以太坊 [ETH] 上的穩定幣交易量 根據 CryptoQuant 的數據，區塊鏈的價值已從 840 億美元降至 400 億美元。

當穩定幣的數量增加時，意味著區塊鏈上的代幣需求可能會增加。此外，當這種情況發生時，它會增強

The value of blockchain stablecoin volume has fallen drastically, moving from $84 billion to $40 billion, according to data from CryptoQuant. Usually, an increase in the volume of stablecoins indicates that there may be a rise in demand for tokens on the blockchain.

根據 CryptoQuant 的數據，區塊鏈穩定幣的價值已大幅下降，從 840 億美元降至 400 億美元。通常，穩定幣數量的增加表明區塊鏈上代幣的需求可能會增加。

In turn, when this happens, it boosts the ecosystem’s native cryptocurrency. For Ethereum, the decline in volume suggests that most ERC-20 tokens have not performed well.

反過來，當這種情況發生時，它會促進生態系統的原生加密貨幣。對於以太坊來說，交易量下降表明大多數 ERC-20 代幣表現不佳。

ETH holders do not believe in bearsERC-20 tokens are those created using the Ethereum blockchain. Historically, if the stablecoin volume drops below $30 billion, ETH tends to slip into a bear market. So, the threat was present.

ETH 持有者不相信 BearsERC-20 代幣是使用以太坊區塊鏈創建的代幣。從歷史上看，如果穩定幣交易量跌破 300 億美元，ETH 往往會陷入熊市。所以，威脅是存在的。

At press time, Ethereum’s price stood at $3,517, showcasing a 4.18% decline over the past seven days. While there were expectations that the price would return to the $4,000 level, that did not happen for weeks.

截至發稿，以太幣價格為 3,517 美元，過去 7 天下跌 4.18%。儘管人們預計價格將回到 4,000 美元的水平，但幾週後這一情況並未發生。

Further, AMBCrypto observed LTH-NUPL. LTH-NUPL stands for Long Term Holder – Net Unrealized Gain/Loss. This metric looks at the behavior of long-term holders.

此外，AMBCrypto 觀察到了 LTH-NUPL。 LTH-NUPL 代表長期持有者 – 淨未實現損益。此指標著重於長期持有者的行為。

Usually, the metric takes into account UTXOs that have been aging for at least 155 days. According to Glassnode, Ethereum’s LTH-NUPL was in the conviction (green) zone.

通常，該指標會考慮已經老化至少 155 天的 UTXO。據 Glassnode 稱，以太坊的 LTH-NUPL 處於定罪（綠色）區域。

This showed that the token holders were convinced That the price may rise. If this conviction remains the same in the coming weeks, Ethereum may not enter a bear cycle.

這表明代幣持有者確信價格可能會上漲。如果這種信念在未來幾週內保持不變，以太坊可能不會進入熊市週期。

Alternatively, the token’s price, supported by demand, could be looking to set a new all-time high.

或者，在需求的支持下，代幣的價格可能會創下新的歷史高點。

Will higher volatility cause the price to rise?The Long/Short Cap MVRV (35.50%) also highlighted ETH’s distance from the bear zone. Usually, when the gauge reading enters the negative zone, it can be assumed that the cryptocurrency slipped into a bear market.

更高的波動性會導致價格上漲嗎？通常，當儀表讀數進入負值區域時，可以假設加密貨幣進入熊市。

But as long as the metric remains positive, the cryptocurrency is said to be in a bullish phase. At the time of writing, AMBCrypto observed that the Long/Short MVRV reading was at 35.50%.

但只要該指標保持正值，就說加密貨幣就處於看漲階段。在撰寫本文時，AMBCrypto 觀察到長/短 MVRV 讀數為 35.50%。

While this was down from last month’s reading, it did not give any sign of ETH’s entry Into bear territory. However, one cannot deny that this means that the price of ETH may decline.

雖然這比上個月的讀數有所下降，但這並沒有表明 ETH 進入熊市區域。然而，不能否認這意味著 ETH 的價格可能會下跌。

But if that happens, the cryptocurrency’s value is unlikely to fall below $3,000. If this remains the case, ETH may have a chance to retest $4,000 and beyond.

但如果這種情況發生，加密貨幣的價值不太可能跌破 3,000 美元。如果這種情況持續下去，ETH 可能有機會重新測試 4000 美元及以上。

Meanwhile, the one-day volatility began to increase. Volatility measures how quickly a price moves in different directions. When volatility increases with buying pressure, the price can jump to incredible numbers.

同時，一日波動性開始增加。波動性衡量價格向不同方向變動的速度。當波動性隨著購買壓力而增加時，價格可能會躍升至令人難以置信的數字。

At the same time, high volatility will lead to selling pressure to correct. As for ETH, it is still uncertain where the price will go next.

同時，高波動性將導致拋售壓力的修正。至於ETH，下一步價格走勢仍不確定。

However, it seemed almost certain that holders might not succumb to bearish demand pushing the price lower than expected.

然而，幾乎可以肯定的是，持有者可能不會屈服於看跌需求，導致價格低於預期。