了解推動以太坊價格的因素

以太坊的價格再次升高，無論它會很快下降還是急劇上升，這是不可預測的。盧卡斯（Lucas）Outcalt。 2024年3月28日更新。

The price of Ethereum (ETH) has been trending upwards again recently. Will it dip soon, or could we see a steeper rise in the coming days?

以太坊（ETH）的價格最近再次上升。它會很快下降嗎，還是我們會看到未來幾天的急劇上升？

It’s no secret that bullish analysts have been predicting a breakout period for Ethereum this year, with some optimistic predictions placing the price as high as $10,000. However, others are still apprehensive about a possible "black swan" event that could quickly reverse the crypto market's bullish momentum.

看漲的分析師一直在預測今年以太坊的突破期並不是什麼秘密，並且有一些樂觀的預測使價格高達10,000美元。但是，其他人仍然對可能的“黑天鵝”事件感到擔憂，該事件可能會迅速扭轉加密貨幣市場的看漲勢頭。

Investors can make more informed trades by understanding the factors driving the price of Ethereum, including its technological upgrades, the dynamics at play within the market, and the macroeconomic pressures that have driven recent price volatility.

投資者可以通過了解推動以太坊價格的因素（包括其技術升級，市場上的動態以及驅動最近價格波動的宏觀經濟壓力）來進行更明智的交易。

How Tech Upgrades Have Affected Ethereum Price

技術升級如何影響以太坊價格

Ethereum has seen swift growth since its launch in 2015. Its initial coin offering (ICO) was just thirty cents, and it hit $1,400 in the 2017 bull market. Today, the platform's native crypto coin, Ether (ETH), is the second most popular cryptocurrency in the world after Bitcoin (BTC). This has happened because Ethereum was explicitly developed to support decentralized finance apps and smart contracts, and demand for NFTs and other uses of smart contracts continues to increase.

自2015年推出以來，以太坊的增長迅速。其最初的硬幣產品（ICO）僅為30美分，在2017年的牛市中達到了1,400美元。如今，該平台的本地加密硬幣Ether（ETH）是僅次於比特幣（BTC）的世界第二受歡迎的加密貨幣。之所以發生這種情況，是因為以太坊是明確開發的，以支持分散的金融應用程序和智能合約，並且對NFTS和其他智能合約用途的需求不斷增加。

Ethereum has been able to capitalize on bullish investor sentiment because significant network upgrades have helped the blockchain keep up with demand. In September, the "Merge" (also dubbed "Ethereum 2.0") shifted the platform from a proof-of-work (PoW) to a proof-of-stake (PoS) model, bringing Ethereum faster transaction times with lower costs in computing power. Throughout 2024 and early 2025, Ethereum has also used a constellation of "Layer 2" technologies (such as the Cronos zkEVM chain) to reduce congestion and improve transaction speed by processing more transactions off-chain.

以太坊能夠利用看漲的投資者情緒，因為重大的網絡升級有助於區塊鏈滿足需求。 9月，“合併”（也稱為“以太坊2.0”）將平台從工作證明（POW）轉移到了商品證明（POS）模型，從而使以太坊更快地交易時間，計算能力成本較低。在整個2024年和2025年初，以太坊還使用了“第2層”技術（例如Cronos ZkeVM鏈）的星座來降低擁塞並通過處理更多交易鏈的交易速度來降低交易速度。

In 2025, Ethereum continues to pursue significant scaling upgrades, launching testnets in anticipation of its Pectra upgrade, which might reach Ethereum's main network this spring.

在2025年，以太坊繼續進行大量擴展升級，以預期其Pectra升級，這可能會在今年春季到達以太坊的主要網絡。

Ethereum's Market Dynamics: Staking Trends, Halving, and Whales

以太坊的市場動態：放入趨勢，減半和鯨魚

Ethereum secures its network with a consensus staking mechanism. Validators stake a quantity of Ether coin, which is then held as collateral and removed from circulation. Validators earn a percentage of the staked amount. Just over 29% of Ether coins are currently staked. Traders and investors need to follow this stake ratio. A higher ratio means less coin supply in the market, and that scarcity drives the price up.

以太坊通過共識的放電機制來確保其網絡。驗證者將一定數量的乙醚硬幣持有，然後將其保存為抵押品並從循環中取出。驗證者賺取了固定金額的百分比。目前，剛好有超過29％的以太硬幣被放置。貿易商和投資者需要遵循此股份比率。較高的比率意味著市場上的硬幣供應量較小，而稀缺性會推動價格上漲。

Halving, the process by which Ethereum constricts the rate at which it is issued, also increases the coin's scarcity. Since the merger, Ethereum has been in a "triple halving event," triple because the impact of halving on Ether's scarcity is triple the impact of Bitcoin's halving events.

減半，以太坊限制發行速度的過程也增加了硬幣的稀缺性。自合併以來，以太坊一直處於“三重減半事件”中，因為對以太幣的稀缺度減半的影響是比特幣減半事件的影響三倍。

The other factor internal to the Ethereum blockchain is price manipulation. This happens most frequently in the form of a "pump and dump" scheme. In such a scheme, a blockchain "whale" will buy up a lot of the coin, "pumping" up the price quickly, motivating many smaller traders to follow suit in anticipation of a bull run. Then, the whale sells off their positions at that artificially high price, "dumping" the coin back onto the exchange. The whale walks away with the profits while the smaller traders take losses in a speedy price crash.

以太坊區塊鏈內部的另一個因素是價格操縱。這最常以“泵和轉儲”方案的形式發生。在這樣的計劃中，一個區塊鏈“鯨魚”將收購很多硬幣，“迅速向價格提高”，激勵許多較小的商人在期待公牛的情況下效仿。然後，鯨魚以人為的價格出售其頭寸，將硬幣“傾倒”回交換。鯨魚以利潤走開，而小型交易者在價格迅速崩潰中損失損失。

The Macroeconomic Pressures on Ethereum Price

以太坊價格的宏觀經濟壓力

Inflation, weak fiat currencies, and regulatory policies also impact Ethereum. Like Bitcoin, Ethereum is frequently seen as a hedge against a weak dollar. When the dollar is down or inflation is rising, more investors will invest in major cryptocurrencies, driving the Ethereum price up, similar to how investors start buying gold.

通貨膨脹，法定貨幣疲軟和監管政策也影響以太坊。像比特幣一樣，以太坊經常被視為對美元微弱的樹籬。當美元下跌或通貨膨脹率上升時，更多的投資者將投資於主要的加密貨幣，推動以太坊價格上漲，類似於投資者開始購買黃金的方式。

National and state policies also affect bullish or bearish sentiment. Ethereum's recent approval to issue exchange-traded funds (ETFs) increased the purchase of the coin by individual traders and large institutions eager to stockpile private reserves.

國家和州政策也影響看漲或看跌的情緒。以太坊最近批准簽發交易所交易基金（ETF）增加了個人商人和渴望儲存私人儲量的大型機構對硬幣的購買。

Meanwhile, while enthusiasm for promises of a federal cryptocurrency reserve initially drove up the price late last year and early this year, delays in fulfilling those promises and the defeat of several proposals for crypto reserves at the state level have created more uncertainty among traders. Cryptocurrency prices are very sensitive to both the news cycle and social media sentiment, and word of setbacks and delays in the adoption of crypto reserves has contributed to the March decline in Ethereum's price.

同時，儘管對聯邦加密儲備儲備的承諾的熱情最初促使去年年底和今年年初提高了價格，但在履行這些諾言以及在州一級就加密儲備金的幾項提議的勝利延遲，造成了交易者的不確定性。加密貨幣價格對新聞周期和社交媒體情緒都非常敏感，並且採用加密儲備的挫折和延誤的言語有助於以太坊價格的三月下降。

Key Indicators to Watch for Ethereum's Future Price Movements

關注以太坊未來價格變動的關鍵指標

Today, the Ethereum price is slowly rising again. As this article was written, Ethereum had rebounded to $2063.64 from its recent low of $1,755.57 on March 10. What happens next is uncertain, but to make informed trades, traders should watch Ethereum's staking ratio,

如今，以太坊價格再次逐漸上漲。正如這篇文章的撰寫，以太坊從3月10日的1,755.57美元的低點從3月10日的1,755.57美元的低點反彈至2063.64美元。接下來發生的事情是不確定的，但是要進行知情的交易，交易者應該觀看以太坊的佔有率，即陳舊比例，