以太坊（ETH）价格动作会发出混合信号，因为Taker买卖比率下降了30％

以太坊是全球第二大加密货币按市值按市场上限发出的信号，因为交易者和分析师试图确定其下一步大举的位置。

In the ever-shifting landscape of cryptocurrencies, the world’s second-largest coin, Ethereum (ETH), is sending mixed signals as traders and analysts try to determine where its next big move will be.

在不断变化的加密货币景观中，全球第二大硬币以太坊（ETH）正在发送混合信号，因为交易员和分析师试图确定其下一个重大行动的位置。

After a period of strong gains earlier in the year, the price of ether has dropped in recent times. This comes as the Taker Buy-Sell Ratio has fallen by about 30% in the past month. However, despite this price drop and the worsening technical picture, analysts say strong institutional inflows and a stunning outperformance of ether against bitcoin this quarter suggest the price of ether has a shot at turning upward again.

在今年早些时候获得了一段强劲的收益之后，近来的以太价格下跌了。这是因为在过去一个月中，Taker买卖比率下降了约30％。然而，尽管价格下跌和技术恶化，但分析师说，本季度对比特币的巨大机构流入和超越比特币的表现令人惊叹，这表明以太的价格再次向上转动。

As the market sentiment shifts and sellers appear to be gaining an edge, the technical picture is certainly arising a note of caution.

随着市场情绪的转变，卖家似乎正在获得优势，因此技术情况肯定会引起注意。

After a strong rally earlier in the month, ETH has since stalled at a major resistance level. This has created a technical setup that has traders closely watching the second-largest cryptocurrency for signs of either a breakout or a breakdown.

在本月初进行了强烈的集会之后，ETH此后一直处于主要阻力水平。这创建了一个技术设置，使交易者密切关注第二大加密货币，以示出突破性或崩溃的迹象。

If selling pressure continues and ETH fails to regain control of key resistance, a drop to around $2,200 could occur. Whether such a move is a temporary shakeout or the start of a deeper correction remains to be seen.

如果销售压力继续持续并且ETH无法重新控制关键阻力，则可能会降至2200美元左右。这样的举动是暂时的震动还是更深入的校正开始还有待观察。

The stalling momentum comes at a time when many market participants were anticipating further upward movement. Some analysts are viewing this as a possible consolidation phase ahead of another broad upward move. However, the lack of any significant strengthening in buy pressure suggests a more cautious outlook for the near-term future.

停滞的势头是在许多市场参与者期望进一步向上移动的时候。一些分析师将其视为在另一个广泛的向上移动之前的可能合并阶段。但是，缺乏买入压力的任何重大加强表明，近期未来的前景更加谨慎。

While the current market structure appears weak, the overall investment thesis for Ethereum continues to attract institutional investors. From May 19 to May 23, net inflows across the Ethereum spot ETF landscape amounted to over $248 million. Notably, all nine of these funds, including those in Europe, reported zero outflows during the same period.

尽管当前的市场结构显得较弱，但以太坊的总体投资论文继续吸引机构投资者。从5月19日到5月23日，以太坊ETF景观的净流入量超过2.48亿美元。值得注意的是，包括欧洲在内的所有这些资金中的所有九家资金都报告了同一时期的零外流。

These inflows highlight a strong underlying demand for exposure to Ethereum, especially among conservative or long-term investors. The sustained interest in spot ETFs, despite the speculative narrative, provides a layer of price support for ether.

这些流入凸显了对以太坊的暴露需求，尤其是在保守派或长期投资者中。尽管叙述性叙述，但对现货ETF的持续兴趣为以太提供了一层价格支持。

However, if most of the interest in ether is speculative, then the lack of any serious outflows reinforces the speculative thesis.

但是，如果对以太的大多数兴趣都是投机性的，那么缺乏任何严重的流出就会加强投机性论文。

Market sentiment is largely viewed through the lens of ETF flows, especially following the recent approvals for such products. They provide a readily accessible means for institutional investors to gain exposure to the two largest cryptocurrencies in a fully regulated and institutional-grade format.

市场情绪在很大程度上是通过ETF流的视角观察到的，尤其是在最近对此类产品的批准之后。它们为机构投资者提供了一种容易获得的手段，可以以完全监管和机构级的形式获得两种最大的加密货币。

As capital has flowed into ETH through these vehicles, it might serve as a buffer against further downside volatility.

随着资本通过这些车辆流入ETH，它可能可以作为防止进一步波动的缓冲。

Although there are technical concerns, this past quarter has seen ether outperforming bitcoin significantly, which could be the start of a broader trend where narrative-driven investing favors ether over bitcoin. The large price jumps could be seen as a couple of good stories fueling ether’s potential as something investors are more comfortable seeing as high beta. In essence, ether is just potentially way more profitable in a narrative-driven rally.

尽管存在技术问题，但在过去的一个季度中，以太币的表现远远超过了比特币，这可能是更广泛的趋势的开始，在这种趋势中，叙事驱动的投资比比特币更喜欢以太币。大幅上涨可以看作是几个好故事，促进了以太币的潜力，因为投资者将其视为高beta的东西更舒适。从本质上讲，在叙事驱动的集会中，以太本质上的利润更高。

Even more noteworthy is how this ETH-led outperformance seems to be unwinding low- and mid-cap altcoins built on the Ethereum ecosystem. Increased levels of speculation, ecosystem advancements, and staking incentives are driving interest in ether as the main portfolio concentration for those seeking to unearth value beyond the comparatively stolid bitcoin.

更值得注意的是，这种ETH领导的超越表现似乎是在以太坊生态系统上构建的低级别和中型山顶。推测，生态系统的进步和堆放激励措施的水平提高，它引起了Ether的兴趣，作为那些寻求超越比特币相对较低的比特币的人的主要投资组合浓度。

Some analysts believe that this is merely the beginning of a more extensive Ethereum cycle, driven by institutional products and regulatory clarity. They view this cycle as a growth phase that will be largely fueled by Layer 2 scaling solutions. If they are correct, then ether’s recent uncorrelated price action might just be an extended consolidation in preparation for a new uptrend.

一些分析人士认为，这只是机构产品和法规清晰度的驱动，这只是更广泛的以太周期的开始。他们将这个周期视为一个生长阶段，将在很大程度上由2层缩放溶液助长。如果它们是正确的，那么Ether最近不相关的价格行动可能只是一个扩展的合并，以准备新的上升趋势。

Ethereum is certainly in a delicate position at present, juggling long-term fundamentals that are very bullish with short-term momentum that appears to be weakening. Sellers appear to be gaining the upper hand for now, but there’s a powerful counterbalance that could limit any downside in the price. It’s also worth noting that the overall market environment for crypto currently seems to be favorable.

以太坊肯定处于目前的微妙地位，杂耍了长期基本面，这些基本面非常看好，短期势头似乎正在削弱。卖方目前似乎正在占上风，但是有强大的平衡可能会限制价格的任何不利之处。还值得注意的是，加密货币目前的整体市场环境似乎是有利的。