] 投资者似乎不太愿意采取空头头寸。根据最近的 CryptoQuant 数据，过去三天，来自中心化交易所的交易所流出量急剧下降。</p>
<p>交易所流出量的下降表明，以太坊持有者变得更加自信，倾向于将资产保留在交易所之外，以期获得潜在的长期收益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Exchange-Outflow-Total-All-Exchanges-10_11zon.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/2025/09/Ethereum-Exchange-Outflow-Total-All-Exchanges-10_11zon.png"/></p>
<p>来源：CryptoQuant</p>
<h2><strong>以太坊价格走势引发反转信号</strong></h2>
<p>这一变化发生在 ETH 价格从$3,800 附近的缺口拒绝中恢复之后。</p>
<p>在拒绝之后，尽管在过去 24 小时内短暂停滞，以太坊仍然建立了上行动能。ETH 记录了 0.34% 的日变化，显示短期内活动较低。</p>
<p>尽管如此，技术指标指向长期的乐观情绪。随机相对强弱指数接近超卖区域，显示以太坊空头的看跌压力正在减弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/ETHUSD_2025-09-28_12-00-38.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/2025/09/ETHUSD_2025-09-28_12-00-38.png"/></p>
<p>来源：TradingView</p>
<h2><strong>机构持有量增强了看涨的理由</strong></h2>
<p>除了散户情绪，机构的参与也在增加。</p>
<p>与以太坊相关的基金持有量急剧上升，目前总计约为 650 万 ETH，而不是之前所说的 660 万美元。</p>
<p>这一稳定的增长反映出，即使在更广泛的市场条件仍然波动的情况下，大型参与者仍然保持活跃。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Fund-Holdings-All-Symbol-1_11zon-1.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/2025/09/Ethereum-Fund-Holdings-All-Symbol-1_11zon-1.png"/></p>
<p>来源：CryptoQuant</p>
<p>与此同时，现货 ETF 净流入数据则显示出更为谨慎的态度。最近的总以太坊现货 ETF 净流入表明以太坊 ETF 流出略有增加。</p>
<p>根据 CoinGlass 的数据，过去 24 小时内记录了约 65,000 美元的以太坊 ETF 流出。约 51,600 美元的以太坊 ETF 转入 ETHA 产品，其余分配给 FETH ETF。</p>
<p>尽管如此，这些 ETF 流出量并不足以显著影响价格走势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/ETH-ETF-net-flows_11zon.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/2025/09/ETH-ETF-net-flows_11zon.png"/></p>
<p>来源：CoinGlass</p>
<h2><strong>ETH 的未来展望</strong></h2>
<p>交易所流出量缩减、基金流入强劲以及技术指标的支持可能为以太坊的上涨奠定基础。</p>
<p>但要实现更强的走势，ETH 需要突破之前的趋势线支撑，该支撑最近已转变为阻力。</p>
<p>截至撰写时，以太坊保持在$3,800 的需求区间之上。如果买入力量持续，可能会向$4,000 的心理关口及更高位置移动。</p>

ETHE

<p>以太坊的交易所流出量急剧下降，表明持有者更倾向于将 ETH 保留在交易所之外，这增强了在$3,800 支撑位附近的长期信心。基金持有量激增至 650 万 ETH，暗示机构支持可能推动向$4,000 的潜在突破。尽管近期出现停滞，但技术指标显示出长期的乐观情绪。然而，现货 ETF 流入表明近期流出带来了谨慎情绪。如果 ETH 突破之前的趋势线阻力，可能会出现反弹，目前支撑位在$3,800 以上</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>Why are Ethereum Exchange Outflows falling?</em></h3>
<div class="lb-trans"><h3><em>为什么以太坊的交易所流出量在下降？</em></h3>
</div><p>Outflows declined sharply, showing holders preferred keeping ETH off exchanges, strengthening long-term confidence near the $3,800 support level.</p>
<div class="lb-trans"><p>流出量急剧下降，显示持有者更倾向于将 ETH 保留在交易所之外，增强了在$3,800 支撑位附近的长期信心。</p>
</div><h3><em>What signals support ETH’s next move?</em></h3>
<div class="lb-trans"><h3><em>什么信号支持 ETH 的下一步动作？</em></h3>
</div><p>Fund Holdings surged to 6.5 million ETH while Spot ETF flows showed caution, suggesting institutional backing could fuel a $4,000 breakout.</p>
<div class="lb-trans"><p>基金持有量激增至 650 万 ETH，而现货 ETF 流入显示谨慎，表明机构支持可能推动 ETH 突破$4,000。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Ethereum [ETH] investors appeared less eager to take short positions. Over the last three days, Exchange Outflows from centralized exchanges declined sharply, according to recent CryptoQuant data.</p>
<div class="lb-trans"><p>以太坊 [ETH] 投资者似乎不太愿意采取空头头寸。根据最近的 CryptoQuant 数据，过去三天，来自中心化交易所的交易所流出量急剧下降。</p>
</div><p>The drop in Exchange Outflows suggested Ethereum holders grew confident and preferred to keep assets off exchanges for potential long-term gains.</p>
<div class="lb-trans"><p>交易所流出量的下降表明，以太坊持有者变得更加自信，倾向于将资产保留在交易所之外，以期获得潜在的长期收益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Exchange-Outflow-Total-All-Exchanges-10_11zon.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Exchange-Outflow-Total-All-Exchanges-10_11zon.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><h2><strong>Ethereum price action sparks reversal signals</strong></h2>
<div class="lb-trans"><h2><strong>以太坊价格走势引发反转信号</strong></h2>
</div><p>The shift came as the ETH price recovered from the gap rejection near $3,800.</p>
<div class="lb-trans"><p>这一变化发生在 ETH 价格从$3,800 附近的缺口拒绝中恢复之后。</p>
</div><p>After the rejection, Ethereum built upside momentum despite a brief stall over the last 24 hours. ETH recorded a 0.34% daily change, signaling low activity in the short term.</p>
<div class="lb-trans"><p>在拒绝之后，尽管在过去 24 小时内短暂停滞，以太坊仍然建立了上行动能。ETH 记录了 0.34% 的日变化，显示短期内活动较低。</p>
</div><p>Even so, technical indicators pointed to longer-term optimism. Stochastic RSI approached oversold territory, showing bearish pressure exhaustion among Ethereum bears.</p>
<div class="lb-trans"><p>尽管如此，技术指标指向长期的乐观情绪。随机相对强弱指数接近超卖区域，显示以太坊空头的看跌压力正在减弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/ETHUSD_2025-09-28_12-00-38.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/ETHUSD_2025-09-28_12-00-38.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><h2><strong>Institutional holdings strengthen the bullish case</strong></h2>
<div class="lb-trans"><h2><strong>机构持有量增强了看涨的理由</strong></h2>
</div><p>Alongside retail sentiment, institutional exposure also grew.</p>
<div class="lb-trans"><p>除了散户情绪，机构的参与也在增加。</p>
</div><p>Fund Holdings tied to Ethereum rose sharply, now totaling about 6.5 million ETH, not $6.6 million as earlier stated.</p>
<div class="lb-trans"><p>与以太坊相关的基金持有量急剧上升，目前总计约为 650 万 ETH，而不是之前所说的 660 万美元。</p>
</div><p>That steady rise reflected that larger players stayed engaged even as broader conditions remained volatile.</p>
<div class="lb-trans"><p>这一稳定的增长反映出，即使在更广泛的市场条件仍然波动的情况下，大型参与者仍然保持活跃。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Fund-Holdings-All-Symbol-1_11zon-1.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Ethereum-Fund-Holdings-All-Symbol-1_11zon-1.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>At the same time, Spot ETF Net Flow data painted a more cautious picture. The recent Total Ethereum Spot ETF Net Inflow indicated a slight surge in Ethereum ETF outflows.</p>
<div class="lb-trans"><p>与此同时，现货 ETF 净流入数据则显示出更为谨慎的态度。最近的总以太坊现货 ETF 净流入表明以太坊 ETF 流出略有增加。</p>
</div><p>Roughly $65,000 in Ethereum ETF outflows were recorded over the past 24 hours, according to CoinGlass. About $51,600 worth of Ethereum ETFs shifted into the ETHA product, with the remainder allocated to the FETH ETF.</p>
<div class="lb-trans"><p>根据 CoinGlass 的数据，过去 24 小时内记录了约 65,000 美元的以太坊 ETF 流出。约 51,600 美元的以太坊 ETF 转入 ETHA 产品，其余分配给 FETH ETF。</p>
</div><p>Still, these ETF outflows were not large enough to significantly affect price action.</p>
<div class="lb-trans"><p>尽管如此，这些 ETF 流出量并不足以显著影响价格走势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/ETH-ETF-net-flows_11zon.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/ETH-ETF-net-flows_11zon.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><h2><strong>What is ahead for ETH</strong></h2>
<div class="lb-trans"><h2><strong>ETH 的未来展望</strong></h2>
</div><p>The convergence of shrinking Exchange Outflows, resilient fund inflows, and supportive technicals could set up Ethereum for a rally.</p>
<div class="lb-trans"><p>交易所流出量缩减、基金流入强劲以及技术指标的支持可能为以太坊的上涨奠定基础。</p>
</div><p>But still, for a stronger move to materialize, ETH will need to break through the previous trendline support that recently turned into a resistance.</p>
<div class="lb-trans"><p>但要实现更强的走势，ETH 需要突破之前的趋势线支撑，该支撑最近已转变为阻力。</p>
</div><p>As of writing, Ethereum held above the $3,800 demand zone. If buying strength persisted, a move toward the $4,000 psychological mark and beyond could follow.</p>
<div class="lb-trans"><p>截至撰写时，以太坊保持在$3,800 的需求区间之上。如果买入力量持续，可能会向$4,000 的心理关口及更高位置移动。</p>
</div>

以太坊的平静：交易所退出、基金积累及其他动态！