以太坊的鬥爭與比特幣：為什麼要延遲替代

根據分析師Altcoin Sherpa的說法，備受期待的Altseason（Altcoins勝過比特幣的時期）認為是遙不可及的

The much-anticipated altseason, a period when altcoins typically outperform Bitcoin, remains largely out of reach until ETH/BTC shows some strength, according to analyst Altcoin Sherpa.

分析師Altcoin Sherpa表示，備受期待的Altseason是AltCoins通常勝過比特幣的時期，直到ETH/BTC顯示出一定的力量之前，它基本上仍然遙不可及。

In a recent post, Sherpa explains that Bitcoin dominance ($BTC.D) needs to fall for altcoins to rally, but this won't happen unless the ETH/BTC pair reverses its prolonged downtrend—something that currently appears "extremely arduous."

Sherpa在最近的一篇文章中解釋說，比特幣優勢（$ btc.d）需要降低altcoins的集會，但是除非ETH/BTC對逆轉其延長的下降趨勢，否則這不會發生這種情況，這似乎是“非常艱鉅”。

Looking at the chart, the ETH/BTC pair has declined by nearly 80% from its local highs, now trading at major historical support near 0.047. This level served as a base during previous accumulation cycles (2019–2020), rendering it a crucial point for ETH to hold. However, the lack of bullish momentum might indicate that the narrative of an impending altcoin season is premature.

從圖表上看，ETH/BTC對的近80％從當地高點下降了，現在以大量歷史支持接近0.047。在先前的積累週期（2019 - 2020年）期間，該水平是基礎，這使其成為ETH持有的關鍵點。但是，缺乏看漲的勢頭可能表明，即將到來的Altcoin季節的敘述還為時過早。

"Will $ETH eventually have a run? Yeah, probably. But I'd rather buy it on the way up than try to get ahead of it," adds Sherpa.

Sherpa補充說：“ $ ETH最終會跑步嗎？是的。但是，我寧願在途中購買它，也不願嘗試領先。”

This cautious stance is shared by many in the crypto sphere. Despite a positive long-term outlook, Ethereum must first show strength and outperform Bitcoin for altcoins to follow suit and rally.

這種謹慎的立場在加密球體中被許多人共享。儘管長期前景積極，但以太坊必須首先表現出強度和勝過比特幣，以使山寨幣效仿和集會。

Without this shift, BTC.D is likely to remain high, keeping capital concentrated in Bitcoin rather than flowing into riskier altcoins, thus delaying the emergence of an altseason.

如果沒有這種轉變，BTC.D可能會保持很高，使資本集中在比特幣中，而不是流入風險更高的山寨幣，從而延遲了Altseason的出現。