<p>以太坊延续了其下行趋势，目前交易于一个关键的多月需求区块内。由于流动性在价格上下被猛烈清洗，ETH 正接近一个重大决策点，可能会出现反弹或更深的抛售进入较低的需求区。技术分析</p>
<p>作者：Shayan 每日图表</p>
<p>ETH 继续其急剧的修正走势，从$3.5K–$3.6K 的供应区滑落，并果断跌破 100 日和 200 日移动平均线。这一下跌使得该资产直接进入$2.7K–$2.85K 的需求区域，该区域之前是 7 月突破的发射台。</p>
<p>每日市场结构依然明显看跌，形成了清晰的低高点和低低点序列。下降通道结合 200 日移动平均线的失败回测，表明卖方仍然完全掌控市场。</p>
<p>当前$2.7K 附近的区域是价格在 8 月反弹前最后一次积累的地方。若该区域被干净地跌破，将暴露出下一个主要决策水平$2.45K–$2.55K，之前长期买盘曾在此介入。另一方面，任何持续的反弹必须以重新夺回$3K 并收盘在 100 日移动平均线之上为起点，以示动能的显著转变。</p>
<p>4 小时图表</p>
<p>4 小时时间框架突显了下行趋势的精准性。该资产继续遵循自$4.2K 下跌以来的下降趋势线，每次回测该趋势线都产生了新的卖出波浪。ETH 现在已达到下降通道的下边界，同时位于$2.7K 的需求区块内。</p>
<p>短期流动性扫荡在区间的两侧发生，表明波动性增加和局部底部形成的潜力。如果买方捍卫当前通道低点，第一个上行目标将是$3.05K–$3.15K 的不平衡区域，随后是对$3.45K 供应区的更大测试。然而，在没有明确突破趋势线的情况下，任何反弹更可能保持修正而非结构性反转。</p>
<p>链上分析</p>
<p>作者：Shayan</p>
<p>两周的清算热图显示，ETH 在当前价格上方被密集的清算集群包围，特别是在$3.1K 和$3.6K 之间。这些区域反映了在最近下跌期间大量空头头寸的积累和被迫平仓。</p>
<p>历史上，当价格进入主要集群下方的深度流动性真空时，市场往往会向下超调，然后在流动性成为下一个目标时进行剧烈反弹。</p>
<p>目前，$3.2K 上方存在明显的流动性空缺，符合主要的每日公允价值缺口。这些区域在快速修正期间往往会像磁铁一样吸引价格。随着流动性在下方被压缩，上方存在大量未填补的口袋，ETH 正接近一个关键区域。暂时的抛售进入较低的需求区域是不能排除的，但这种运动在历史上通常会在耗尽卖方后，先于强劲的恢复阶段。</p>

ETHE

<p>以太坊正在一个关键的需求区间内交易，面临重大决策点。价格已跌破关键移动平均线，处于看跌市场结构中。$2.7K 区域至关重要；如果失守，可能会跌至 $2.45K–$2.55K。要实现反弹，需要重新夺回 $3K。短期波动性较高，存在形成局部底部的潜力。链上分析显示上方有密集的清算簇，表明可能会在反弹前出现超调</p>

<p>Ethereum has extended its downward trend and is now trading inside a critical multi-month demand block. With liquidity being aggressively flushed above and below the price, ETH is approaching a major decision point where either a relief rebound or a deeper capitulation into the lower demand zones may unfold.Technical Analysis</p>
<div class="lb-trans"><p>以太坊延续了其下行趋势，目前交易于一个关键的多月需求区块内。由于流动性在价格上下被猛烈清洗，ETH 正接近一个重大决策点，可能会出现反弹或更深的抛售进入较低的需求区。技术分析</p>
</div><p>By ShayanThe Daily Chart</p>
<div class="lb-trans"><p>作者：Shayan 每日图表</p>
</div><p>ETH has continued its sharp corrective leg, sliding from the $3.5K–$3.6K supply zone and breaking decisively below both the 100-day and 200-day moving averages. This breakdown has placed the asset directly inside the $2.7K–$2.85K demand region, which previously acted as the launchpad for the July breakout.</p>
<div class="lb-trans"><p>ETH 继续其急剧的修正走势，从$3.5K–$3.6K 的供应区滑落，并果断跌破 100 日和 200 日移动平均线。这一下跌使得该资产直接进入$2.7K–$2.85K 的需求区域，该区域之前是 7 月突破的发射台。</p>
</div><p>The daily market structure remains firmly bearish, with a clear sequence of lower highs and lower lows. The descending channel, combined with the failed retest of the 200-day MA, suggests that sellers are still in full control.</p>
<div class="lb-trans"><p>每日市场结构依然明显看跌，形成了清晰的低高点和低低点序列。下降通道结合 200 日移动平均线的失败回测，表明卖方仍然完全掌控市场。</p>
</div><p>The current zone around $2.7K is where the price last accumulated before the August rally. A clean loss of this area would expose the next major decision level at $2.45K–$2.55K, where long-term bids previously stepped in. On the other hand, any sustained recovery must begin with a reclaim of $3K and a close back above the 100-day MA to signal a meaningful shift in momentum.</p>
<div class="lb-trans"><p>当前$2.7K 附近的区域是价格在 8 月反弹前最后一次积累的地方。若该区域被干净地跌破，将暴露出下一个主要决策水平$2.45K–$2.55K，之前长期买盘曾在此介入。另一方面，任何持续的反弹必须以重新夺回$3K 并收盘在 100 日移动平均线之上为起点，以示动能的显著转变。</p>
</div><p>The 4-Hour Chart</p>
<div class="lb-trans"><p>4 小时图表</p>
</div><p>The 4-hour timeframe highlights the precision of the downtrend. The asset continues respecting the descending trendline originating from the $4.2K breakdown, and each retest of this trendline has generated new waves of selling. ETH has now reached the lower boundary of the descending channel while sitting inside the $2.7K demand block.</p>
<div class="lb-trans"><p>4 小时时间框架突显了下行趋势的精准性。该资产继续遵循自$4.2K 下跌以来的下降趋势线，每次回测该趋势线都产生了新的卖出波浪。ETH 现在已达到下降通道的下边界，同时位于$2.7K 的需求区块内。</p>
</div><p>Short-term liquidity sweeps have been occurring on both sides of the range, indicating increasing volatility and the potential formation of a local bottom. If buyers defend the current channel low, the first upside target becomes the $3.05K–$3.15K imbalance region, followed by a more significant test of the $3.45K supply area. Without a clear breakout above the trendline, however, any rebound is more likely to remain corrective rather than structural.</p>
<div class="lb-trans"><p>短期流动性扫荡在区间的两侧发生，表明波动性增加和局部底部形成的潜力。如果买方捍卫当前通道低点，第一个上行目标将是$3.05K–$3.15K 的不平衡区域，随后是对$3.45K 供应区的更大测试。然而，在没有明确突破趋势线的情况下，任何反弹更可能保持修正而非结构性反转。</p>
</div><p>Onchain Analysis</p>
<div class="lb-trans"><p>链上分析</p>
</div><p>By Shayan</p>
<div class="lb-trans"><p>作者：Shayan</p>
</div><p>The two-week liquidation heatmap reveals that ETH is surrounded by dense liquidation clusters above the current price, particularly between $3.1K and $3.6K. These zones reflect the heavy accumulation of short positions and forced exits during the recent drop.</p>
<div class="lb-trans"><p>两周的清算热图显示，ETH 在当前价格上方被密集的清算集群包围，特别是在$3.1K 和$3.6K 之间。这些区域反映了在最近下跌期间大量空头头寸的积累和被迫平仓。</p>
</div><p>Historically, when price enters a deep liquidity vacuum below major clusters, markets often overshoot to the downside before staging a volatile rebound as liquidity above price becomes the next target.</p>
<div class="lb-trans"><p>历史上，当价格进入主要集群下方的深度流动性真空时，市场往往会向下超调，然后在流动性成为下一个目标时进行剧烈反弹。</p>
</div><p>Currently, clear liquidity voids sit above $3.2K, matching the major daily fair value gap. These areas tend to act as magnets during rapid corrections. With liquidity compressed below and large unfilled pockets above, ETH is approaching a pivotal zone. A temporary capitulation into the lower demand region cannot be ruled out, but this same motion has historically preceded strong recovery phases once exhausted sellers are cleared.</p>
<div class="lb-trans"><p>目前，$3.2K 上方存在明显的流动性空缺，符合主要的每日公允价值缺口。这些区域在快速修正期间往往会像磁铁一样吸引价格。随着流动性在下方被压缩，上方存在大量未填补的口袋，ETH 正接近一个关键区域。暂时的抛售进入较低的需求区域是不能排除的，但这种运动在历史上通常会在耗尽卖方后，先于强劲的恢复阶段。</p>
</div>

以太坊价格分析：随着看跌动能的增强，ETH 已到达关键决策点