以太坊（ETH）對對比特幣的極端低估 - 2019年的迴聲？

根據CryptoQuant的最新數據，以太坊（ETH）進入了一個極端低估的區域與比特幣（BTC）

CryptoQuant's analysis indicates that Ethereum (ETH) has entered a zone of extreme undervaluation against Bitcoin (BTC), a condition not seen since 2019. This could set the stage for a repeat of past market behavior, where undervalued ETH often led to strong outperformance in the following months.

加密的分析表明，以太坊（ETH）進入了一個對比特幣（BTC）的極端低估區，這種情況自2019年以來未見。這可能為重複過去的市場行為奠定了基礎，在過去的幾個月中，低估的ETH經常導致強勁的表現。

The ETH/BTC MVRV (Market Value to Realized Value) ratio has dropped below the historical threshold, previously signaling periods of significant undervaluation for Ethereum.

ETH/BTC MVRV（市場價值與已實現的價值）的比率降至歷史閾值以前，以前的以太坊高度低估的信號傳導週期。

The chart highlights multiple past instances—marked with red circles—where the ratio dipped into the green undervaluation zone. On each occasion, this signaled key turning points. After touching the undervalued levels, Ethereum began outperforming Bitcoin for several months.

該圖表強調了過去的多個實例（帶有紅色圓圈），該比率降低到了綠色低估區。在每種情況下，這都表示關鍵轉折點。在接觸被低估的水平後，以太坊開始勝過比特幣幾個月。

Currently, the ETH/BTC exchange rate is around 0.04, and the MVRV ratio has fallen to levels lower than its 365-day simple moving average.

目前，ETH/BTC匯率約為0.04，MVRV比率下降到其365天簡單移動平均線的水平。

CryptoQuant points out that historically, these levels provided excellent asymmetric opportunities for those seeking to capitalize on ETH's undervaluation. However, the analysis also carries a note of caution.

隱秘量表指出，從歷史上看，這些水平為那些試圖利用ETH低估的人提供了極好的不對稱機會。但是，該分析還謹慎注意。

Despite the strong signal of undervaluation, the report warns that persistent "supply pressure, weak demand, and flat activity" could hinder or delay a swift price recovery in the coming months.

儘管低估了強烈的信號，但該報告警告說，持續的“供應壓力，需求疲軟和持平活動”可能會阻礙或延遲未來幾個月的迅速價格恢復。

Without a surge in network usage or capital inflows, Ethereum could remain suppressed in the undervalued zone, even at attractive valuations. This could open up opportunities for those with a long-term bullish outlook on Ethereum.

如果沒有網絡使用或資本流入的激增，即使以有吸引力的估值，以太坊也可能會被低估的區域受到壓制。這可能為那些對以太坊長期看法的人打開機會。