<h2><strong>關鍵要點</strong></h2>
<h3><em>為什麼以太坊的交易所流出量在下降？</em></h3>
<p>流出量急劇下降，顯示持有者更傾向於將 ETH 保留在交易所之外，增強了在$3,800 支撐位附近的長期信心。</p>
<h3><em>什麼信號支持 ETH 的下一步動作？</em></h3>
<p>基金持有量激增至 650 萬 ETH，而現貨 ETF 流入顯示謹慎，表明機構支持可能推動 ETH 突破$4,000。</p>
<hr/>
<p>以太坊 [ETH] 投資者似乎不太願意採取空頭頭寸。根據最近的 CryptoQuant 數據，過去三天，來自中心化交易所的交易所流出量急劇下降。</p>
<p>交易所流出量的下降表明，以太坊持有者變得更加自信，傾向於將資產保留在交易所之外，以期獲得潛在的長期收益。</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>來源：CryptoQuant</p>
<h2><strong>以太坊價格走勢引發反轉信號</strong></h2>
<p>這一變化發生在 ETH 價格從$3,800 附近的缺口拒絕中恢復之後。</p>
<p>在拒絕之後，儘管在過去 24 小時內短暫停滯，以太坊仍然建立了上行動能。ETH 記錄了 0.34% 的日變化，顯示短期內活動較低。</p>
<p>儘管如此，技術指標指向長期的樂觀情緒。隨機相對強弱指數接近超賣區域，顯示以太坊空頭的看跌壓力正在減弱。</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>來源：TradingView</p>
<h2><strong>機構持有量增強了看漲的理由</strong></h2>
<p>除了散户情緒，機構的參與也在增加。</p>
<p>與以太坊相關的基金持有量急劇上升，目前總計約為 650 萬 ETH，而不是之前所説的 660 萬美元。</p>
<p>這一穩定的增長反映出，即使在更廣泛的市場條件仍然波動的情況下，大型參與者仍然保持活躍。</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>來源：CryptoQuant</p>
<p>與此同時，現貨 ETF 淨流入數據則顯示出更為謹慎的態度。最近的總以太坊現貨 ETF 淨流入表明以太坊 ETF 流出略有增加。</p>
<p>根據 CoinGlass 的數據，過去 24 小時內記錄了約 65,000 美元的以太坊 ETF 流出。約 51,600 美元的以太坊 ETF 轉入 ETHA 產品，其餘分配給 FETH ETF。</p>
<p>儘管如此，這些 ETF 流出量並不足以顯著影響價格走勢。</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>來源：CoinGlass</p>
<h2><strong>ETH 的未來展望</strong></h2>
<p>交易所流出量縮減、基金流入強勁以及技術指標的支持可能為以太坊的上漲奠定基礎。</p>
<p>但要實現更強的走勢，ETH 需要突破之前的趨勢線支撐，該支撐最近已轉變為阻力。</p>
<p>截至撰寫時，以太坊保持在$3,800 的需求區間之上。如果買入力量持續，可能會向$4,000 的心理關口及更高位置移動。</p>

ETHE

<p>以太坊的交易所流出量急劇下降，表明持有者更傾向於將 ETH 保留在交易所之外，這增強了在$3,800 支撐位附近的長期信心。基金持有量激增至 650 萬 ETH，暗示機構支持可能推動向$4,000 的潛在突破。儘管近期出現停滯，但技術指標顯示出長期的樂觀情緒。然而，現貨 ETF 流入表明近期流出帶來了謹慎情緒。如果 ETH 突破之前的趨勢線阻力，可能會出現反彈，目前支撐位在$3,800 以上</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><h3><em>Why are Ethereum Exchange Outflows falling?</em></h3>
<div class="lb-trans"><h3><em>為什麼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>流出量急劇下降，顯示持有者更傾向於將 ETH 保留在交易所之外，增強了在$3,800 支撐位附近的長期信心。</p>
</div><h3><em>What signals support ETH’s next move?</em></h3>
<div class="lb-trans"><h3><em>什麼信號支持 ETH 的下一步動作？</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 萬 ETH，而現貨 ETF 流入顯示謹慎，表明機構支持可能推動 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] 投資者似乎不太願意採取空頭頭寸。根據最近的 CryptoQuant 數據，過去三天，來自中心化交易所的交易所流出量急劇下降。</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，以太坊持有者變得更加自信，傾向於將資產保留在交易所之外，以期獲得潛在的長期收益。</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>來源：CryptoQuant</p>
</div><h2><strong>Ethereum price action sparks reversal signals</strong></h2>
<div class="lb-trans"><h2><strong>以太坊價格走勢引發反轉信號</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>這一變化發生在 ETH 價格從$3,800 附近的缺口拒絕中恢復之後。</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>在拒絕之後，儘管在過去 24 小時內短暫停滯，以太坊仍然建立了上行動能。ETH 記錄了 0.34% 的日變化，顯示短期內活動較低。</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>儘管如此，技術指標指向長期的樂觀情緒。隨機相對強弱指數接近超賣區域，顯示以太坊空頭的看跌壓力正在減弱。</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>來源：TradingView</p>
</div><h2><strong>Institutional holdings strengthen the bullish case</strong></h2>
<div class="lb-trans"><h2><strong>機構持有量增強了看漲的理由</strong></h2>
</div><p>Alongside retail sentiment, institutional exposure also grew.</p>
<div class="lb-trans"><p>除了散户情緒，機構的參與也在增加。</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>與以太坊相關的基金持有量急劇上升，目前總計約為 650 萬 ETH，而不是之前所説的 660 萬美元。</p>
</div><p>That steady rise reflected that larger players stayed engaged even as broader conditions remained volatile.</p>
<div class="lb-trans"><p>這一穩定的增長反映出，即使在更廣泛的市場條件仍然波動的情況下，大型參與者仍然保持活躍。</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>來源：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>與此同時，現貨 ETF 淨流入數據則顯示出更為謹慎的態度。最近的總以太坊現貨 ETF 淨流入表明以太坊 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>根據 CoinGlass 的數據，過去 24 小時內記錄了約 65,000 美元的以太坊 ETF 流出。約 51,600 美元的以太坊 ETF 轉入 ETHA 產品，其餘分配給 FETH ETF。</p>
</div><p>Still, these ETF outflows were not large enough to significantly affect price action.</p>
<div class="lb-trans"><p>儘管如此，這些 ETF 流出量並不足以顯著影響價格走勢。</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>來源：CoinGlass</p>
</div><h2><strong>What is ahead for ETH</strong></h2>
<div class="lb-trans"><h2><strong>ETH 的未來展望</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>交易所流出量縮減、基金流入強勁以及技術指標的支持可能為以太坊的上漲奠定基礎。</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>但要實現更強的走勢，ETH 需要突破之前的趨勢線支撐，該支撐最近已轉變為阻力。</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>截至撰寫時，以太坊保持在$3,800 的需求區間之上。如果買入力量持續，可能會向$4,000 的心理關口及更高位置移動。</p>
</div>

以太坊的平靜：交易所退出、基金積累及其他動態！