<p>最近，密码分析师 Merlijn The Trader 在 X 平台上分享的一项技术分析展示了以太坊在 2 日蜡烛图上的价格走势，作为 Wyckoff 积累的教科书示例。在他的评估中，以太坊已经经历了模型的几个关键阶段，现在正接近一个强劲的扩展阶段，前提是结构保持完整。</p>
<p><strong>以太坊图表上 Wyckoff 积累结构正在形成</strong></p>
<p>在过去几天中，以太坊的交易区间大约在$3,050 到$3,400 之间，反复未能在任一边界上实现持续突破。在撰写时，以太坊的价格走势约为$3,100。</p>
<p>这种长期的僵持强化了以太坊已回归整合而非在明确趋势中交易的观点，这种行为与 Merlijn The Trader 的技术分析中强调的积累阶段密切相关。</p>
<p>在他的帖子中，Merlijn 将以太坊的图表描述为 “Wyckoff 大师课”，指出一系列事件与 Wyckoff 积累示意图中的教科书行为相一致，这些行为在 2025 年期间一直在上演。</p>
<p>根据注释结构，春季发生在 ETH 在上半年短暂跌破$1,500 时。价格在该水平下停留的时间不长，几天内重新回到该区间，并展开了一波最终以$4,946 的卖出高潮（SC）结束的反弹。</p>
<p>在这个结构中，初始的卖出高潮和自动下跌反应建立了一个明确的区间，直到现在，加密货币一直在该区间内交易。图表标签显示以太坊正在经历 D 阶段，这在最近几个月的下跌趋势中得到了强调。</p>
<p>然而，根据 Wyckoff 框架，以太坊似乎现在正接近突破区，若结构继续发挥作用，将过渡到完整的 E 阶段，并可能出现垂直的上涨。</p>
<p><strong>E 阶段预测指向强劲的上涨情景</strong></p>
<p>如果 Wyckoff 路线图继续按计划展开，Merlijn 认为以太坊正在为完整的 E 阶段做准备，这是积累过程的最后阶段。该阶段的特点是持续的上涨，价格果断突破卖出高潮（SC），并以增加的动能向上趋势。</p>
<p>以太坊 / 美元：@MerlijnTrader 在 X 上</p>
<p>图表上的预测显示，一旦清除上方阻力，将出现急剧的上涨扩展，Merlijn 指出如果结构完成，长期目标为$10,000 及以上。预计上涨路径不会是线性的。该模型预期初步推向新的历史高点，随后在$5,000 区域附近会有适度的拒绝，然后价格暂停以整合至备份和最后支撑点。</p>
<p>根据图表，这个 BU/LPS 可能会在$3,750 附近形成。如果以太坊在回调期间保持在该水平之上，将确认结构强度，随后扩展目标将超过$10,000。</p>
<p><em>图片来自 Unsplash，图表来自 TradingView</em></p>

ETHE

<p>加密分析师 Merlijn The Trader 的技术分析表明，以太坊正处于 Wyckoff 积累阶段，交易区间在$3,050 到$3,400 之间。分析指出，以太坊正接近突破阶段，可能导致价格目标达到$10,000。该预测显示，初步将推高至新高，随后回调至约$3,750，如果结构保持，则将继续上涨</p>

<p>A recent technical analysis shared on X by crypto analyst Merlijn The Trader presents Ethereum’s price action on the 2-day candlestick chart as a textbook example of Wyckoff accumulation. In his assessment, Ethereum has already moved through several key stages of the model and is now approaching a powerful expansion phase, provided the structure stays intact.</p>
<div class="lb-trans"><p>最近，密码分析师 Merlijn The Trader 在 X 平台上分享的一项技术分析展示了以太坊在 2 日蜡烛图上的价格走势，作为 Wyckoff 积累的教科书示例。在他的评估中，以太坊已经经历了模型的几个关键阶段，现在正接近一个强劲的扩展阶段，前提是结构保持完整。</p>
</div><p><strong>Wyckoff Accumulation Structure Taking Shape On Ethereum Chart</strong></p>
<div class="lb-trans"><p><strong>以太坊图表上 Wyckoff 积累结构正在形成</strong></p>
</div><p>Over the past several days, Ethereum has traded between roughly $3,050 and $3,400, repeatedly failing to secure a sustained move beyond either boundary. At the time of writing, Ethereum’s price action is trading around $3,100.</p>
<div class="lb-trans"><p>在过去几天中，以太坊的交易区间大约在$3,050 到$3,400 之间，反复未能在任一边界上实现持续突破。在撰写时，以太坊的价格走势约为$3,100。</p>
</div><p>This prolonged standoff has reinforced the view that Ethereum has returned to consolidating rather than trading in a defined trend, a behavior that aligns closely with the accumulation phase highlighted in a technical analysis by Merlijn The Trader.</p>
<div class="lb-trans"><p>这种长期的僵持强化了以太坊已回归整合而非在明确趋势中交易的观点，这种行为与 Merlijn The Trader 的技术分析中强调的积累阶段密切相关。</p>
</div><p>In his post, Merlijn described Ethereum’s chart as a “Wyckoff masterclass,” pointing to a sequence of events that align with textbook behavior from the Wyckoff accumulation schematic, which have been playing out for the entirety of 2025.</p>
<div class="lb-trans"><p>在他的帖子中，Merlijn 将以太坊的图表描述为 “Wyckoff 大师课”，指出一系列事件与 Wyckoff 积累示意图中的教科书行为相一致，这些行为在 2025 年期间一直在上演。</p>
</div><p>According to the annotated structure, the spring occurred when ETH briefly dipped below $1,500 in the first half of the year. Price did not linger below that level for long, reclaiming the range within days and going on a rally that eventually ended at a selling climax (SC) of $4,946</p>
<div class="lb-trans"><p>根据注释结构，春季发生在 ETH 在上半年短暂跌破$1,500 时。价格在该水平下停留的时间不长，几天内重新回到该区间，并展开了一波最终以$4,946 的卖出高潮（SC）结束的反弹。</p>
</div><p>Within this structure, the initial selling climax and automatic downtrend reaction established a clear range in which the cryptocurrency has been trading up until now. The chart labels show this as Ethereum moving through Phase D, and this has been highlighted by a downtrend in recent months.</p>
<div class="lb-trans"><p>在这个结构中，初始的卖出高潮和自动下跌反应建立了一个明确的区间，直到现在，加密货币一直在该区间内交易。图表标签显示以太坊正在经历 D 阶段，这在最近几个月的下跌趋势中得到了强调。</p>
</div><p>However, based on the Wyckoff framework, Ethereum seems to now be approaching the breakout zone, with a transition into a full Phase E and a potential vertical markup coming next if the structure continues to play out.</p>
<div class="lb-trans"><p>然而，根据 Wyckoff 框架，以太坊似乎现在正接近突破区，若结构继续发挥作用，将过渡到完整的 E 阶段，并可能出现垂直的上涨。</p>
</div><p><strong>Phase E Projection Points To Strong Upside Scenario</strong></p>
<div class="lb-trans"><p><strong>E 阶段预测指向强劲的上涨情景</strong></p>
</div><p>If the Wyckoff roadmap continues to unfold as outlined, Merlijn believes Ethereum is setting up for a full Phase E, the final stage of the accumulation process. This phase is characterized by a sustained markup, where price exits the selling climax (SC) decisively and trends higher with increasing momentum.</p>
<div class="lb-trans"><p>如果 Wyckoff 路线图继续按计划展开，Merlijn 认为以太坊正在为完整的 E 阶段做准备，这是积累过程的最后阶段。该阶段的特点是持续的上涨，价格果断突破卖出高潮（SC），并以增加的动能向上趋势。</p>
</div><p>Ethereum / US Dollar: @MerlijnTrader on X</p>
<div class="lb-trans"><p>以太坊 / 美元：@MerlijnTrader 在 X 上</p>
</div><p>The projection on the chart shows a sharp upside expansion once overhead resistance is cleared, with Merlijn pointing to $10,000 and higher as a long-term objective if the structure completes. The path higher is not expected to be linear. The model anticipates an initial push into new all-time highs, followed by a modest rejection around the $5,000 area before the price pauses to consolidate towards the Backup and Last Point of Support</p>
<div class="lb-trans"><p>图表上的预测显示，一旦清除上方阻力，将出现急剧的上涨扩展，Merlijn 指出如果结构完成，长期目标为$10,000 及以上。预计上涨路径不会是线性的。该模型预期初步推向新的历史高点，随后在$5,000 区域附近会有适度的拒绝，然后价格暂停以整合至备份和最后支撑点。</p>
</div><p>According to the chart, this BU/LPS would likely form around $3,750. If Ethereum holds above that level during the pullback, it would confirm structural strength, with the subsequent expansion targeting above $10,000.</p>
<div class="lb-trans"><p>根据图表，这个 BU/LPS 可能会在$3,750 附近形成。如果以太坊在回调期间保持在该水平之上，将确认结构强度，随后扩展目标将超过$10,000。</p>
</div><p><em>Featured image from Unsplash, chart from TradingView</em></p>
<div class="lb-trans"><p><em>图片来自 Unsplash，图表来自 TradingView</em></p>
</div>

以太坊形成了 Wyckoff 突破形态：目标价格再次聚焦于$10,000