以太坊（ETH）在下一個市場週期之前進入了關鍵的積累階段

以太坊（ETH）在2025年第1季度進入了關鍵階段，因為其價格下降了45.3％，自2023年中期以來首次低於心理學的2000美元支持水平。

Ethereum (ETH) price entered a critical phase in Q1 2025 as it slid 45.3% and broke through the psychological $2000 support for the first time since mid-2023. This steep correction brought ETH into what many analysts called the “accumulation zone,” backed by a key on-chain metric: the MVRV Z-Score.

以太坊（ETH）價格在第1季度的第1季度進入了關鍵階段，因為它滑行了45.3％，並在2023年中期以來首次獲得了2000美元的心理支持。這種陡峭的校正將ETH帶入了許多分析師所謂的“累積區”，並由關鍵的鏈度量：MVRV Z分數。

As market sentiment shifts and whale activity returned, investors were closely watching for potential upside opportunities.

隨著市場情緒的轉變和鯨魚活動的恢復，投資者正在密切關注潛在的上昇機會。

Ethereum’s MVRV Z-Score Dips Below 1: What It Means

以太坊的MVRV z得分下降到1：這意味著什麼

The MVRV Z-Score, a widely-used metric in on-chain analytics, compared a cryptocurrency’s current market value to its realized value. When the Z-Score fell below 1, it signaled that ETH was trading below its intrinsic value—a historical buy zone for long-term investors.

MVRV Z得分是一種廣泛使用的鏈分析指標，將加密貨幣當前的市場價值與其實現價值進行了比較。當Z分數低於1時，它表明ETH的交易低於其內在價值，這是長期投資者的歷史買入區。

This indicator had now entered this critical level again in April 2025. This movement into undervalued territory suggested Ethereum was oversold, presenting a case for accumulation among strategic investors.

該指標現在在2025年4月再次進入了這個關鍵水平。這一被低估的領土運動表明以太坊過高，這是戰略投資者之間積累的案例。

This pattern had been observed before: When Ethereum previously entered the accumulation zone in 2020 and 2023, it was later followed by strong uptrends that delivered substantial returns for long-term holders.

以前曾觀察到這種模式：當以太坊先前在2020年和2023年進入蓄能區時，隨後是強大的上升趨勢，為長期持有人帶來了可觀的回報。

MVRV Z-Score: A Key Tool For Timing The Market

MVRV z得分：定時市場的關鍵工具

The MVRV Z-Score was not just a signal of undervaluation—it was a cycle-timing tool. Investors used it to detect when Ethereum was trading far below its ‘fair value,’ often in anticipation of market sentiment flipping bullish. When this indicator dropped into the green zone, it historically aligned with periods of quiet accumulation before price expansion.

MVRV z得分不僅是低估的信號，而且是一種循環定時工具。投資者用它來檢測以太坊何時交易遠低於其“公允價值”，通常是因為預期市場情緒會翻轉看漲。當該指標掉入綠色區域時，它歷史上與價格上漲之前的安靜積累時期保持一致。

With Ethereum now positioned similarly to prior bullish cycles, market watchers were keeping an eye on this metric for clues on when a trend reversal might take place.

現在，以太坊的位置與先前的看漲週期相似，市場觀察家一直在關注該指標，以了解何時發生趨勢逆轉的線索。