以太坊 [ETH] 上的稳定币交易量 根据 CryptoQuant 的数据，区块链的价值已从 840 亿美元降至 400 亿美元。

当稳定币的数量增加时，意味着区块链上的代币需求可能会增加。此外，当这种情况发生时，它会增强

The value of blockchain stablecoin volume has fallen drastically, moving from $84 billion to $40 billion, according to data from CryptoQuant. Usually, an increase in the volume of stablecoins indicates that there may be a rise in demand for tokens on the blockchain.

根据 CryptoQuant 的数据，区块链稳定币的价值已大幅下降，从 840 亿美元降至 400 亿美元。通常，稳定币数量的增加表明区块链上代币的需求可能会增加。

In turn, when this happens, it boosts the ecosystem’s native cryptocurrency. For Ethereum, the decline in volume suggests that most ERC-20 tokens have not performed well.

反过来，当这种情况发生时，它会促进生态系统的原生加密货币。对于以太坊来说，交易量下降表明大多数 ERC-20 代币表现不佳。

ETH holders do not believe in bearsERC-20 tokens are those created using the Ethereum blockchain. Historically, if the stablecoin volume drops below $30 billion, ETH tends to slip into a bear market. So, the threat was present.

ETH 持有者不相信 BearsERC-20 代币是使用以太坊区块链创建的代币。从历史上看，如果稳定币交易量跌破 300 亿美元，ETH 往往会陷入熊市。所以，威胁是存在的。

At press time, Ethereum’s price stood at $3,517, showcasing a 4.18% decline over the past seven days. While there were expectations that the price would return to the $4,000 level, that did not happen for weeks.

截至发稿，以太坊价格为 3,517 美元，过去 7 天下跌 4.18%。尽管人们预计价格将回到 4,000 美元的水平，但几周后这一情况并未发生。

Further, AMBCrypto observed LTH-NUPL. LTH-NUPL stands for Long Term Holder – Net Unrealized Gain/Loss. This metric looks at the behavior of long-term holders.

此外，AMBCrypto 观察到了 LTH-NUPL。 LTH-NUPL 代表长期持有者 – 净未实现损益。该指标着眼于长期持有者的行为。

Usually, the metric takes into account UTXOs that have been aging for at least 155 days. According to Glassnode, Ethereum’s LTH-NUPL was in the conviction (green) zone.

通常，该指标会考虑已经老化至少 155 天的 UTXO。据 Glassnode 称，以太坊的 LTH-NUPL 处于定罪（绿色）区域。

This showed that the token holders were convinced That the price may rise. If this conviction remains the same in the coming weeks, Ethereum may not enter a bear cycle.

这表明代币持有者确信价格可能会上涨。如果这种信念在未来几周内保持不变，以太坊可能不会进入熊市周期。

Alternatively, the token’s price, supported by demand, could be looking to set a new all-time high.

或者，在需求的支持下，代币的价格可能会创下新的历史高点。

Will higher volatility cause the price to rise?The Long/Short Cap MVRV (35.50%) also highlighted ETH’s distance from the bear zone. Usually, when the gauge reading enters the negative zone, it can be assumed that the cryptocurrency slipped into a bear market.

更高的波动性会导致价格上涨吗？多空头寸MVRV（35.50%）也凸显了ETH距离熊市区域的距离。通常，当仪表读数进入负值区域时，可以假设加密货币进入熊市。

But as long as the metric remains positive, the cryptocurrency is said to be in a bullish phase. At the time of writing, AMBCrypto observed that the Long/Short MVRV reading was at 35.50%.

但只要该指标保持正值，据说加密货币就处于看涨阶段。在撰写本文时，AMBCrypto 观察到长/短 MVRV 读数为 35.50%。

While this was down from last month’s reading, it did not give any sign of ETH’s entry Into bear territory. However, one cannot deny that this means that the price of ETH may decline.

虽然这比上个月的读数有所下降，但这并没有表明 ETH 进入熊市区域。然而，不能否认这意味着 ETH 的价格可能会下跌。

But if that happens, the cryptocurrency’s value is unlikely to fall below $3,000. If this remains the case, ETH may have a chance to retest $4,000 and beyond.

但如果这种情况发生，加密货币的价值不太可能跌破 3,000 美元。如果这种情况持续下去，ETH 可能有机会重新测试 4000 美元及以上。

Meanwhile, the one-day volatility began to increase. Volatility measures how quickly a price moves in different directions. When volatility increases with buying pressure, the price can jump to incredible numbers.

与此同时，一日波动性开始增加。波动性衡量价格向不同方向变动的速度。当波动性随着购买压力而增加时，价格可能会跃升至令人难以置信的数字。

At the same time, high volatility will lead to selling pressure to correct. As for ETH, it is still uncertain where the price will go next.

同时，高波动性将导致抛售压力的修正。至于ETH，下一步价格走势仍不确定。

However, it seemed almost certain that holders might not succumb to bearish demand pushing the price lower than expected.

然而，几乎可以肯定的是，持有者可能不会屈服于看跌需求，导致价格低于预期。