以太坊 (ETH) 多头依然疲弱，空头会继续施压吗？

正如日线图所示，截至发稿时，以太坊保持稳定。尽管价格浮动在 2,500 美元上方，但 ETH 多头仍然疲软。

Ethereum (CRYPTO: ETH) price is showing signs of stability at press time, as depicted in the daily chart. Despite trading above the $2,500 level, ETH bulls appear to be losing steam.

正如日线图所示，截至发稿时，以太坊（加密货币：ETH）价格显示出稳定的迹象。尽管交易价格高于 2,500 美元，但 ETH 多头似乎正在失去动力。

The coin is still trading within the bear bar of August 27, which indicates a bear formation.

该代币仍在 8 月 27 日的熊市线内交易，这表明熊市正在形成。

Based on price action, it seems like it will take some effort for the bulls to gain control in the short term. A high volume close above $3,500 would be a strong indication of a rapid trend shift, which would benefit ETH holders.

从价格走势来看，多头似乎需要付出一些努力才能在短期内获得控制权。成交量收于 3,500 美元以上将是趋势快速转变的强烈迹象，这将使 ETH 持有者受益。

Afterward, one analyst believes the short to medium term projection for the second-most valuable coin is bearish.

随后，一位分析师认为，对第二大价值硬币的中短期预测是看跌的。

The analyst stated in an analysis that over the last few months, the funding rate in Ethereum perpetuals across exchanges like Binance and OKX has been positive but falling, according to CryptoQuant data.

该分析师在分析中表示，根据 CryptoQuant 的数据，过去几个月，币安和 OKX 等交易所的以太坊永续合约融资利率一直为正，但有所下降。

Through perpetual platforms, Ethereum traders can place positions using leverage, essentially borrowing from the exchange. The more leverage they have, the more they have to borrow, narrowing their safety margin and increasing the risk of liquidation.

通过永续平台，以太坊交易者可以使用杠杆来建仓，本质上是从交易所借款。他们拥有的杠杆越大，他们必须借的钱就越多，从而缩小了安全边际并增加了清算风险。

Depending on the prevailing price action, the funding rate in these perpetual markets can be positive or negative. Whenever the funding rate is positive, the outlook among leveraged traders is bullish.

根据当前的价格走势，这些永续市场的融资利率可能为正或为负。每当资金利率为正时，杠杆交易者的前景都是看涨的。

In this case, they expect prices to rise higher. For equilibrium, traders posting long positions have to pay those who are selling.

在这种情况下，他们预计价格会上涨。为了达到平衡，持有多头头寸的交易者必须向卖出者支付费用。

Conversely, a negative funding rate means the prevailing sentiment is bearish, and the markets could fall further. In this event, short sellers must pay those posting buys.

相反，负融资利率意味着普遍看跌情绪，市场可能进一步下跌。在这种情况下，卖空者必须向那些发布买入的人付款。

Looking at the price trend over the past few months, the analyst notes that the funding rate for Ethereum perpetuals has been consistently falling, though still in the positive territory. This state of affairs means that, though ETH has been wavy, moving even to $3,900 in May, the dominant sentiment is bearish.

纵观过去几个月的价格趋势，分析师指出，以太坊永续合约的融资利率一直在下降，但仍处于正值区域。这种状况意味着，尽管 ETH 一直波动，甚至在 5 月份达到了 3,900 美元，但主导情绪是看跌的。