在5月7日以太坊pectra升级之前，市场情绪仍然谨慎，但乐观情绪开始恢复

交易者对ETH的价格行动保持谨慎，但乐观的情绪开始恢复。 5月7日，以太坊Pectra升级可以提高投资者的情绪。

Key takeaways:

关键要点：

* Traders remain cautious about ETH’s price action, but optimistic sentiment is beginning to return with the May 7, Pectra upgrade on the horizon.

*交易者对ETH的价格行动保持谨慎，但是随着5月7日的Pectra升级，乐观的情绪开始恢复。

* Despite the upcoming upgrade, ETH’s price action shows investors are still hesitant to open new positions, and new institutional products like the Ethereum ETF have yet to spark significant interest.

*尽管即将进行的升级，ETH的价格行动表明投资者仍然不愿意开设新职位，而Ethereum ETF等新机构产品尚未引起重大兴趣。

* Professional traders are now more comfortable with downside risks, but current derivatives data does not reflect a bullish outlook for ETH at these price levels.

*专业交易者现在对下行风险更加满意，但是当前的衍生品数据并不能反映出这些价格水平的ETH的看涨前景。

Ether (ETH) has traded below $1,900 since March 15, leading some investors to wonder if the failed attempt to reclaim $4,000 in December 2024 signaled the end of an era for the leading altcoin.

自3月15日以来，Ether（ETH）的交易（ETH）一直在1,900美元以下交易，导致一些投资者怀疑失败的尝试在2024年12月回收4,000美元的尝试是否表明了领先的Altcoin的ERA结束。

Concerns continue to mount as professional traders are still largely cautious about ETH’s price outlook, especially considering that monthly futures should trade at a 5% or more premium compared to spot markets to compensate for the longer settlement period. However, this indicator has remained below the neutral threshold throughout the past 12 weeks.

由于专业交易者对ETH的价格前景仍然很谨慎，尤其是考虑到每月期货应以5％或更多的溢价与现货市场相比，以弥补较长的和解期，因此仍然存在担忧。但是，在过去的12周中，该指标一直低于中性阈值。

Part of the lack of enthusiasm may stem from disappointment with the lack of attention from the United States government. Back in March 6, 2024, part of President Trump’s “Digital Asset Stockpile” Executive Order classified altcoins like Solana (SOL), BNB, Cardano (ADA), and Tron (TRX).

缺乏热情的一部分可能是由于美国政府缺乏关注而感到失望。早在2024年3月6日，特朗普总统的“数字资产库存”行政命令的一部分将Altcoins分类为Solana（Sol），BNB，Cardano（ADA）和Tron（TRX）。

The Trump administration decided that only Bitcoin (BTC) was significant enough to be included in its own “Strategic Reserve.” In practical terms, this would allow the government to retain any altcoins it currently holds but not acquire new ones.

特朗普政府认为只有比特币（BTC）足够重要，可以被纳入其自己的“战略储备”中。实际上，这将使政府保留其目前持有的任何AltCoins，但不能保留新的替代币。

Coinhelper.io data shows that, for the first time ever, in April 2025, Ether’s market capitalization fell below the combined value of its four largest rivals.

Coinhelper.io数据显示，在2025年4月，Ether的市值首次低于其四个最大竞争对手的总价值。

After rebounding from lows near $1,400, Ether’s total market capitalization now stands at $217 billion, which is enough to put it ahead of the combined value of its four main competitors.

从低点接近1,400美元的篮板后，Ether的总市值为2170亿美元，足以使其领先于其四个主要竞争对手的总价值。

However, unless Ether consistently outperforms these rivals, sentiment is unlikely to improve. Some traders have high hopes for the upcoming ‘Pectra’ network upgrade, but current derivatives data does not reflect a bullish outlook.

但是，除非以太的表现始终优于这些竞争对手，否则情绪不太可能得到改善。一些交易者对即将到来的“ Pectra”网络升级寄予厚望，但是当前的衍生产品数据并不能反映出看涨的前景。

Ether’s decline has also coincided with weak demand for the Ethereum spot exchange-traded fund (ETF) in the United States.

以太的下降还与美国对以太坊现货交换基金（ETF）的需求疲软相吻合。

Institutional interest has been lacking despite ETH’s price surging from $2,400 to $4,000 between October and December 2024. In contrast, Bitcoin ETFs saw assets more than double, growing from $50 billion in October 2024 to $110 billion currently.

尽管ETH的价格从2,400美元飙升至2024年12月之间的价格。相比之下，比特币ETF的资产超过两倍，从2024年10月的500亿美元增长到目前的1,100亿美元。

Although Ethereum remains dominant in terms of total value locked (TVL), it has struggled to match Solana’s integrated user experience or Tron’s (TRX) dominance in the stablecoin sector.

尽管以太坊在总价值锁定（TVL）方面仍然占主导地位，但它一直在努力匹配Solana在Stablecoin行业中的综合用户体验或TRON（TRX）优势。

Traders appear uninterested in Ethereum’s higher decentralization or improved security, especially for activities involving frequent deposits and withdrawals, where layer-2 solutions provide limited benefits.

交易者似乎对以太坊的高级权力下放或改进的安全性不感兴趣，尤其是对于涉及频繁存款和提款的活动，第二层解决方案提供有限的收益。

The absence of demand for leveraged bullish ETH positions does not necessarily mean that professional traders expect further price declines. If whales and market makers were unwilling to offer downside protection, this would be reflected in the ETH options markets, signaling an increased risk of a market downturn.

缺乏对杠杆看涨地位的需求并不一定意味着专业交易者预计价格会进一步下降。如果鲸鱼和做市商不愿提供下行保护，这将反映在ETH期权市场中，这表明市场低迷的风险增加。

Contrary to some expectations, put (sell) options are being priced at levels similar to those of call (buy) options, and professional traders are now more comfortable with downside risks than they were two weeks ago. While ETH derivatives are not signaling strong bullish sentiment, they also do not suggest that professional traders are worried about further declines at current price levels.

与某些期望相反，PUT（卖出）期权的价格与呼叫（买入）选项相似，而专业交易者现在对下行风险更舒适，而不是两周前。尽管ETH衍生品并未表示强烈的看涨情绪，但他们也不建议专业交易者担心在当前价格水平上进一步下降。

There is a chance that the upcoming ‘Pectra’ network upgrade could affect Ether’s price. Scheduled for May 7, this event might renew investor interest in the project by closing the gap with some of its competitors.

即将到来的“ Pectra”网络升级可能会影响以太价格。该活动计划于5月7日举行，可能会通过与一些竞争对手的差距缩小差距，从而更新该项目的投资者。

Pectra will introduce new staking mechanisms that could be appealing to institutional investors, potentially resulting in more ETH being locked in validator nodes, which in turn would reduce the circulating supply.

Pectra将引入可能吸引机构投资者的新堆积机制，这可能导致更多的ETH被锁定在验证器节点中，这反过来又可以减少循环供应。

Historically, Ethereum upgrades have often been associated with brief spikes in ETH’s price. For instance, following the successful integration of the optimistic rollup technology in August 2024, Ether’s price displayed a brief 10% surge from $3,000 to $3,300.

从历史上看，以太坊升级通常与ETH的简短峰值有关。例如，在2024年8月的乐观汇总技术成功整合后，以太价格的价格从3,000美元到3,300美元，涨幅为10％。