以太坊（ETH）在下一个市场周期之前进入了关键的积累阶段

以太坊（ETH）在2025年第1季度进入了关键阶段，因为其价格下降了45.3％，自2023年中期以来首次低于心理学的2000美元支持水平。

Ethereum (ETH) price entered a critical phase in Q1 2025 as it slid 45.3% and broke through the psychological $2000 support for the first time since mid-2023. This steep correction brought ETH into what many analysts called the “accumulation zone,” backed by a key on-chain metric: the MVRV Z-Score.

以太坊（ETH）价格在第1季度的第1季度进入了关键阶段，因为它滑行了45.3％，并在2023年中期以来首次获得了2000美元的心理支持。这种陡峭的校正将ETH带入了许多分析师所谓的“累积区”，并由关键的链度量：MVRV Z分数。

As market sentiment shifts and whale activity returned, investors were closely watching for potential upside opportunities.

随着市场情绪的转变和鲸鱼活动的恢复，投资者正在密切关注潜在的上升机会。

Ethereum’s MVRV Z-Score Dips Below 1: What It Means

以太坊的MVRV z得分下降到1：这意味着什么

The MVRV Z-Score, a widely-used metric in on-chain analytics, compared a cryptocurrency’s current market value to its realized value. When the Z-Score fell below 1, it signaled that ETH was trading below its intrinsic value—a historical buy zone for long-term investors.

MVRV Z得分是一种广泛使用的链分析指标，将加密货币当前的市场价值与其实现价值进行了比较。当Z分数低于1时，它表明ETH的交易低于其内在价值，这是长期投资者的历史买入区。

This indicator had now entered this critical level again in April 2025. This movement into undervalued territory suggested Ethereum was oversold, presenting a case for accumulation among strategic investors.

该指标现在在2025年4月再次进入了这个关键水平。这一被低估的领土运动表明以太坊过高，这是战略投资者之间积累的案例。

This pattern had been observed before: When Ethereum previously entered the accumulation zone in 2020 and 2023, it was later followed by strong uptrends that delivered substantial returns for long-term holders.

以前曾观察到这种模式：当以太坊先前在2020年和2023年进入蓄能区时，随后是强大的上升趋势，为长期持有人带来了可观的回报。

MVRV Z-Score: A Key Tool For Timing The Market

MVRV z得分：定时市场的关键工具

The MVRV Z-Score was not just a signal of undervaluation—it was a cycle-timing tool. Investors used it to detect when Ethereum was trading far below its ‘fair value,’ often in anticipation of market sentiment flipping bullish. When this indicator dropped into the green zone, it historically aligned with periods of quiet accumulation before price expansion.

MVRV z得分不仅是低估的信号，而且是一种循环定时工具。投资者用它来检测以太坊何时交易远低于其“公允价值”，通常是因为预期市场情绪会翻转看涨。当该指标掉入绿色区域时，它历史上与价格上涨之前的安静积累时期保持一致。

With Ethereum now positioned similarly to prior bullish cycles, market watchers were keeping an eye on this metric for clues on when a trend reversal might take place.

现在，以太坊的位置与先前的看涨周期相似，市场观察家一直在关注该指标，以了解何时发生趋势逆转的线索。