尽管有挑战性的Q1价格行动，但链度指标表明以太坊（ETH）可能被低估了

尽管ETH的Q1价格表现不佳和看跌技术信号（例如“死亡十字”），但以太坊2级扩展解决方案的用户参与度达到了1360万个活动地址的历史最高点

A recent analysis by Fidelity Digital Assets suggests that Ethereum (ETH) may be trading below its intrinsic value, despite a challenging first quarter performance.

Fidelity Digital Assets的最新分析表明，尽管第一季度的表现充满挑战，但以太坊（ETH）的交易可能低于其内在价值。

The firm’s ‘Signals Report’ observed that Ether experienced a significant 45% price decline during Q1, erasing gains made following the US election after reaching a peak near $3,579 in January.

该公司的“信号报告”观察到，在第一季度，Ether的价格下降了45％，在一月份达到峰值接近3,579美元的峰值后，美国大选取得了巨大的收益。

This downturn was technically underscored by a ‘death cross’ formation in March, where the 50-day simple moving average fell substantially below the 200-day SMA, signaling negative market momentum.

从技术上讲，这一衰退在3月的“死亡十字架”形成方面强调了，在那里，50天的简单移动平均线基本上低于200天的SMA，这表明了负面的市场势头。

The report highlighted the Market Value to Realized Value (MVRV) Z-Score, a metric comparing an asset’s market capitalization to its aggregate cost basis. This indicator fell to -0.18 on March 9, entering a range historically associated with market troughs and suggesting ETH was potentially undervalued relative to its perceived ‘fair value.’

该报告强调了实现价值（MVRV）Z得分的市场价值，这是一个将资产的市值与其总成本基础进行比较的度量。该指标在3月9日降至-0.18，进入与市场槽相关的历史范围，并暗示ETH可能相对于其“公允价值”被低估了。

Furthermore, the Net Unrealized Profit/Loss (NUPL) ratio decreased to zero. According to the analysis, this signifies a state of ‘capitulation,’ where the market reaches a neutral point as unrealized profits held by investors are equivalent to unrealized losses.

此外，未实现的盈利/损失（NUPL）比率降至零。根据分析，这表示“投降”的状态，市场到达中立点，因为投资者持有的未实现的利润等同于未实现的损失。

The report also examined ETH’s realized price (the average price at which all ETH coins last moved on-chain), which stood at approximately $2,020, about 10% higher than the current trading value. This data indicates the average holder is currently facing unrealized losses.

该报告还研究了ETH的实现价格（所有ETH COIN上一次移动链的平均价格），该价格的价格约为2,020美元，比当前的交易价值高出约10％。该数据表明，平均持有人目前面临未实现的损失。

While typically bearish, Fidelity noted that the realized price decreased by only 3% compared to the spot price’s 45% fall. This disparity suggests that selling pressure may have predominantly come from short-term participants, while long-term holders largely retained their positions, potentially forming a more stable price floor.

富达通常通常是看跌，但与现货价格下跌45％相比，实现的价格仅下降了3％。这种差异表明，销售压力可能主要来自短期参与者，而长期持有人在很大程度上保留了自己的职位，可能形成更稳定的价格。

Contrasting with the price performance, data concerning the Ethereum ecosystem’s usage shows robust growth. Statistics from growthepie.xyz reveals that unique active addresses interacting with Ethereum’s layer 2 scaling solutions reached an unprecedented peak of 13.6 million. This represents a 74% increase in active addresses over the preceding week, highlighting growing adoption and the network’s expanding capacity through layer 2 solutions.

与价格绩效相比，有关以太坊生态系统用法的数据显示出强大的增长。 Grancienepie.xyz的统计数据表明，独特的主动地址与以太坊的第2层扩展解决方案相互作用达到了1360万的前所未有的峰值。这代表上一周的主动地址增加了74％，这强调了采用率的增长以及通过第2层解决方案的网络扩大容量。

Uniswap’s recently launched layer 2 protocol, Unichain, significantly contributed to this growth, recording over 5.82 million unique weekly active addresses, outpacing established platforms like Base and Arbitrum. This surge in activity collectively bolstered the market share of Ethereum’s layer 2 solutions by nearly 59% within the past week.

Uniswap最近启动的第2层协议Unichain为这一增长做出了重大贡献，记录了超过582万个独特的每周活动地址，超过了基本和仲裁等既定平台。这项活动的激增集体增强了以太坊2层解决方案的市场份额，在过去一周内近59％。

Separately, market observers like pseudonymous trader CRG noted a potentially positive technical development. ETH’s price reportedly moved above the 12-hour Ichimoku cloud indicator for the first time since December 2023. Traditionally, price action above a green Ichimoku cloud is interpreted as a sign of potential bullish sentiment and an emerging uptrend.

另外，诸如Pseunymous Trader CRG之类的市场观察员指出了潜在的积极技术发展。据报道，ETH的价格自2023年12月以来首次超过了12小时的Ichimoku云指标。传统上，高于绿色的Ichimoku云高于绿色的价格行动被解释为潜在看涨情绪和新兴上升的标志。