以太坊的斗争与比特币：为什么要延迟替代

根据分析师Altcoin Sherpa的说法，备受期待的Altseason（Altcoins胜过比特币的时期）认为是遥不可及的

The much-anticipated altseason, a period when altcoins typically outperform Bitcoin, remains largely out of reach until ETH/BTC shows some strength, according to analyst Altcoin Sherpa.

分析师Altcoin Sherpa表示，备受期待的Altseason是AltCoins通常胜过比特币的时期，直到ETH/BTC显示出一定的力量之前，它基本上仍然遥不可及。

In a recent post, Sherpa explains that Bitcoin dominance ($BTC.D) needs to fall for altcoins to rally, but this won't happen unless the ETH/BTC pair reverses its prolonged downtrend—something that currently appears "extremely arduous."

Sherpa在最近的一篇文章中解释说，比特币优势（$ btc.d）需要降低altcoins的集会，但是除非ETH/BTC对逆转其延长的下降趋势，否则这不会发生这种情况，这似乎是“非常艰巨”。

Looking at the chart, the ETH/BTC pair has declined by nearly 80% from its local highs, now trading at major historical support near 0.047. This level served as a base during previous accumulation cycles (2019–2020), rendering it a crucial point for ETH to hold. However, the lack of bullish momentum might indicate that the narrative of an impending altcoin season is premature.

从图表上看，ETH/BTC对的近80％从当地高点下降了，现在以大量历史支持接近0.047。在先前的积累周期（2019 - 2020年）期间，该水平是基础，这使其成为ETH持有的关键点。但是，缺乏看涨的势头可能表明，即将到来的Altcoin季节的叙述还为时过早。

"Will $ETH eventually have a run? Yeah, probably. But I'd rather buy it on the way up than try to get ahead of it," adds Sherpa.

Sherpa补充说：“ $ ETH最终会跑步吗？是的。但是，我宁愿在途中购买它，也不愿尝试领先。”

This cautious stance is shared by many in the crypto sphere. Despite a positive long-term outlook, Ethereum must first show strength and outperform Bitcoin for altcoins to follow suit and rally.

这种谨慎的立场在加密球体中被许多人共享。尽管长期前景积极，但以太坊必须首先表现出强度和胜过比特币，以使山寨币效仿和集会。

Without this shift, BTC.D is likely to remain high, keeping capital concentrated in Bitcoin rather than flowing into riskier altcoins, thus delaying the emergence of an altseason.

如果没有这种转变，BTC.D可能会保持很高，使资本集中在比特币中，而不是流入风险更高的山寨币，从而延迟了Altseason的出现。