以太坊（ETH）的价格比2024年12月高至4,107美元的价格下降了52％以上，TradingView的数据显示ETH（ETH）下跌了42％

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Ethereum price (ETH) is more than 52% down from its December 2024 high at $4,107 and data from TradingView shows ETH (ETH) down 42% since the start of 2025.

以太坊价格（ETH）比2024年12月高至4,107美元的高度下降了52％以上，TradingView的数据显示，自2025年初以来，ETH（ETH）下跌了42％。

Despite being one of the largest cryptocurrencies by market capitalization and holding the dominant spot as the leader in Web3 and DeFi, many analysts believe that ETH’s price prospects remain grim in the short term.

尽管由于市值是最大的加密货币之一，并成为Web3和Defi领导者的主要地点，但许多分析师认为，短期内ETH的价格前景仍然严峻。

Crypto analyst and chartered market technician Askel Kibar warned traders against assuming that ETH price trades at a discount simply based on how far off it is from its average trading price.

加密分析师和特许市场技术人员Askel Kibar警告交易者，不要仅仅基于与平均交易价格距离的距离，以折扣为折扣。

On X, Kibar explained that “bottom reversals take time” given that “ all that supply needs to be accumulated.”

在X上，基巴尔解释说，“底部逆转需要时间”，因为“所有供应都需要积累”。

ETH/USD daily chart. Source: X / Aksel Kibar

ETH/USD每日图表。资料来源：X / Aksel Kibar

Referring to the chart above, Kibar said,

Kibar说，指上图，

“We’re still in a bear market. Don’t buy the rumour, sell the news. Everyone's expecting a 12% rally. In the current market, it's more likely to see a 3% rally.

“我们仍在熊市。不要买谣言，卖新闻。每个人都期待12％的集会。在当前市场，更有可能看到3％的集会。

Expecting to see some sellers at 1.9k. Could be a good level to enter a small. But personally, I prefer to wait for a bottom reversal candle.”

希望看到一些卖家以1.9k的价格看到。进入小的水平可能是一个很好的水平。但是就我个人而言，我更喜欢等待底部的逆转蜡烛。”

Standard Chartered added to the dim outlook via a March 17 client letter, which revised down their end of 2025 ETH price estimate from $10,000 to $4,000, a drastic 60% reduction.

标准包机通过3月17日的客户信件增加了DIM Outlook，该信件将其2025年ETH价格估计的末期修改为10,000美元至4,000美元，减少了60％。

Geoff Kendrick, the bank’s global head of Digital Assets Research, said, “We expect ETH to continue its structural decline.” Adding that:

该银行全球数字资产研究负责人杰夫·肯德里克（Geoff Kendrick）表示：“我们希望ETH将继续其结构性下降。”添加：

“Lower ETH fees, a higher net issuance, and layer 2 blockchains ‘taking Ethereum’s GDP' are some unexpected results of the Dencun upgrade.”

“较低的ETH费用，较高的净发行和第2层区块链“服用以太坊的GDP”是Dencun升级的一些意外结果。”

Adding to their observation of Base absorbing Ethereum’s fee revenue, Kendrick said,

肯德里克说，增加了他们对以太坊的收费收入的观察。

“We estimate that at the peak of the DeFi summer in 2023, ETH’s fee revenue was around $1.5bn per year. But in February 2025, Arbitrum, Optimism, and Base are together generating about $4bn per year in TVL-weighted average fees.”

“我们估计，在2023年Defi Summer的高峰期，ETH的费用收入约为每年15亿美元。但是在2025年2月，仲裁，乐观和基础共同每年产生约40亿美元的TVL加权平均费用。”

Related: Long-term Ethereum accumulation could unwind if ETH price falls below $1.9K — Analyst

相关：如果ETH价格低于$ 1.9K，则可以放松以太坊的积累 - 分析师

VanEck Head of Digital Assets Research Matthew Sigel and Patrick Bush, the firm's Senior Analyst on Digital Assets, concur with the dim ETH price view held by many analysts. In a March 5 note to investors, the researchers cited ETH’s decline as being “largely due to the erosion of the core factors that once made Ethereum valuable.”

Vaneck数字资产研究负责人Matthew Sigel和该公司的数字资产高级分析师帕特里克·布什（Patrick Bush）同意许多分析师持有的DIM ETH价格观点。在3月5日对投资者的注释中，研究人员将ETH的衰落称为“很大程度上是由于曾经使以太坊有价值的核心因素的侵蚀。”

The analysts again cited layer 2 blockchains Arbitrum and Base as catalysts in diminishing ETH’s fee revenue, along with the popularity of memecoin trading on the Solana blockchain.

分析师再次引用了第2层区块链的仲裁和基础作为减少ETH的费用收入的催化剂，以及在Solana区块链上的Memecoin交易的普及。