以太坊（ETH）價格動作會發出混合信號，因為Taker買賣比率下降了30％

以太坊是全球第二大加密貨幣按市值按市場上限發出的信號，因為交易者和分析師試圖確定其下一步大舉的位置。

In the ever-shifting landscape of cryptocurrencies, the world’s second-largest coin, Ethereum (ETH), is sending mixed signals as traders and analysts try to determine where its next big move will be.

在不斷變化的加密貨幣景觀中，全球第二大硬幣以太坊（ETH）正在發送混合信號，因為交易員和分析師試圖確定其下一個重大行動的位置。

After a period of strong gains earlier in the year, the price of ether has dropped in recent times. This comes as the Taker Buy-Sell Ratio has fallen by about 30% in the past month. However, despite this price drop and the worsening technical picture, analysts say strong institutional inflows and a stunning outperformance of ether against bitcoin this quarter suggest the price of ether has a shot at turning upward again.

在今年早些時候獲得了一段強勁的收益之後，近來的以太價格下跌了。這是因為在過去一個月中，Taker買賣比率下降了約30％。然而，儘管價格下跌和技術惡化，但分析師說，本季度對比特幣的巨大機構流入和超越比特幣的表現令人驚嘆，這表明以太的價格再次向上轉動。

As the market sentiment shifts and sellers appear to be gaining an edge, the technical picture is certainly arising a note of caution.

隨著市場情緒的轉變，賣方似乎正在獲得優勢，因此技術情況肯定會引起注意。

After a strong rally earlier in the month, ETH has since stalled at a major resistance level. This has created a technical setup that has traders closely watching the second-largest cryptocurrency for signs of either a breakout or a breakdown.

在本月初進行了強烈的集會之後，ETH此後一直處於主要阻力水平。這創建了一個技術設置，使交易者密切關注第二大加密貨幣，以示出突破性或崩潰的跡象。

If selling pressure continues and ETH fails to regain control of key resistance, a drop to around $2,200 could occur. Whether such a move is a temporary shakeout or the start of a deeper correction remains to be seen.

如果銷售壓力繼續持續並且ETH無法重新控制關鍵阻力，則可能會降至2200美元左右。這樣的舉動是暫時的震動還是更深入的校正開始還有待觀察。

The stalling momentum comes at a time when many market participants were anticipating further upward movement. Some analysts are viewing this as a possible consolidation phase ahead of another broad upward move. However, the lack of any significant strengthening in buy pressure suggests a more cautious outlook for the near-term future.

停滯的勢頭是在許多市場參與者期望進一步向上移動的時候。一些分析師將其視為在另一個廣泛的向上移動之前的可能合併階段。但是，缺乏買入壓力的任何重大加強表明，近期未來的前景更加謹慎。

While the current market structure appears weak, the overall investment thesis for Ethereum continues to attract institutional investors. From May 19 to May 23, net inflows across the Ethereum spot ETF landscape amounted to over $248 million. Notably, all nine of these funds, including those in Europe, reported zero outflows during the same period.

儘管當前的市場結構顯得較弱，但以太坊的總體投資論文繼續吸引機構投資者。從5月19日到5月23日，以太坊ETF景觀的淨流入量超過2.48億美元。值得注意的是，包括歐洲在內的所有這些資金中的所有九家資金都報告了同一時期的零外流。

These inflows highlight a strong underlying demand for exposure to Ethereum, especially among conservative or long-term investors. The sustained interest in spot ETFs, despite the speculative narrative, provides a layer of price support for ether.

這些流入凸顯了對以太坊的暴露需求，尤其是在保守派或長期投資者中。儘管敘述性敘述，但對現貨ETF的持續興趣為以太提供了一層價格支持。

However, if most of the interest in ether is speculative, then the lack of any serious outflows reinforces the speculative thesis.

但是，如果對以太的大多數興趣都是投機性的，那麼缺乏任何嚴重的流出就會加強投機性論文。

Market sentiment is largely viewed through the lens of ETF flows, especially following the recent approvals for such products. They provide a readily accessible means for institutional investors to gain exposure to the two largest cryptocurrencies in a fully regulated and institutional-grade format.

市場情緒在很大程度上是通過ETF流的視角觀察到的，尤其是在最近對此類產品的批准之後。它們為機構投資者提供了一種容易獲得的手段，可以以完全監管和機構級的形式獲得兩種最大的加密貨幣。

As capital has flowed into ETH through these vehicles, it might serve as a buffer against further downside volatility.

隨著資本通過這些車輛流入ETH，它可能可以作為防止進一步波動的緩衝。

Although there are technical concerns, this past quarter has seen ether outperforming bitcoin significantly, which could be the start of a broader trend where narrative-driven investing favors ether over bitcoin. The large price jumps could be seen as a couple of good stories fueling ether’s potential as something investors are more comfortable seeing as high beta. In essence, ether is just potentially way more profitable in a narrative-driven rally.

儘管存在技術問題，但在過去的一個季度中，以太幣的表現遠遠超過了比特幣，這可能是更廣泛的趨勢的開始，在這種趨勢中，敘事驅動的投資比比特幣更喜歡以太幣。大幅上漲可以看作是幾個好故事，促進了以太幣的潛力，因為投資者將其視為高beta的東西更舒適。從本質上講，在敘事驅動的集會中，以太本質上的利潤更高。

Even more noteworthy is how this ETH-led outperformance seems to be unwinding low- and mid-cap altcoins built on the Ethereum ecosystem. Increased levels of speculation, ecosystem advancements, and staking incentives are driving interest in ether as the main portfolio concentration for those seeking to unearth value beyond the comparatively stolid bitcoin.

更值得注意的是，這種ETH領導的超越表現似乎是在以太坊生態系統上構建的低級別和中型山頂。推測，生態系統的進步和堆放激勵措施的水平提高，它引起了Ether的興趣，作為那些尋求超越比特幣相對較低的比特幣的人的主要投資組合濃度。

Some analysts believe that this is merely the beginning of a more extensive Ethereum cycle, driven by institutional products and regulatory clarity. They view this cycle as a growth phase that will be largely fueled by Layer 2 scaling solutions. If they are correct, then ether’s recent uncorrelated price action might just be an extended consolidation in preparation for a new uptrend.

一些分析人士認為，這只是機構產品和法規清晰度的驅動，這只是更廣泛的以太週期的開始。他們將這個週期視為一個生長階段，將在很大程度上由2層縮放溶液助長。如果它們是正確的，那麼Ether最近不相關的價格行動可能只是一個擴展的合併，以準備新的上升趨勢。

Ethereum is certainly in a delicate position at present, juggling long-term fundamentals that are very bullish with short-term momentum that appears to be weakening. Sellers appear to be gaining the upper hand for now, but there’s a powerful counterbalance that could limit any downside in the price. It’s also worth noting that the overall market environment for crypto currently seems to be favorable.

以太坊肯定處於目前的微妙地位，雜耍了長期基本面，這些基本面非常看好，短期勢頭似乎正在削弱。賣方目前似乎正在佔上風，但是有強大的平衡可能會限制價格的任何不利之處。還值得注意的是，加密貨幣目前的整體市場環境似乎是有利的。