经过数周的销售压力，以太坊显示出生命的迹象。

尽管势头更新，但ETH仍以低于2,000美元的关键交易，这一水平必须被违反，以确认市场结构的有意义的转变，并为持续的恢复奠定了基础。

After weeks of heavy selling pressure and persistent negative sentiment, Ethereum (ETH) is finally showing signs of life. Bulls are stepping back in, attempting to reclaim critical price levels and reverse the bearish trend that has defined recent months.

经过数周的销售压力和持续的负面情绪，以太坊（ETH）终于显示出生命的迹象。公牛正在介入，试图收回关键的价格水平，并扭转了最近几个月定义的看跌趋势。

However, despite the renewed momentum, ETH still trades below the key $2,000 mark, a level that must be breached to confirm a meaningful shift in market structure and set the stage for a sustained recovery.

但是，尽管势头更新，但ETH仍然以低于2,000美元的关键交易，这一水平必须被违反，以确认市场结构的有意义的转变，并为持续的恢复奠定了基础。

As traders assess Ethereum's outlook, attention is also turning to the ETH/BTC ratio, which has reached its lowest volatility level in more than two years. According to top analyst Daan, this metric has been in a prolonged downtrend but has now stalled for over a month.

当交易者评估以太坊的前景时，注意力也转向了ETH/BTC的比率，ETH/BTC比率已在两年多以来达到其最低波动率水平。据顶级分析师Daan称，该指标一直处于长期下降趋势状态，但现在停滞了一个多月。

Historically, such low-volatility periods often precede sharp directional moves, as the market builds pressure and prepares for a breakout or breakdown.

从历史上看，这种低挥发性时期通常是在急剧方向前进的前提，因为市场会增加压力并为突破或崩溃做准备。

While Ethereum's price remains technically fragile, the combination of reduced volatility, long-term support on the ETH/BTC pair, and renewed bullish momentum on the USD chart is creating a cautiously optimistic setup. The coming days will be crucial as ETH tests resistance. A confirmed breakout above $2,000 could be the signal that Ethereum's next leg higher is about to begin.

尽管以太坊的价格在技术上仍然很脆弱，但降低的波动性，对ETH/BTC对的长期支持以及在美元图表上的新看涨势头的结合正在创造谨慎乐观的设置。随着ETH测试的抵抗力，未来几天将至关重要。确认的突破超过2,000美元，这可能是以太坊的下一条腿即将开始的信号。

Ethereum Struggles Below $1,900 As Risk And Uncertainty Dominate

以太坊挣扎在$ 1,900以下的风险和不确定性占主导地位

Ethereum is facing renewed pressure after failing to break above the $1,874 high set on May 1st, leaving bulls with the urgent task of reclaiming momentum before volatility takes over. The asset is currently trading at a critical support level, unable to establish a clear direction as global markets remain fragile.

以太坊在5月1日未能超过1,874美元的高度之上，面临着新的压力，使公牛队的紧急任务是在波动接管之前恢复动力。该资产目前正在以关键的支持水平进行交易，由于全球市场仍然脆弱，无法建立明确的方向。

With Ethereum still down more than 55% from its December highs, the bearish price structure remains intact, and any further weakness could trigger deeper downside.

由于以太坊的12月高点仍然下降了55％以上，看跌的价格结构仍然完好无损，而且任何进一步的弱点都可能引发更深层的方面。

Market volatility is being fueled by macroeconomic uncertainty, particularly as the U.S. and China continue to engage in high-stakes trade negotiations. Investors are cautious, and Ethereum's inability to show strength amid a broader crypto recovery is raising concerns about its near-term outlook.

宏观经济的不确定性促进了市场波动，尤其是当美国和中国继续进行高风险贸易谈判时。投资者谨慎，以太坊无法在更广泛的加密货币恢复中表现出力量，这引起了人们对其近期前景的担忧。

Adding to the complexity, Daan highlights that the ETH/BTC ratio is now at its lowest volatility level in over two years. While the ratio has been in a long-term downtrend, it has stalled for the past month, suggesting that a breakout (or breakdown) could be near.

Daan加上复杂性，强调了ETH/BTC比率现在在两年内处于其最低波动率水平。尽管该比率一直处于长期下降趋势状态，但在过去一个月中一直停滞不前，这表明可能会发生突破（或崩溃）。

Historically, such compression periods often precede sharp moves. However, Daan notes that the low timeframe trend has not yet flipped bullish, and until it does, any rally should be treated with caution. For now, Ethereum remains stuck in limbo.

从历史上看，这种压缩期通常是在急剧移动之前。但是，丹恩指出，低时间范围的趋势尚未翻转看涨，直到趋势之前，任何集会都应谨慎对待。目前，以太坊仍然陷入困境。

Price Action Details: ETH Testing

价格动作细节：ETH测试

Ethereum is trading at $1,831, showing modest strength after bouncing from recent support near $1,780. On the 4-hour chart, ETH is attempting to establish a higher low and reclaim bullish momentum, but it still faces stiff resistance below the key $1,874 high from May 1st.

以太坊的交易价格为1,831美元，在最近的支持近1,780美元的支持中弹起后，其强度适中。在4小时的图表上，ETH试图建立更高的低点和恢复Blullish的动力，但从5月1日起，它仍然面临着低于关键$ 1,874的僵硬的阻力。

Price is consolidating just above the 200-period EMA at $1,787 and the 200-period SMA at $1,699—two levels that have served as dynamic support and resistance zones throughout recent trading sessions.

价格正固结在200周期EMA以上，$ 1,787，200- period SMA（1,699美元）在最近的交易中一直是动态的支持和阻力区域。

This sideways action highlights indecision as ETH struggles to break free from its range, with volatility compressing and volume remaining muted. A clean breakout above $1,874 could signal the start of a bullish leg targeting the psychological $2,000 mark. However, failure to hold above the $1,780–$1,750 region would likely invalidate the structure and open the door for further downside.

侧向动作突出了犹豫不决的犹豫不决，因为ETH难以摆脱其范围，并且挥发性压缩和体积保持静止。超过$ 1,874的清洁突破可能标志着目标是目标2,000美元的看涨腿的开始。但是，如果不超过$ 1,780- $ 1,750的地区可能会使该结构无效，并为进一步的缺点打开大门。

Technical indicators suggest that momentum is building, but not yet confirmed. Until Ethereum reclaims the $1,900–$2,000 range, the broader bearish trend remains in play. For now, ETH is in a critical zone where both bulls and bears have a case, making the next few sessions pivotal in determining whether Ethereum continues to recover or resumes its downtrend.

技术指标表明，势头正在建立，但尚未确认。直到以太坊收回了$ 1,900- $ 2,000的范围之前，更广泛的看跌趋势仍在起作用。就目前而言，ETH处于关键区域，公牛和熊都有一个案例，这使接下来的几个会议关键在确定以太坊是否继续恢复或恢复其下降趋势。