交流中的ETH供应一直跌至历史最低水平，为潜在的价格运行奠定了基础

交流中的ETH供应量一直跌至历史最低水平，不到目前在交易平台上持有的总循环供应量的4.9％。

The supply of major cryptocurrency Ethereum (ETH) on exchanges has hit an all-time low, with less than 4.9% of the total circulating supply currently held on trading platforms. Like the other cryptos, Bitcoin (BTC) also shows this drop; its exchange-held supply dropped to 7.1%, a level not seen since November 2018.

交易所上主要的加密货币以太坊（ETH）的供应量达到了历史最低水平，不到目前在交易平台上持有的循环供应量的4.9％。像其他加密货币一样，比特币（BTC）也显示了此下降。它的交换供应量下降到7.1％，这是自2018年11月以来未见的水平。

As crypto prices continue to rise amid a liquidity crunch, market analyst notes that the decreasing levels of crypto on exchanges could bring essential changes to the market. When coins transfer out of exchanges, the effort to sell them decreases, so increasing demand may cause prices to climb.

随着流动性紧缩的加密价格继续上涨，市场分析师指出，交易所中加密货币水平的下降可能会给市场带来基本的变化。当硬币从交易所转移时，出售它们的努力减少，因此需求的增加可能会导致价格上涨。

As a result, the structure Kralow highlights could mark a pivotal shift in traders’ interpretation of token availability and price potential.

结果，kralow亮点的结构可以标志着交易者对代币的可用性和价格潜力的解释的关键转变。

Structural Tightening Meets Technical Strength: ETH Targets $10K

结构性收紧达到技术力量：ETH目标$ 100K

In another analysis, crypto trader is optimistic about Ethereum's technical ascent, further supported by its low liquidity on exchanges.

在另一项分析中，加密货币交易者对以太坊的技术提升感到乐观，这进一步支持了其交流流动性低。

According to Merlijn, the cryptocurrency has decisively cleared key resistance zones at the $1,500 and $2,200 levels, which he states were “obliterated”—and is now being traded above $2,600 with renewed strength.

据Merlijn称，加密货币已果断地清除了关键阻力区域，其水平为1,500美元和2,200美元的水平，他说这是“闭塞”的，现在以更新的实力以2,600美元的价格交易。

However, Merlijn's analysis identifies $4,000 as the next major resistance zone, which he dubs the “final boss” before ETH can enter true price discovery. Despite previous cycles showing no success in clearing this level, the token's current accumulation and shortened supply could provide the impetus for a breakthrough.

但是，Merlijn的分析将$ 4,000确定为下一个主要的阻力区，他将其称为“最终老板”，然后ETH才能进入真正的价格发现。尽管以前的周期在清除该水平方面没有成功，但令牌当前的积累和缩短的供应可能会为突破提供动力。

Despite $4,000 historically acting as an impenetrable barrier, presenting a technical analysis.

尽管历史上有4,000美元是一个难以穿透的障碍，但进行了技术分析。

"Still no success in closing 4k. Is it really the 'final boss' before ETH enters true price discovery? Depends on who you ask. Personally, I think we'll need to hold this 2600 area to continue the push higher.

“在结束4K的关闭方面仍然没有成功。在ETH进入真正的价格发现之前，这确实是'最终老板'吗？取决于您问的人。就个人而言，我认为我们需要持有这个2600个区域以继续更高的推动力。

But with the market structure getting tighter (lower coins on exchanges) and institutions entering the space, I think we can tag 10k from here."

但是，随着市场结构越来越紧密（交易所上的硬币）和机构进入该空间，我认为我们可以从这里标记10K。”

With key technical levels blitzed through and on-chain indicators aligning with the narrative of a tightening market structure, analysts will be closely monitoring if this will be the factor that tips the scales from resistance to liftoff.

随着关键的技术水平通过与收紧市场结构的叙述对齐的链上和链上指标，分析师将密切监视这是否将是将量表从电阻到升降机的范围提示的因素。