儘管成功部署

回收2,200美元的水平仍然是ETH的首要價格挑戰。

Despite successfully implementing a key network upgrade on May 7, Ethereum’s price and derivatives metrics showed little response, surprising traders and leading analysts to question whether ETH still has a real chance of climbing 22% to retake the $2,200 level.

儘管在5月7日成功實施了關鍵網絡升級，但以太坊的價格和衍生品指標表現出很少的反應，令人驚訝的交易者和領導分析師質疑ETH是否仍然有真正有機會攀升22％以重新獲得2,200美元的水平。

After months of hovering above the 5% neutral threshold, the ETH futures premium has remained at 3%, displaying a lack of appetite from leveraged bulls. More importantly, this indicator remained unchanged even after the Pectra upgrade, suggesting that traders did not adjust their positions despite the successful deployment of the upgrade.

經過數月的懸停超過5％的中性閾值，ETH Futures Premium保持在3％的狀態，表現出槓桿性公牛的食慾不足。更重要的是，即使在Pectra升級後，該指標仍保持不變，這表明儘管升級成功地部署了交易者，交易者仍未調整其頭寸。

This lackluster response can be partly attributed to investors’ focus on macroeconomic issues, such as rising recession risks amid uncertainty in global trade disputes. However, traders’ lack of interest in Ether predates the worsening of risk aversion conditions. In the first three months of 2025, ETH underperformed the broader cryptocurrency market capitalization by 28%.

這種平淡無奇的反應可以部分歸因於投資者對宏觀經濟問題的關注，例如在全球貿易糾紛中不確定性的情況下，經濟衰退風險上升。但是，交易者對以太的缺乏興趣早於風險規避條件的惡化。在2025年的前三個月中，ETH的表現不佳，將更廣泛的加密貨幣市值提高了28％。

The minimal price impact following the Pectra upgrade also reflects broader dissatisfaction, as competing blockchains have gained traction.

Pectra升級後的價格最小的影響也反映了更廣泛的不滿，因為競爭的區塊鏈已獲得了吸引力。

While high Ethereum base layer fees may have limited network activity in the past, these costs have dropped below $1 since mid-February. Moreover, Ethereum’s leading layer-2 solution, Base, currently has 10.3 million monthly active users—significantly fewer than Solana’s 82.2 million and BNB Chain’s 25.9 million, according to Token Terminal data.

儘管過去高度以太坊的基礎層費用可能有限，但自2月中旬以來，這些成本已降至1美元以下。此外，根據Token終端數據，以太坊領先的第2層解決方案Base目前擁有1030萬個月活躍用戶，比Solana的8220萬和BNB Chain的2590萬人少了。

Solana has dominated the decentralized exchange sector, especially in token launches, by offering an integrated user experience. Similarly, Hyperliquid has exceeded expectations in perpetual futures trading, showcasing that traders are primarily focused on this aspect rather than decentralization and security, which are key strengths of the Ethereum network. In the stablecoin market, Tron has made significant strides.

Solana通過提供集成的用戶體驗來統治著分散的交換領域，尤其是在代幣啟動中。同樣，超級流動性超出了永久期貨交易的期望，表明交易者主要專注於這一方面，而不是權力下放和安全性，這是以太坊網絡的關鍵優勢。在Stablecoin市場中，Tron取得了長足的進步。

Although Ethereum's leadership in total value locked (TVL) remains undisputed at $53.7 billion, this has provided minimal benefit to ETH holders. According to DefiLlama, the network fees amounted to $19 million over the past 30 days. In comparison, Tron generated $51.8 million in fees during the same period, while Solana generated $39.4 million.

儘管以太坊的總價值鎖定（TVL）的領導能力仍未懸而未決，但這為Eth持有人提供了最小的好處。根據Defillama的說法，在過去30天內，網絡費用為1900萬美元。相比之下，Tron在同一時期產生了5180萬美元的費用，而Solana產生了3,940萬美元。

According to Noam Hurwitz, head of engineering at Alchemy, after the Pectra upgrade, Ethereum blob fees have dropped to their lowest possible level. For Hurwitz, Ether's success hinges on base layer scalability, further improvements in the rollup mechanism, and ultimately, a more seamless user experience.

根據Alchemy工程主管Noam Hurwitz的說法，在Pectra升級後，以太坊Blob費用下降到了最低水平。對於Hurwitz而言，Ether的成功取決於基礎層的可伸縮性，匯總機制的進一步改進以及最終更無縫的用戶體驗。

Bridging assets and data across Ethereum's layer-2 ecosystem has long been a challenge, whereas users on Solana and BNB Chain can easily switch between multiple decentralized applications (DApps). The Pectra upgrade, while a step in the right direction, does not solve this issue, which may explain why ETH has been unable to reclaim the $2,200 level reached in early March.

長期以來，以太坊2層生態系統的橋接資產和數據一直是一個挑戰，而Solana和BNB鏈上的用戶可以輕鬆地在多個分散的應用程序（DAPP）之間切換。 Pectra升級雖然朝著正確的方向邁出了一步，但無法解決這個問題，這可以解釋為什麼ETH無法收回3月初達到的2200美元水平。

To see a 22% rally in Ether’s price from its current level of $1,810, investors will likely need to see evidence that the network's progress, be it through rising deposits or expanding layer-2 activity, is translating into tangible benefits. Ultimately, to encourage broader DApp adoption, which in turn would drive up demand for ETH within the ecosystem, there needs to be an improvement in staking yields or the introduction of stronger incentives.

為了從目前的1,810美元水平上看到以太價格的22％集會，投資者可能需要看到證據，表明該網絡的進度，無論是通過上升的存款還是擴大2層活動，都將轉化為有形的好處。最終，為了鼓勵更廣泛的DAPP採用，這反過來又可以提高生態系統中對ETH的需求，因此需要提高積分產量或引入更強大的激勵措施。