<ul>
<li><em>以太坊（ETH）的價格觸及其實現價格，提升了潛在底部的希望。</em></li>
<li><em>現貨 ETH ETF 需求疲軟和網絡增長平穩可能會阻礙這種結果</em></li>
</ul>
<p>以太坊（ETH）的價格因觸及一個關鍵水平而成為新聞焦點，該水平標誌着之前長期市場底部，提升了該山寨幣潛在反轉的希望。</p>
<p>根據 CryptoQuant 分析師 Kriptolik 的説法，ETH 跌破了其 “實現價格”，即大多數買家的平均成本基礎。這個水平通常標誌着潛在的市場轉變。分析師聲稱，</p>
<blockquote>
<p>“這些時期通常會伴隨強勁的反彈——使其成為長期投資者的戰略積累點。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.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/2025/04/Ethereum-price.jpeg"/></p>
<p>來源：CryptoQuant</p>
<p>附圖還顯示，實現價格在 2018-2020 年期間見證了市場反彈。</p>
<p>然而，當 ETH 的價格跌破該水平時，該水平也可能在短期內充當阻力。在這種情況下，分析師警告説，近期 ETH 的恐慌性拋售可能會增加。</p>
<h2>ETH 接下來會怎樣？</h2>
<p>即便如此，美國股票和包括 ETH 在內的加密貨幣對特朗普關税更新的反應像是風險資產。因此，潛在底部的形成可能僅通過積極的宏觀變化加速。</p>
<p>事實上，甚至機構投資者也連續六週退出該山寨幣，這從美國現貨 ETH ETF 的持續資金流出中可見一斑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.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/2025/04/Screenshot-2025-04-09-162149.png"/></p>
<p>來源：Soso Value</p>
<p>根據分析師 Stacy Muur 的説法，另一個值得關注的數據點是活躍用户停滯。她指出，以太坊的活躍地址在過去四年中保持平穩。</p>
<p>儘管一些批評者認為用户遷移到了第二層（L2），但網絡增長停滯可能會限制 ETH 的復甦前景。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.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/2025/04/Ethereum-active-users-scaled.jpeg"/></p>
<p>來源：Glassnode</p>
<p>從價格圖表的角度來看，ETH 跌至兩年來的低點，低於 1500 美元。事實上，它比其新聞時週期高點 4000 美元下跌了 64%。</p>
<p>在持續的宏觀不確定性下，短期內延續下跌至 1000 美元的可能性不能被排除。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.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/2025/04/ETHUSDT_2025-04-09_16-35-14.png"/></p>
<p>來源：ETH/USDT，TradingView</p>
<p>簡單來説，該山寨幣達到了一個關鍵點，特別是從實現價格的角度來看。</p>
<p>然而，當前的宏觀環境主導着市場方向，如果不確定性在短期內持續，可能會延遲 ETH 的潛在反彈。此外，從 ETH ETF 連續 7 周的資金流出來看，疲軟的需求並未描繪出強勁的復甦前景。</p>

ETHE

<p>以太坊的價格已達到其實現價格，激發了市場觸底的希望。然而，現貨以太坊 ETF 需求疲軟和網絡增長停滯對復甦構成了風險。分析師指出，儘管之前的反彈都在類似的價格水平上發生，但當前的宏觀經濟不確定性以及美國現貨以太坊 ETF 的持續資金流出可能會阻礙反彈。以太坊已跌至兩年來的低點，較峯值下跌了 64%，如果市場條件持續不利，進一步下跌至 1000 美元的可能性不能排除</p>

<ul>
<li><em>ETH’s price tapped its realized price, raising hopes of a potential bottom.</em></li>
<li><em>Weak demand for spot ETH ETFs and flat network growth could derail such an outcome</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>以太坊（ETH）的價格觸及其實現價格，提升了潛在底部的希望。</em></li>
<li><em>現貨 ETH ETF 需求疲軟和網絡增長平穩可能會阻礙這種結果</em></li>
</ul>
</div><p>Ethereum’s [ETH] price is in the news after it tagged a key level that flagged previous long-term market bottoms, raising hopes of potential reversal for the altcoin.</p>
<div class="lb-trans"><p>以太坊（ETH）的價格因觸及一個關鍵水平而成為新聞焦點，該水平標誌着之前長期市場底部，提升了該山寨幣潛在反轉的希望。</p>
</div><p>According to CryptoQuant analyst Kriptolik, ETH dropped below its ‘realized price,’ the average cost basis for most buyers. This level often marks a potential market shift. The analyst claimed,</p>
<div class="lb-trans"><p>根據 CryptoQuant 分析師 Kriptolik 的説法，ETH 跌破了其 “實現價格”，即大多數買家的平均成本基礎。這個水平通常標誌着潛在的市場轉變。分析師聲稱，</p>
</div><blockquote>
<p>“These periods have consistently been followed by strong recoveries — making them strategic accumulation points for long-term investors.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“這些時期通常會伴隨強勁的反彈——使其成為長期投資者的戰略積累點。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-price.jpeg"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>來源：CryptoQuant</p>
</div><p>The attached chart also revealed that the realized price saw market rebounds in 2018-2020.</p>
<div class="lb-trans"><p>附圖還顯示，實現價格在 2018-2020 年期間見證了市場反彈。</p>
</div><p>However, the level could also act as a resistance in the short term when ETH’s price drops below it. In such a case, the analyst warned that a hike in panic selling of ETH could be likely in the near term.</p>
<div class="lb-trans"><p>然而，當 ETH 的價格跌破該水平時，該水平也可能在短期內充當阻力。在這種情況下，分析師警告説，近期 ETH 的恐慌性拋售可能會增加。</p>
</div><h2>What’s next for ETH?</h2>
<div class="lb-trans"><h2>ETH 接下來會怎樣？</h2>
</div><p>Even so, U.S stocks and crypto, including ETH, have reacted like risk-on assets to Trump tariff updates. As such, a likely bottom could be accelerated only through a positive macro shift.</p>
<div class="lb-trans"><p>即便如此，美國股票和包括 ETH 在內的加密貨幣對特朗普關税更新的反應像是風險資產。因此，潛在底部的形成可能僅通過積極的宏觀變化加速。</p>
</div><p>In fact, even institutional investors exited the altcoin for six consecutive weeks, as shown by the consistent outflows from U.S spot ETH ETFs.</p>
<div class="lb-trans"><p>事實上，甚至機構投資者也連續六週退出該山寨幣，這從美國現貨 ETH ETF 的持續資金流出中可見一斑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-09-162149.png"/></p>
<p>Source: Soso Value</p>
<div class="lb-trans"><p>來源：Soso Value</p>
</div><p>Another cautious data point, according to analyst Stacy Muur, is stagnant active users. She noted that Ethereum active addresses have been flat for four years.</p>
<div class="lb-trans"><p>根據分析師 Stacy Muur 的説法，另一個值得關注的數據點是活躍用户停滯。她指出，以太坊的活躍地址在過去四年中保持平穩。</p>
</div><p>Although some critics have argued that users migrated to L2s, stagnant network growth could cap ETH’s recovery prospects.</p>
<div class="lb-trans"><p>儘管一些批評者認為用户遷移到了第二層（L2），但網絡增長停滯可能會限制 ETH 的復甦前景。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Ethereum-active-users-scaled.jpeg"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>來源：Glassnode</p>
</div><p>From a price chart perspective, ETH dropped to a two-year low below $1.5k. In fact, it was down 64% from its press time cycle peak of $4k.</p>
<div class="lb-trans"><p>從價格圖表的角度來看，ETH 跌至兩年來的低點，低於 1500 美元。事實上，它比其新聞時週期高點 4000 美元下跌了 64%。</p>
</div><p>With ongoing macro uncertainty, an extended decline to $1k can’t be overruled in the short term.</p>
<div class="lb-trans"><p>在持續的宏觀不確定性下，短期內延續下跌至 1000 美元的可能性不能被排除。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/ETHUSDT_2025-04-09_16-35-14.png"/></p>
<p>Source: ETH/USDT, TradingView</p>
<div class="lb-trans"><p>來源：ETH/USDT，TradingView</p>
</div><p>Simply put, the altcoin hit a pivotal point, especially when tracked from a realized price perspective.</p>
<div class="lb-trans"><p>簡單來説，該山寨幣達到了一個關鍵點，特別是從實現價格的角度來看。</p>
</div><p>However, the macro front currently dominates market direction and could delay a potential ETH rebound if the uncertainty persists in the short term. Besides, as revealed by a 7-week streak of ETH ETF outflows, the weak demand didn’t paint a strong recovery outlook.</p>
<div class="lb-trans"><p>然而，當前的宏觀環境主導着市場方向，如果不確定性在短期內持續，可能會延遲 ETH 的潛在反彈。此外，從 ETH ETF 連續 7 周的資金流出來看，疲軟的需求並未描繪出強勁的復甦前景。</p>
</div>

以太坊的價格底部是否已經顯現？關鍵數據指向