交流中的ETH供應一直跌至歷史最低水平，為潛在的價格運行奠定了基礎

交流中的ETH供應量一直跌至歷史最低水平，不到目前在交易平台上持有的總循環供應量的4.9％。

The supply of major cryptocurrency Ethereum (ETH) on exchanges has hit an all-time low, with less than 4.9% of the total circulating supply currently held on trading platforms. Like the other cryptos, Bitcoin (BTC) also shows this drop; its exchange-held supply dropped to 7.1%, a level not seen since November 2018.

交易所上主要的加密貨幣以太坊（ETH）的供應量達到了歷史最低水平，不到目前在交易平台上持有的循環供應量的4.9％。像其他加密貨幣一樣，比特幣（BTC）也顯示了此下降。它的交換供應量下降到7.1％，這是自2018年11月以來未見的水平。

As crypto prices continue to rise amid a liquidity crunch, market analyst notes that the decreasing levels of crypto on exchanges could bring essential changes to the market. When coins transfer out of exchanges, the effort to sell them decreases, so increasing demand may cause prices to climb.

隨著流動性緊縮的加密價格繼續上漲，市場分析師指出，交易所中加密貨幣水平的下降可能會給市場帶來基本的變化。當硬幣從交易所轉移時，出售它們的努力減少，因此需求的增加可能會導致價格上漲。

As a result, the structure Kralow highlights could mark a pivotal shift in traders’ interpretation of token availability and price potential.

結果，kralow亮點的結構可以標誌著交易者對代幣的可用性和價格潛力的解釋的關鍵轉變。

Structural Tightening Meets Technical Strength: ETH Targets $10K

結構性收緊達到技術力量：ETH目標$ 100K

In another analysis, crypto trader is optimistic about Ethereum's technical ascent, further supported by its low liquidity on exchanges.

在另一項分析中，加密貨幣交易者對以太坊的技術提升感到樂觀，這進一步支持了其交流流動性低。

According to Merlijn, the cryptocurrency has decisively cleared key resistance zones at the $1,500 and $2,200 levels, which he states were “obliterated”—and is now being traded above $2,600 with renewed strength.

據Merlijn稱，加密貨幣已果斷地清除了關鍵阻力區域，其水平為1,500美元和2,200美元的水平，他說這是“閉塞”的，現在以更新的實力以2,600美元的價格交易。

However, Merlijn's analysis identifies $4,000 as the next major resistance zone, which he dubs the “final boss” before ETH can enter true price discovery. Despite previous cycles showing no success in clearing this level, the token's current accumulation and shortened supply could provide the impetus for a breakthrough.

但是，Merlijn的分析將$ 4,000確定為下一個主要的阻力區，他將其稱為“最終老闆”，然後ETH才能進入真正的價格發現。儘管以前的周期在清除該水平方面沒有成功，但令牌當前的積累和縮短的供應可能會為突破提供動力。

Despite $4,000 historically acting as an impenetrable barrier, presenting a technical analysis.

儘管歷史上有4,000美元是一個難以穿透的障礙，但進行了技術分析。

"Still no success in closing 4k. Is it really the 'final boss' before ETH enters true price discovery? Depends on who you ask. Personally, I think we'll need to hold this 2600 area to continue the push higher.

“在結束4K的關閉方面仍然沒有成功。在ETH進入真正的價格發現之前，這確實是'最終老闆'嗎？取決於您問的人。就個人而言，我認為我們需要持有這個2600個區域以繼續更高的推動力。

But with the market structure getting tighter (lower coins on exchanges) and institutions entering the space, I think we can tag 10k from here."

但是，隨著市場結構越來越緊密（交易所上的硬幣）和機構進入該空間，我認為我們可以從這裡標記10K。 ”

With key technical levels blitzed through and on-chain indicators aligning with the narrative of a tightening market structure, analysts will be closely monitoring if this will be the factor that tips the scales from resistance to liftoff.

隨著關鍵的技術水平通過與收緊市場結構的敘述對齊的鏈上和鏈上指標，分析師將密切監視這是否將是將量表從電阻到升降機的範圍提示的因素。