尽管成功部署

回收2,200美元的水平仍然是ETH的首要价格挑战。

Despite successfully implementing a key network upgrade on May 7, Ethereum’s price and derivatives metrics showed little response, surprising traders and leading analysts to question whether ETH still has a real chance of climbing 22% to retake the $2,200 level.

尽管在5月7日成功实施了关键网络升级，但以太坊的价格和衍生品指标表现出很少的反应，令人惊讶的交易者和领导分析师质疑ETH是否仍然有真正有机会攀升22％以重新获得2,200美元的水平。

After months of hovering above the 5% neutral threshold, the ETH futures premium has remained at 3%, displaying a lack of appetite from leveraged bulls. More importantly, this indicator remained unchanged even after the Pectra upgrade, suggesting that traders did not adjust their positions despite the successful deployment of the upgrade.

经过数月的悬停超过5％的中性阈值，ETH Futures Premium保持在3％的状态，表现出杠杆性公牛的食欲不足。更重要的是，即使在Pectra升级后，该指标仍保持不变，这表明尽管升级成功地部署了交易者，交易者仍未调整其头寸。

This lackluster response can be partly attributed to investors’ focus on macroeconomic issues, such as rising recession risks amid uncertainty in global trade disputes. However, traders’ lack of interest in Ether predates the worsening of risk aversion conditions. In the first three months of 2025, ETH underperformed the broader cryptocurrency market capitalization by 28%.

这种平淡无奇的反应可以部分归因于投资者对宏观经济问题的关注，例如在全球贸易纠纷中不确定性的情况下，经济衰退风险上升。但是，交易者对以太的缺乏兴趣早于风险规避条件的恶化。在2025年的前三个月中，ETH的表现不佳，将更广泛的加密货币市值提高了28％。

The minimal price impact following the Pectra upgrade also reflects broader dissatisfaction, as competing blockchains have gained traction.

Pectra升级后的价格最小的影响也反映了更广泛的不满，因为竞争的区块链已获得了吸引力。

While high Ethereum base layer fees may have limited network activity in the past, these costs have dropped below $1 since mid-February. Moreover, Ethereum’s leading layer-2 solution, Base, currently has 10.3 million monthly active users—significantly fewer than Solana’s 82.2 million and BNB Chain’s 25.9 million, according to Token Terminal data.

尽管过去高度以太坊的基础层费用可能有限，但自2月中旬以来，这些成本已降至1美元以下。此外，根据Token终端数据，以太坊领先的第2层解决方案Base目前拥有1030万个月活跃用户，比Solana的8220万和BNB Chain的2590万人少了。

Solana has dominated the decentralized exchange sector, especially in token launches, by offering an integrated user experience. Similarly, Hyperliquid has exceeded expectations in perpetual futures trading, showcasing that traders are primarily focused on this aspect rather than decentralization and security, which are key strengths of the Ethereum network. In the stablecoin market, Tron has made significant strides.

Solana通过提供集成的用户体验来统治着分散的交换领域，尤其是在代币启动中。同样，超级流动性超出了永久期货交易的期望，表明交易者主要专注于这一方面，而不是权力下放和安全性，这是以太坊网络的关键优势。在Stablecoin市场中，Tron取得了长足的进步。

Although Ethereum's leadership in total value locked (TVL) remains undisputed at $53.7 billion, this has provided minimal benefit to ETH holders. According to DefiLlama, the network fees amounted to $19 million over the past 30 days. In comparison, Tron generated $51.8 million in fees during the same period, while Solana generated $39.4 million.

尽管以太坊的总价值锁定（TVL）的领导能力仍未悬而未决，但这为Eth持有人提供了最小的好处。根据Defillama的说法，在过去30天内，网络费用为1900万美元。相比之下，Tron在同一时期产生了5180万美元的费用，而Solana产生了3,940万美元。

According to Noam Hurwitz, head of engineering at Alchemy, after the Pectra upgrade, Ethereum blob fees have dropped to their lowest possible level. For Hurwitz, Ether's success hinges on base layer scalability, further improvements in the rollup mechanism, and ultimately, a more seamless user experience.

根据Alchemy工程主管Noam Hurwitz的说法，在Pectra升级后，以太坊Blob费用下降到了最低水平。对于Hurwitz而言，Ether的成功取决于基础层的可伸缩性，汇总机制的进一步改进以及最终更无缝的用户体验。

Bridging assets and data across Ethereum's layer-2 ecosystem has long been a challenge, whereas users on Solana and BNB Chain can easily switch between multiple decentralized applications (DApps). The Pectra upgrade, while a step in the right direction, does not solve this issue, which may explain why ETH has been unable to reclaim the $2,200 level reached in early March.

长期以来，以太坊2层生态系统的桥接资产和数据一直是一个挑战，而Solana和BNB链上的用户可以轻松地在多个分散的应用程序（DAPP）之间切换。 Pectra升级虽然朝着正确的方向迈出了一步，但无法解决这个问题，这可以解释为什么ETH无法收回3月初达到的2200美元水平。

To see a 22% rally in Ether’s price from its current level of $1,810, investors will likely need to see evidence that the network's progress, be it through rising deposits or expanding layer-2 activity, is translating into tangible benefits. Ultimately, to encourage broader DApp adoption, which in turn would drive up demand for ETH within the ecosystem, there needs to be an improvement in staking yields or the introduction of stronger incentives.

为了从目前的1,810美元水平上看到以太价格的22％集会，投资者可能需要看到证据，表明该网络的进度，无论是通过上升的存款还是扩大2层活动，都将转化为有形的好处。最终，为了鼓励更广泛的DAPP采用，这反过来又可以提高生态系统中对ETH的需求，因此需要提高积分产量或引入更强大的激励措施。