以太坊（ETH）的鍊鍊行為發生了明顯的轉變

在過去的兩個月中，以太坊（ETH）的鍊鍊行為發生了明顯的轉變。

The cryptocurrency market is in a state of flux, with Bitcoin and Ethereum remaining the dominant players despite recent price movements. As the dust settles on May 3, the attention of investors is turning toward the next stage of this journey.

加密貨幣市場處於通量狀態，儘管價格變動了，但比特幣和以太坊仍然是主要參與者。隨著5月3日的塵埃落定，投資者的注意力正在轉向這一旅程的下一階段。

Key Takeaways:

關鍵要點：

* Long-term Ethereum (ETH) holders have been steadily increasing their positions despite the recent weakness in price, adding 22.54% more to their holdings over the past two months.

*長期以太坊（ETH）持有人儘管最近的價格疲軟，但仍在穩步提高自己的地位，在過去兩個月中，其持股增加了22.54％。

* The average entry price of many of these wallets was at $2,026, and at the beginning of March, the realized price of ETH was $1,866.70.

*許多這些錢包的平均入境價格為2,026美元，而3月初，ETH的實現價格為1,866.70美元。

* As of May 3, the price reached $1,980, suggesting that these wallets are continuing to accumulate at a lower cost basis.

*截至5月3日，價格達到1,980美元，表明這些錢包繼續以較低的成本累積。

ETH Accumulation Unfazed by Price Correction

ETH積累不受價格更正的影響

The price of Ethereum has been coming under pressure since it hit a peak of $4,107 in December 2024. Since then, ETH has trended downward month after month with the correction that followed. However, the rise in holdings from long-term addresses signals that they are not acting based on short-term price action.

自2024年12月達到高峰4,107美元以來，以太坊的價格一直處於壓力下。從那以後，ETH隨後的更正逐月下一個月下降。但是，長期地址的持股量增加表明他們沒有根據短期價格行動行事。

These coins are used in these wallets and are kept by them for more than 155 days. They have consistently behaved: added more ETH, and they have not sold.

這些硬幣用於這些錢包，並由它們保存超過155天。他們一直表現出來：添加了更多的ETH，並且還沒有出售。

“Behavior reflects structural conviction & clear expectations of short-term appreciation,” said @oro_crypto, referencing the data tracked in CryptoQuant’s accumulation metrics.

@oro_crypto說：“行為反映了結構上的定罪和對短期欣賞的明確期望。”

Ethereum Price Remains in Tight Range

以太坊價格保持緊密

As of 08:38 ET (12:38 GMT), Ethereum was trading in a narrow zone between $1,783 and $1,831. The Bollinger Bands were tightening, and the price was hovering just below a resistance level at $1,941. The 20-day moving average, sitting at $1,739, continued to provide support.

從美國東部時間08:38（格林尼治標準時間12:38）開始，以太坊在狹窄的區域之間的交易在1,783美元至1,831美元之間。布林樂隊正在收緊，價格徘徊在阻力水平下，為1,941美元。 20天的移動平均值為1,739美元，繼續提供支持。

Market momentum remained neutral. The RSI was at 54.63, just under its trend line of 55.50 at press time. These numbers showed that ETH was neither overbought nor oversold. At the same time, volume has grown since mid-April, meaning that larger moves are on the way as attention increases.

市場勢頭保持中立。 RSI為54.63，在發稿時僅在55.50的趨勢線上。這些數字表明，ETH既不是超買也不超賣的。同時，自4月中旬以來的體積已經增長，這意味著隨著注意力的增加，較大的動作正在途中。

Derivatives Activity Picks Up

衍生品活動會增加

Derivatives activity around Ethereum also picked up. Total trading volume rose 26.51% to $46.3 billion, while open interest saw a smaller rise of 1.13%, now at $21.9 billion. In the options market, volume jumped nearly 75% to $357.69 million, showing that traders are preparing for price volatility.

以太坊周圍的衍生品活動也得到了拾取。總交易量增長了26.51％，達到463億美元，而開放利息的上升幅度較小1.13％，現在為219億美元。在期權市場中，數量躍升了近75％，至3.5769億美元，這表明交易者正在準備價格波動。

Shorts were outnumbered by long positions on major exchanges. When writing, the long-to-short ratio on Binance was 2.24, and on OKX, it was 2.04.

短褲在主要交易所上的長位置超過了。在寫作時，二元的長距離比率為2.24，在OKX上為2.04。

Additionally, the ratio was higher among Binance’s top trader accounts at 2.76. This implied that most traders were still betting on what could happen, that of a rise as opposed to a decline.

此外，在Binance的頂級交易者帳戶中，該比率為2.76。這意味著大多數交易者仍在押注可能發生的事情，而不是下降的情況。

Liquidations over the last 24 hours amounted to $40.67 million, with $8.10 million off that as a short position. Though long liquidations were higher in general, losing short liquidations in multiple time frames suggested upward pressure.

過去24小時的清算為4067萬美元，折價為810萬美元，這是一個較短的職位。儘管一般的清算較長，但在多個時間範圍內丟失了短暫的清算，建議向上壓力。

Chart watchers have noticed a tightening pattern in price action. According to analyst called Thecryptomist, Ethereum was forming an ascending triangle, and price movement inside a smaller wedge could soon trigger a breakout.

圖表觀察者註意到價格動作的收緊方式。據分析師稱，以太坊正在形成一個上升的三角形，而較小的楔子內的價格轉移很快就會引發突破。

“$1950 remains programmed next,” Thecryptomist noted, identifying it as a key level to watch.

TheCyptomist指出，“接下來是1950美元的編程，”將其確定為要觀看的關鍵水平。

Attention Turns to Ethereum Upgrade

注意轉向以太坊升級

The Ethereum network is set for an upgrade on May 7 called Pectra. There is one notable change, and it is that the validator staking limit is going to be raised from 32 ETH to 2,048 ETH. In addition, it will increase the number of data blobs per block, which may improve throughput and efficiency.

以太坊網絡將於5月7日昇級為Pectra。有一個顯著的變化，這是驗證者的放電限制將從32 ETH提高到2,048 ETH。此外，它將增加每個塊數據斑點的數量，這可能會提高吞吐量和效率。

There is building investor attention ahead of the upgrade. “Buying $ETH now is like buying BTC at $4,000,” said analyst @TedPillows, who pointed to Ethereum’s growing use in real-world asset tokenization and its rising institutional interest.

升級前有建築投資者的關注。分析師@tedpillows說：“現在購買$ ETH就像以4,000美元的價格購買BTC。

Consequently, the increase in long-term accumulation, derivatives activity, and upcoming protocol changes all suggest that Ethereum is approaching a crucial period.

因此，長期積累，衍生品活性和即將到來的方案的增加都表明以太坊正接近關鍵時期。