<p>最近，密碼分析師 Merlijn The Trader 在 X 平台上分享的一項技術分析展示了以太坊在 2 日蠟燭圖上的價格走勢，作為 Wyckoff 積累的教科書示例。在他的評估中，以太坊已經經歷了模型的幾個關鍵階段，現在正接近一個強勁的擴展階段，前提是結構保持完整。</p>
<p><strong>以太坊圖表上 Wyckoff 積累結構正在形成</strong></p>
<p>在過去幾天中，以太坊的交易區間大約在$3,050 到$3,400 之間，反覆未能在任一邊界上實現持續突破。在撰寫時，以太坊的價格走勢約為$3,100。</p>
<p>這種長期的僵持強化了以太坊已迴歸整合而非在明確趨勢中交易的觀點，這種行為與 Merlijn The Trader 的技術分析中強調的積累階段密切相關。</p>
<p>在他的帖子中，Merlijn 將以太坊的圖表描述為 “Wyckoff 大師課”，指出一系列事件與 Wyckoff 積累示意圖中的教科書行為相一致，這些行為在 2025 年期間一直在上演。</p>
<p>根據註釋結構，春季發生在 ETH 在上半年短暫跌破$1,500 時。價格在該水平下停留的時間不長，幾天內重新回到該區間，並展開了一波最終以$4,946 的賣出高潮（SC）結束的反彈。</p>
<p>在這個結構中，初始的賣出高潮和自動下跌反應建立了一個明確的區間，直到現在，加密貨幣一直在該區間內交易。圖表標籤顯示以太坊正在經歷 D 階段，這在最近幾個月的下跌趨勢中得到了強調。</p>
<p>然而，根據 Wyckoff 框架，以太坊似乎現在正接近突破區，若結構繼續發揮作用，將過渡到完整的 E 階段，並可能出現垂直的上漲。</p>
<p><strong>E 階段預測指向強勁的上漲情景</strong></p>
<p>如果 Wyckoff 路線圖繼續按計劃展開，Merlijn 認為以太坊正在為完整的 E 階段做準備，這是積累過程的最後階段。該階段的特點是持續的上漲，價格果斷突破賣出高潮（SC），並以增加的動能向上趨勢。</p>
<p>以太坊 / 美元：@MerlijnTrader 在 X 上</p>
<p>圖表上的預測顯示，一旦清除上方阻力，將出現急劇的上漲擴展，Merlijn 指出如果結構完成，長期目標為$10,000 及以上。預計上漲路徑不會是線性的。該模型預期初步推向新的歷史高點，隨後在$5,000 區域附近會有適度的拒絕，然後價格暫停以整合至備份和最後支撐點。</p>
<p>根據圖表，這個 BU/LPS 可能會在$3,750 附近形成。如果以太坊在回調期間保持在該水平之上，將確認結構強度，隨後擴展目標將超過$10,000。</p>
<p><em>圖片來自 Unsplash，圖表來自 TradingView</em></p>

ETHE

<p>加密分析師 Merlijn The Trader 的技術分析表明，以太坊正處於 Wyckoff 積累階段，交易區間在$3,050 到$3,400 之間。分析指出，以太坊正接近突破階段，可能導致價格目標達到$10,000。該預測顯示，初步將推高至新高，隨後回調至約$3,750，如果結構保持，則將繼續上漲</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，密碼分析師 Merlijn The Trader 在 X 平台上分享的一項技術分析展示了以太坊在 2 日蠟燭圖上的價格走勢，作為 Wyckoff 積累的教科書示例。在他的評估中，以太坊已經經歷了模型的幾個關鍵階段，現在正接近一個強勁的擴展階段，前提是結構保持完整。</p>
</div><p><strong>Wyckoff Accumulation Structure Taking Shape On Ethereum Chart</strong></p>
<div class="lb-trans"><p><strong>以太坊圖表上 Wyckoff 積累結構正在形成</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>在過去幾天中，以太坊的交易區間大約在$3,050 到$3,400 之間，反覆未能在任一邊界上實現持續突破。在撰寫時，以太坊的價格走勢約為$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>這種長期的僵持強化了以太坊已迴歸整合而非在明確趨勢中交易的觀點，這種行為與 Merlijn The Trader 的技術分析中強調的積累階段密切相關。</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 將以太坊的圖表描述為 “Wyckoff 大師課”，指出一系列事件與 Wyckoff 積累示意圖中的教科書行為相一致，這些行為在 2025 年期間一直在上演。</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>根據註釋結構，春季發生在 ETH 在上半年短暫跌破$1,500 時。價格在該水平下停留的時間不長，幾天內重新回到該區間，並展開了一波最終以$4,946 的賣出高潮（SC）結束的反彈。</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>在這個結構中，初始的賣出高潮和自動下跌反應建立了一個明確的區間，直到現在，加密貨幣一直在該區間內交易。圖表標籤顯示以太坊正在經歷 D 階段，這在最近幾個月的下跌趨勢中得到了強調。</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，根據 Wyckoff 框架，以太坊似乎現在正接近突破區，若結構繼續發揮作用，將過渡到完整的 E 階段，並可能出現垂直的上漲。</p>
</div><p><strong>Phase E Projection Points To Strong Upside Scenario</strong></p>
<div class="lb-trans"><p><strong>E 階段預測指向強勁的上漲情景</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 路線圖繼續按計劃展開，Merlijn 認為以太坊正在為完整的 E 階段做準備，這是積累過程的最後階段。該階段的特點是持續的上漲，價格果斷突破賣出高潮（SC），並以增加的動能向上趨勢。</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>圖表上的預測顯示，一旦清除上方阻力，將出現急劇的上漲擴展，Merlijn 指出如果結構完成，長期目標為$10,000 及以上。預計上漲路徑不會是線性的。該模型預期初步推向新的歷史高點，隨後在$5,000 區域附近會有適度的拒絕，然後價格暫停以整合至備份和最後支撐點。</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>根據圖表，這個 BU/LPS 可能會在$3,750 附近形成。如果以太坊在回調期間保持在該水平之上，將確認結構強度，隨後擴展目標將超過$10,000。</p>
</div><p><em>Featured image from Unsplash, chart from TradingView</em></p>
<div class="lb-trans"><p><em>圖片來自 Unsplash，圖表來自 TradingView</em></p>
</div>

以太坊形成了 Wyckoff 突破形態：目標價格再次聚焦於$10,000