在5月7日以太坊pectra升級之前，市場情緒仍然謹慎，但樂觀情緒開始恢復

交易者對ETH的價格行動保持謹慎，但樂觀的情緒開始恢復。 5月7日，以太坊Pectra升級可以提高投資者的情緒。

Key takeaways:

關鍵要點：

* Traders remain cautious about ETH’s price action, but optimistic sentiment is beginning to return with the May 7, Pectra upgrade on the horizon.

*交易者對ETH的價格行動保持謹慎，但是隨著5月7日的Pectra升級，樂觀的情緒開始恢復。

* Despite the upcoming upgrade, ETH’s price action shows investors are still hesitant to open new positions, and new institutional products like the Ethereum ETF have yet to spark significant interest.

*儘管即將進行的升級，ETH的價格行動表明投資者仍然不願意開設新職位，而Ethereum ETF等新機構產品尚未引起重大興趣。

* Professional traders are now more comfortable with downside risks, but current derivatives data does not reflect a bullish outlook for ETH at these price levels.

*專業交易者現在對下行風險更加滿意，但是當前的衍生品數據並不能反映出這些價格水平的ETH的看漲前景。

Ether (ETH) has traded below $1,900 since March 15, leading some investors to wonder if the failed attempt to reclaim $4,000 in December 2024 signaled the end of an era for the leading altcoin.

自3月15日以來，Ether（ETH）的交易（ETH）一直在1,900美元以下交易，導致一些投資者懷疑失敗的嘗試在2024年12月回收4,000美元的嘗試是否表明了領先的Altcoin的ERA結束。

Concerns continue to mount as professional traders are still largely cautious about ETH’s price outlook, especially considering that monthly futures should trade at a 5% or more premium compared to spot markets to compensate for the longer settlement period. However, this indicator has remained below the neutral threshold throughout the past 12 weeks.

由於專業交易者對ETH的價格前景仍然很謹慎，尤其是考慮到每月期貨應以5％或更多的溢價與現貨市場相比，以彌補較長的和解期，因此仍然存在擔憂。但是，在過去的12周中，該指標一直低於中性閾值。

Part of the lack of enthusiasm may stem from disappointment with the lack of attention from the United States government. Back in March 6, 2024, part of President Trump’s “Digital Asset Stockpile” Executive Order classified altcoins like Solana (SOL), BNB, Cardano (ADA), and Tron (TRX).

缺乏熱情的一部分可能是由於美國政府缺乏關注而感到失望。早在2024年3月6日，特朗普總統的“數字資產庫存”行政命令的一部分將Altcoins分類為Solana（Sol），BNB，Cardano（ADA）和Tron（TRX）。

The Trump administration decided that only Bitcoin (BTC) was significant enough to be included in its own “Strategic Reserve.” In practical terms, this would allow the government to retain any altcoins it currently holds but not acquire new ones.

特朗普政府認為只有比特幣（BTC）足夠重要，可以被納入其自己的“戰略儲備”中。實際上，這將使政府保留其目前持有的任何AltCoins，但不能保留新的替代幣。

Coinhelper.io data shows that, for the first time ever, in April 2025, Ether’s market capitalization fell below the combined value of its four largest rivals.

Coinhelper.io數據顯示，在2025年4月，Ether的市值首次低於其四個最大競爭對手的總價值。

After rebounding from lows near $1,400, Ether’s total market capitalization now stands at $217 billion, which is enough to put it ahead of the combined value of its four main competitors.

從低點接近1,400美元的籃板後，Ether的總市值為2170億美元，足以使其領先於其四個主要競爭對手的總價值。

However, unless Ether consistently outperforms these rivals, sentiment is unlikely to improve. Some traders have high hopes for the upcoming ‘Pectra’ network upgrade, but current derivatives data does not reflect a bullish outlook.

但是，除非以太的表現始終優於這些競爭對手，否則情緒不太可能得到改善。一些交易者對即將到來的“ Pectra”網絡升級寄予厚望，但是當前的衍生產品數據並不能反映出看漲的前景。

Ether’s decline has also coincided with weak demand for the Ethereum spot exchange-traded fund (ETF) in the United States.

以太的下降還與美國對以太坊現貨交換基金（ETF）的需求疲軟相吻合。

Institutional interest has been lacking despite ETH’s price surging from $2,400 to $4,000 between October and December 2024. In contrast, Bitcoin ETFs saw assets more than double, growing from $50 billion in October 2024 to $110 billion currently.

儘管ETH的價格從2,400美元飆升至2024年12月之間的價格。相比之下，比特幣ETF的資產超過兩倍，從2024年10月的500億美元增長到目前的1,100億美元。

Although Ethereum remains dominant in terms of total value locked (TVL), it has struggled to match Solana’s integrated user experience or Tron’s (TRX) dominance in the stablecoin sector.

儘管以太坊在總價值鎖定（TVL）方面仍然占主導地位，但它一直在努力匹配Solana在Stablecoin行業中的綜合用戶體驗或TRON（TRX）優勢。

Traders appear uninterested in Ethereum’s higher decentralization or improved security, especially for activities involving frequent deposits and withdrawals, where layer-2 solutions provide limited benefits.

交易者似乎對以太坊的高級權力下放或改進的安全性不感興趣，尤其是對於涉及頻繁存款和提款的活動，第二層解決方案提供有限的收益。

The absence of demand for leveraged bullish ETH positions does not necessarily mean that professional traders expect further price declines. If whales and market makers were unwilling to offer downside protection, this would be reflected in the ETH options markets, signaling an increased risk of a market downturn.

缺乏對槓桿看漲地位的需求並不一定意味著專業交易者預計價格會進一步下降。如果鯨魚和做市商不願提供下行保護，這將反映在ETH期權市場中，這表明市場低迷的風險增加。

Contrary to some expectations, put (sell) options are being priced at levels similar to those of call (buy) options, and professional traders are now more comfortable with downside risks than they were two weeks ago. While ETH derivatives are not signaling strong bullish sentiment, they also do not suggest that professional traders are worried about further declines at current price levels.

與某些期望相反，PUT（賣出）期權的價格與呼叫（買入）選項相似，而專業交易者現在對下行風險更舒適，而不是兩週前。儘管ETH衍生品並未表示強烈的看漲情緒，但他們也不建議專業交易者擔心在當前價格水平上進一步下降。

There is a chance that the upcoming ‘Pectra’ network upgrade could affect Ether’s price. Scheduled for May 7, this event might renew investor interest in the project by closing the gap with some of its competitors.

即將到來的“ Pectra”網絡升級可能會影響以太價格。該活動計劃於5月7日舉行，可能會通過與一些競爭對手的差距縮小差距，從而更新該項目的投資者。

Pectra will introduce new staking mechanisms that could be appealing to institutional investors, potentially resulting in more ETH being locked in validator nodes, which in turn would reduce the circulating supply.

Pectra將引入可能吸引機構投資者的新堆積機制，這可能導致更多的ETH被鎖定在驗證器節點中，這反過來又可以減少循環供應。

Historically, Ethereum upgrades have often been associated with brief spikes in ETH’s price. For instance, following the successful integration of the optimistic rollup technology in August 2024, Ether’s price displayed a brief 10% surge from $3,000 to $3,300.

從歷史上看，以太坊升級通常與ETH的簡短峰值有關。例如，在2024年8月的樂觀匯總技術成功整合後，以太價格的價格從3,000美元到3,300美元，漲幅為10％。