以太坊（ETH）可能正在接近其投降階段的結束：分析師

據著名的加密分析師阿里·馬丁內斯（Ali Martinez）稱，以太坊（ETH）可能接近其投降階段的末期。

Renowned crypto analyst Ali Martinez recently took to X to suggest that Ethereum (ETH) may be nearing the end of its capitulation phase.

著名的加密分析師阿里·馬丁內斯（Ali Martinez）最近提出X，以表明以太坊（ETH）可能正在接近其投降階段的結束。

The analyst stated that Ethereum’s Entity-Adjusted Dormancy Flow—which measures Ethereum’s market cap relative to its dormancy value, adjusted for unique entities rather than raw addresses—has dropped below the one-million mark.

這位分析師指出，以太坊的實體調整後的休眠流量（衡量以太坊相對於其休眠價值，對獨特的實體而不是原始地址的調整後，都降至一百萬個商標。

According to Martinez, this historically indicates a macro bottom zone for Ethereum, suggesting that the second-largest cryptocurrency by market capitalization could be undervalued.

根據馬丁內斯（Martinez）的說法，這在歷史上表明以太坊的宏觀底部區域，這表明可以低估市值的第二大加密貨幣。

“This is the 4th time it touches this zone in the last 3 cycles. Each time it signaled a MACRO BOTTOM. It indicates low broader market sentiment as Dormancy is low, which means long-term holders are holding and smart money might be stepping in.”

“這是它在最近三個週期中第四次接觸該區域。每次標誌著宏觀底部。它表明較低的市場情緒低落，因為休眠狀況很低，這意味著長期持有人持有，智能貨幣可能會介入。”

Dormancy Flow: A Key Indicator of Recovery

休眠流程：恢復的關鍵指標

Martinez’s analysis highlights the significance of Ethereum’s dormancy flow in identifying potential turning points in the market. According to the analyst, a drop in this metric typically signals low sentiment among the broader market, suggesting that long-term holders are less inclined to sell. This could be a sign that the “smart money” is accumulating, potentially setting the stage for a price recovery.

馬丁內斯（Martinez）的分析強調了以太坊休眠流程在識別市場中潛在轉折點方面的重要性。根據分析師的說法，該度量標準的下降通常信號在更廣泛的市場中低估，這表明長期持有人不太傾向於出售。這可能表明“聰明的錢”正在積累，有可能為價格恢復奠定基礎。

“When this happens, it might indicate that capitulation has already occurred, and smart money might be stepping in,” Martinez explained.

馬丁內斯解釋說：“發生這種情況時，可能表明已經發生了投降，聰明的錢可能正在介入。”

In simpler terms, Ethereum could have already bottomed out, and investors may soon see a rebound as long-term holders resist the urge to sell off their positions.

從更簡單的角度來看，以太坊可能已經觸底了，而且由於長期持有人抵制出售其職位的衝動，投資者可能很快就會看到反彈。

A Look Back at Historical Patterns

回顧歷史模式

Martinez’s observations are not without precedent.

馬丁內斯的觀察並非沒有先例。

Similar drops in Ethereum’s Entity-Adjusted Dormancy Flow have historically coincided with market bottoms, with price recoveries unfolding afterwards.

以太坊實體調整後的休眠流量類似下降，歷史上與市場最低點相吻合，此後價格回收的發展。

Those who have closely followed Ethereum’s past cycles may recall that in 2020, when the cryptocurrency was trading at around $100, it experienced a prolonged period of accumulation.

那些緊隨以太坊過去週期的人可能會記得，當加密貨幣的交易價格約為100美元左右時，它的積累很長時間。

This led to a substantial rally, propelling ETH to reach a high of $480 in 2021.

這導致了大量集會，推動ETH在2021年達到480美元的高價。

What’s Next for Ethereum?

以太坊的下一步是什麼？

While Martinez’s analysis doesn’t guarantee immediate price movement, it does suggest that Ethereum could be on the cusp of a reversal.

儘管馬丁內斯的分析並不能保證立即的價格變動，但確實表明以太坊可能處於逆轉的風口浪尖上。

For investors, this could be an opportunity to accumulate U.S.-based investors.

對於投資者來說，這可能是積累美國投資者的機會。