为什么ETH集会？加密投资者的关键见解

以太坊（ETH）是市场资本化的第二大加密货币，最近经历了一个著名的集会

Ethereum (ETH) price has experienced a significant rally in recent times, piquing the interest of crypto investors. As the second-largest cryptocurrency by market capitalization, any substantial move by ETH tends to be a noteworthy event in the broader cryptocurrency market. In this article, we examine the key factors that have contributed to ETH’s price surge, providing a comprehensive analysis tailored for crypto investors.

以太坊（ETH）的价格近来经历了重大集会，引起了加密投资者的兴趣。作为市值的第二大加密货币，ETH的任何实质性举动往往是更广泛的加密货币市场中值得注意的事件。在本文中，我们研究了促成ETH价格上涨的关键因素，为加密投资者提供了量身定制的全面分析。

Institutional Inflows Signal Renewed Confidence in Ethereum

机构流入信号使以太坊的信心更新

机构流入信号使以太坊的信心更新

One of the primary drivers of Ethereum’s rally is the consistent inflow into Ethereum-based investment products. According to CoinShares, global Ethereum exchange-traded products (ETPs) recorded net inflows of $295.4 million last week, extending a seven-week streak of positive momentum.

以太坊集会的主要驱动力之一是进入以太坊的投资产品的一致性。根据Coinshares的说法，全球以太坊交换产品（ETP）上周记录的净流入量为2.954亿美元，延长了七周的积极势头。

This series of inflows has brought the total to $1.5 billion, highlighting a significant shift in investor sentiment toward the second-largest cryptocurrency.

这一系列的流入使总计15亿美元，强调了投资者情绪向第二大加密货币的重大转变。

Moreover, US-based spot Ethereum ETFs, notably iShares Ethereum Trust (ETHA) by BlackRock, have also contributed to this trend. On June 9 alone, these ETFs saw inflows of $52.7 million, with a 16-day streak in such inflows bringing the total to $890 million.

此外，贝莱德（Blackrock）的基于美国的现场以太坊ETF，特别是Ishares以太坊信任（ETHA），也促成了这一趋势。仅在6月9日，这些ETF的流入就达到了5270万美元，这种流入率达到16天，总计达到了8.9亿美元。

Record Open Interest in ETH Futures Fuels Speculation

记录ETH期货的开放兴趣燃料猜测

记录ETH期货的开放兴趣燃料猜测

The futures market for Ethereum has seen activity surge to unprecedented levels, with open interest (OI) hitting an all-time high of $39.22 billion on June 10.

以太坊期货市场的活动激增至前所未有的水平，开放兴趣（OI）在6月10日达到了392.2亿美元的历史最高点。

As the amount of money that traders have tied up in their futures positions, OI is a crucial indicator of the level of bullish or bearish sentiment in the market.

由于交易者在期货职位上捆绑的金额，OI是市场上看涨或看跌感情水平的关键指标。

At the same time, funding rates in ETH perpetual futures markets turned positive, rising to 0.0070% from 0.0026% within 48 hours.

同时，ETH永久期货市场的资金率变成了积极的趋势，在48小时内从0.0026％上升到0.0070％。

Positive funding rates, paid by traders with long positions to those with short positions, suggest that more traders are taking long positions, betting on higher prices. This, in turn, reinforces bullish sentiment in the market.

正位较长职位的交易者支付的正位筹资率表明，越来越多的交易者正在占据很长的头寸，押注更高的价格。反过来，这加剧了市场上的看涨情绪。

Technical Analysis: Cup-and-Handle Pattern Targets $4,100 for ETH

技术分析：ETH的杯和手柄图案目标$ 4,100

技术分析：ETH的杯和手柄图案目标$ 4,100

From a technical perspective, Ethereum’s price chart is displaying a bullish cup-and-handle pattern. This setup, which has been forming since February 3, is characterized by a U-shaped recovery in prices, which is commonly observed after a bear market or a deep correction, followed by a pullback in prices that occurs within a descending channel, also known as the handle.

从技术角度来看，以太坊的价格图显示了看涨的杯子和手柄图案。自2月3日以来一直在形成的设置的特征是价格恢复，通常在熊市或深层校正后观察到，然后在下降渠道内发生的价格回调，也称为手柄。

ETH has now broken above the handle range, setting a target on the neckline resistance at $2,789. A decisive close above this level could open the door for a rally toward $3,000 and beyond, aiming for the pattern’s technical target of $4,100—a potential 52% gain from current levels.

ETH现在已经在手柄范围上方折断了，将领口阻力的目标定为2,789美元。高于此水平的决定性接近，可以为3,000美元及以上的$ 3,000及以后的宣布打开大门，目标是该模式的技术目标4,100美元，这是当前水平的潜在增长52％。

Layer-2 Networks Drive Scalability and Reduce Transaction Costs

第2层网络可推动可伸缩性并降低交易成本

第2层网络可推动可伸缩性并降低交易成本

Ethereum’s ecosystem continues to benefit from the rise of Layer-2 solutions, which are designed to enhance scalability and reduce transaction costs.

以太坊的生态系统继续受益于第二层解决方案的兴起，这些解决方案旨在提高可扩展性和降低交易成本。

Major financial institutions, including Coinbase and Robinhood, are leveraging Ethereum’s infrastructure to build Layer-2 networks, further solidifying its position as the leading smart contract platform.

包括Coinbase和Robinhood在内的主要金融机构正在利用以太坊的基础设施来建立2层网络，从而进一步巩固了其作为领先的智能合同平台的地位。

For instance, Coinbase’s Base Layer-2 chain generates annual revenues of approximately $85 million in sequencer fees, highlighting the significant economic activity taking place within Ethereum’s ecosystem.

例如，Coinbase的基本层链的年收入约为8500万美元的序列费，强调了以太坊生态系统中发生的重大经济活动。

Moreover, Robinhood’s acquisition of crypto platform WonderFi underscores the growing interest of institutional investors in Ethereum-based solutions.

此外，Robinhood对加密平台Wonderfi的收购强调了机构投资者对基于以太坊的解决方案的日益增长的兴趣。

These developments drive demand for ETH as gas fees and settlement currency, bolstering its relevance in the broader blockchain space.

这些发展推动了对ETH的需求，因为汽油费和和解货币，增强了其在更广泛的区块链领域中的相关性。

Broader Crypto Narrative Shifts Beyond Bitcoin

更广泛的加密叙事超越比特币的转变

更广泛的加密叙事超越比特币的转变

The crypto narrative is expanding beyond Bitcoin, with increased focus on use cases such as stablecoin payments and securities tokenization. Ethereum dominates the stablecoin market, holding a 51% share of minted stablecoin supply.

加密叙事正在扩大比特币之外，越来越多地关注用例，例如Stablecoin支付和证券令牌化。以太坊占主导地位的稳定市场，持有铸造稳定量的51％份额。

High-profile moves by companies like Stripe and Meta have further renewed interest in Ethereum’s role as the backbone of stablecoin infrastructure.

Stripe和Meta等公司的引人注目的举动进一步引起了以太坊作为Stablecoin基础设施的骨干的兴趣。

This shift in narrative positions Ethereum as a key player in real-world adoption and institutional blockchain use cases, providing additional tailwinds for its price rally.

叙事立场的这种转变将以太坊作为现实领养和机构区块链用例中的关键参与者，为其价格集会提供了额外的逆风。

However, it’s important to note that despite the bullish momentum, Ethereum faces challenges that could impact its price trajectory.

但是，重要的是要注意，尽管有看涨的动力，以太坊仍面临可能影响其价格轨迹的挑战。

Reduced network activity has led to an 85% drop in gas fees from January to April, which may negatively affect staking yields and overall demand for ETH.

从1月到4月，网络活动减少导致汽油费下降了85％，这可能会对Staking产量和对ETH的总体需求产生负面影响。

Additionally, on-chain metrics reveal a lack of interest among whales, with significant sell-offs observed in recent weeks as large investors appear to be exiting their positions.

此外，链链指标表明，鲸鱼之间缺乏兴趣，最近几周观察到大量抛售，因为大型投资者似乎正在退出其头寸。

Investors should also be cautious of potential resistance levels at $2,800–$3,000, which could act as barriers to further upside. Failure to break these levels may result in a pullback, with key support zones at $1,724 and $

投资者还应谨慎对待潜在的抵抗水平，$ 2,800- $ 3,000，这可能是进一步上涨的障碍。未能打破这些水平可能会导致回调，密钥支撑区为$ 1,724和$