Ethereum

{:en}Data from the Glassnode platform shows that as of March 22, the number of Ethereum wallet addresses holding more than $100,000 jumped from 70,000 to 75,000. This shows that the market is increasingly confident in the rebound of Ethereum prices, and whales are rapidly increasing their holdings of ETH. This shift in market sentiment happened to occur in an atmosphere of greater macroeconomic uncertainty. On March 19, crypto analyst Rekt Capital posted on the X (original Twitter) platform that if the price of Ethereum can rebound above $2,200 and explain a strong enough reaction at this position, then Ethereum is expected to regain the key price range of $2,196 to $3,900. According to data from TradingView, the price of Ethereum is still in a downward trend, having fallen by more than 51% since the high of $4,100 on December 16, 2024. Ethereum open interest hit a new all-time high on March 21, suggesting that large traders may be positioning for an upward move, possibly to push Ethereum above the $2,400 mark. This surge in derivatives trading activity shows that professional market participants are regaining interest and confidence in ETH. Despite short-term macro headwinds such as the global trade war, the…...

{:en}Introduction: Definition and Historical Positioning of Ethereum (ETH) Ethereum (ETH) is the most influential blockchain platform after Bitcoin. Its core innovation is the introduction of smart contract functions, which expands blockchain technology from simple currency transactions to a global computing platform that supports decentralized applications (DApp). Ethereum (ETH) was officially launched by Vitalik Buterin and others in 2015. Its goal is to build a "trustless trust machine" through programmable blockchain technology to provide decentralized solutions for finance, supply chain, Internet of Things and other fields. Unlike Bitcoin, which focuses on peer-to-peer payments, the underlying design of Ethereum (ETH) focuses more on flexibility and scalability. Its native token ETH is not only a medium of transaction, but also a "fuel" (Gas) that supports the operation of smart contracts and network security. As of 2025, Ethereum (ETH) has become the core infrastructure of DeFi (decentralized finance), NFT (non-fungible tokens) and Web3 ecology, and the total locked value (TVL) has long been ranked first in the industry. Technical architecture: the core innovation of Ethereum (ETH) The technical architecture of Ethereum (ETH) includes several key modules, and its design goal is to strike a balance between decentralization, security and scalability. According to source code…...

{:en}As the cryptocurrency market enters a critical cycle in 2024, Ethereum's price trajectory is raising deep concerns within the industry. As the second-largest cryptocurrency by market capitalization, the persistent weakness of the ETH/BTC trading pair has formed a structural dilemma. Multiple technical indicators and on-chain data point to a harsh reality—Ethereum's price may continue to face downward pressure over the next 18 months, with the risk of another 15% drop against Bitcoin. From a technical perspective, Ethereum's Relative Strength Index (RSI) on the 3-day chart has remained below the oversold threshold of 30 for several months. Although traditional theory suggests this signals a potential rebound, historical data reveals a troubling pattern: since mid-2024, the ETH/BTC exchange rate has triggered four consecutive declines ranging from 13% to 25% in oversold territory. This "oversold trap" phenomenon also appeared in the third quarter of 2023, and the current downward trajectory of the 50-day and 200-day Exponential Moving Averages (EMA) shows a striking similarity to the market structure at that time. X platform analyst CarpeNoctom specifically noted that Ethereum's price has consistently failed to form a bullish divergence on the weekly chart—where prices hit new lows while the RSI fails to rise—further reinforcing market…...

{:en}Ethereum prices have continued to be sluggish recently. After falling below $2,200 on March 9, it has never recovered its lost ground. The cumulative decline this month has reached 14%, far exceeding the 4% decline in the overall cryptocurrency market during the same period. This downturn not only hit investor confidence, but also exacerbated market concerns due to the 34% plunge in weekly trading volume of the Ethereum network decentralized exchange (DEX). Data shows that the top Layer2 solutions including Base, Arbitrum and Polygon were also affected by this, and trading volume generally shrank, while competitor BNB Chain grew 27% against the trend, and the emerging public chain Canto attracted attention with a weekly increase of 445%. Analysts pointed out that the weakness of Ethereum prices is directly related to the decline in activity within the ecosystem. Further observation shows that the leading Ethereum DEX protocols are in decline: Maverick Protocol's weekly trading volume dropped by 85%, DODO fell by 46%, and PancakeSwap of the BNB Chain ecosystem had a single-week fee income of US$22.3 million, surpassing the multi-chain Uniswap for the first time. Although Ethereum still ranks first with a total locked value (TVL) of US$4.72 billion, its weekly…...

{:en}What Are Gas Fees? In the Ethereum ecosystem and across blockchain networks, "gas fees" are the core cost users must pay to interact with the network. This concept, first introduced by Ethereum, is metaphorically described as "the fuel that powers a car," illustrating its foundational role in blockchain operations. Gas fees represent transaction fees paid by users to network validators, compensating them for computational resources spent on verifying transactions and maintaining network security. Whether executing a simple token transfer or interacting with complex smart contracts, every on-chain operation requires gas fees, typically priced in Ethereum's native token ETH or its smallest unit, Gwei (1 ETH = 1,000,000,000 Gwei). The Calculation Logic of Gas Fees: Dynamic Markets and User Strategy Gas fees reflect the interplay of supply and demand within blockchain networks. On Ethereum, the total fee is determined by two components: Gas Limit (the maximum computational resources a user allocates for a transaction) and Gas Price (the cost per unit of computation). For example, a standard ETH transfer consumes 21,000 units of Gas, while smart contract interactions may require hundreds of thousands. Gas Price consists of a Base Fee (automatically adjusted based on network congestion) and a Priority Fee (a "tip" paid to expedite transactions). The formula Total Fee…...

{:en}The cryptocurrency market continued to experience severe fluctuations in the first quarter of 2025, and the price trend of Ethereum (ETH) has become the recent focus. Since hitting an all-time high of $4,100 on December 16, 2024, the price of ETH has plummeted by more than 52% in three months, hovering around $1,916 as of mid-March. However, analysts warned that if ETH falls further below the key support level of $1,900, the market may usher in a new round of panic selling, but at the same time this may also become an opportunity for long-term investors to buy at the bottom. It is worth noting that Bitcoin prices have also been under pressure recently. Whether it can maintain its key price before the Federal Reserve’s policy meeting may indirectly affect Ethereum’s market sentiment. According to Juan Pellicer, a senior researcher at on-chain analytics firm IntoTheBlock, Ethereum has a "historically robust demand zone" between 1,848and1,848and1,905. Data shows that approximately 4.3 million ETH were purchased within this price range, forming significant support. Pellicer told Cointelegraph, "If ETH breaks below this zone, we could see capitulation-style selling, but this would also indicate that bearish momentum is waning, laying the groundwork for a rebound." He…...

{:en}Recently, XRP's exchange rate against Ethereum (ETH) hit a five-year high, sparking heated discussions about the cryptocurrency market cap rankings. As of March 16, the XRP/ETH trading pair reached 0.00128 ETH, marking its highest level since April 2020. Compared to its all-time low of 0.00013 ETH in June 2024, XRP has surged by 925%; if measured from November 2024, when Trump won the U.S. presidential election, the gain stands at 620%. Analysts suggest that breaking this key resistance level could be a turning point for XRP to challenge Ethereum's market cap dominance. If history repeats, an additional 80% rally would be enough for XRP to "flip" Ethereum, especially since its fully diluted valuation (FDV) briefly surpassed ETH earlier this week. Currently, XRP's market cap stands at approximately 138billion,lessthan138billion,lessthan100 billion short of Ethereum's $235 billion. Market observers attribute XRP's strong performance to shifting regulatory dynamics. Since the Trump administration adopted a "crypto-friendly" stance, XRP's market dominance has surged by over 300%, while Ethereum's market share has shrunk by 35.5% during the same period. As a token focused on enterprise applications, XRP has benefited from Ripple's institutional DeFi roadmap, while Ethereum has struggled due to technical upgrade controversies and competition from rivals like…...

{:zh}美国证券交易平台Cboe BZX近期向监管机构提交申请，要求允许富达（Fidelity）旗下的以太坊ETF（交易所交易基金）整合质押功能。若获批，这将成为继今年2月Cboe推动21Shares Core以太坊ETF增设质押功能后的又一重要举措，进一步加速传统金融工具与加密货币收益机制的融合。 根据3月11日提交的文件，Cboe希望富达以太坊ETF（FETH）能够通过“一个或多个可信质押服务商”，将其持有的部分或全部以太坊用于质押以获取额外收益。目前，富达以太坊ETF凭借近10亿美元的管理规模稳居同类产品前列，若质押功能落地，其市场竞争力或显著提升。以太坊质押机制允许投资者将ETH作为验证者抵押品，换取年化约3.3%的收益（以ETH计价），这一功能此前多限于链上原生生态，如今通过以太坊ETF的桥梁作用，传统金融市场投资者或可更便捷地参与其中。 Cboe的申请仍需美国证券交易委员会（SEC）最终批准。值得关注的是，自今年1月特朗普开启第二任期以来，SEC对加密货币的监管态度趋于缓和，目前已受理十余项与加密ETF相关的规则修订提案。除质押功能外，Cboe还提议为富达的比特币和以太坊ETF增设实物申赎机制，并推动WisdomTree等机构发行XRP ETF。这一系列动作显示，交易所正试图通过多元化产品设计抢占加密资产制度化浪潮的先机。 行业分析师指出，以太坊ETF整合质押功能的趋势若形成，不仅将提升此类产品的收益率吸引力，也可能倒逼更多机构优化持仓策略。例如，21Shares Core以太坊ETF的质押提案已引发市场对“收益型加密基金”的讨论，而Solana等其他支持质押的公链代币或效仿以太坊ETF的模式，推动更广泛的金融创新。不过，监管不确定性仍是最大变量——SEC此前对以太坊是否属于证券的模糊立场，或为相关提案的通过增添阻力。 随着以太坊ETF逐步从“现货持有”向“主动增值”转型，其作为加密市场与传统金融“接口”的角色或将进一步强化。然而，这场变革能否真正落地，仍需等待监管机构的最终裁决。{:}{:en}The U.S. securities exchange Cboe BZX has recently filed a request with regulators to allow staking functionality in Fidelity’s Ethereum ETF (exchange-traded fund). If approved, this would mark another significant move following Cboe’s February push to integrate staking into the 21Shares Core Ethereum ETF, further accelerating the convergence of traditional financial instruments and cryptocurrency yield mechanisms. According to the March 11 filing, Cboe aims to enable the Fidelity Ethereum Fund (FETH) to stake “all or a portion of the Trust’s ether through one or more trusted staking providers” to generate additional returns. Currently, Fidelity’s Ethereum ETF ranks among the top products in its category, with nearly $1 billion in assets under management. The addition of staking could significantly enhance its market competitiveness. Ethereum staking allows investors to post ETH as collateral with validators in exchange for an annual yield of approximately 3.3% (denominated in ETH). While this feature has traditionally been limited to on-chain ecosystems, the integration of staking into Ethereum ETFs could provide traditional investors with easier access to such收益 opportunities. Cboe’s proposal still requires final approval from the U.S. Securities and Exchange Commission (SEC). Notably, since President Trump began his…...

{:zh}随着过去一周以太坊价格暴跌22%，市场悲观情绪持续蔓延。Yuga Labs区块链业务副总裁"Quit"于3月11日在社交媒体X发表观点，警告若加密市场进入"真正的熊市周期"，以太坊价格可能从当前水平下跌90%，最低触及200美元。这一预测远低于分析师普遍预期的1500美元支撑位，Quit强调历史熊市通常伴随80%-90%的跌幅，并建议心理承受能力不足的投资者及时抛售持仓。 以太坊持有者对价格走势的分歧随之激化。部分投资者认同Quit的悲观逻辑，认为若比特币跌至6.6万美元，以太坊价格可能进一步下探至1200美元。然而反对者指出，当前以太坊生态已获机构资金支持且技术应用趋于成熟，除非发生类似2018年的系统性崩盘，否则难以重现历史性暴跌。一名社区用户总结称："明智的投资者应同时为两种情景布局，但过早过度看空可能付出与盲目乐观同等的代价。" 与此同时，以太坊价格的剧烈波动正迫使巨鲸用户采取紧急措施。CoinGecko数据显示，3月11日以太坊价格一度跌至1791美元，创七日内最低点。区块链分析公司Lookonchain监测到多个巨鲸账户为规避清算风险大规模转移资产：某地址抛售4780万美元ETH但仍面临6430万美元头寸的清算危机，另一持仓1.21亿美元的投资者因以太坊价格跌破1800美元触发自动平仓。甚至疑似以太坊基金会关联的地址也抵押3万枚ETH以将清算线降至1127美元，尽管后续调查澄清该账户与基金会无关。 当前市场多空博弈已进入白热化阶段，以太坊价格的每一次波动都牵动着持有者的神经。尽管部分投资者认为以太坊基本面已今非昔比，但历史周期的阴影与巨鲸的避险操作仍为市场蒙上不确定性阴云。正如Quit所言，这场熊市若刚刚开始，200美元的极端目标或将成为考验所有参与者的终极压力测试。{:}{:en}As the price of Ethereum plummeted by 22% in the past week, pessimism in the market continued to spread. "Quit", vice president of blockchain business at Yuga Labs, expressed his views on social media X on March 11, warning that if the crypto market enters a "real bear market cycle", the price of Ethereum may fall 90% from the current level, reaching a minimum of $200. This forecast is far lower than the $1,500 support level generally expected by analysts. Quit emphasized that historical bear markets are usually accompanied by a drop of 80%-90%, and suggested that investors with insufficient psychological tolerance should sell their positions in time. Ethereum holders' differences on price trends have intensified. Some investors agree with Quit's pessimistic logic, believing that if Bitcoin falls to $66,000, the price of Ethereum may further drop to $1,200. However, opponents point out that the current Ethereum ecosystem has been supported by institutional funds and the technology application has matured. Unless there is a systemic collapse similar to 2018, it will be difficult to reproduce the historic plunge. A community user concluded: "Wise investors should plan for both scenarios at the same time, but being overly…...

{:zh}当以太坊价格在2024年持续震荡时，其背后折射的不仅是市场情绪的波动，更是一场关乎区块链底层架构变革的深刻博弈。尽管Layer2（L2）解决方案在过去两年为以太坊网络缓解了部分拥堵问题，但高昂的Gas费用和每秒仅10至62笔交易的处理速度，仍让以太坊价格承受着“技术天花板”的压制。而随着Solana等高性能公链凭借亚秒级出块时间和近乎零手续费抢占主流市场，以太坊若无法突破现有瓶颈，其价格与生态地位或将面临双重挑战。 Layer2的临时止痛药：以太坊价格复苏的幻觉与危机 当前以太坊价格走势与网络性能的关联性愈发显著。每当Gas费用飙升，用户和开发者便转向Solana、Avalanche等竞品，导致以太坊生态资金外流，进一步拖累其价格表现。尽管L2扩容方案如Optimism、Arbitrum通过链下计算分担了主网压力，但这些“临时补丁”在跨链互操作性和交易延迟上暴露了先天缺陷。例如，多数L2无法支持实时交互的DeFi衍生品交易或链游应用，迫使开发者不得不妥协于功能设计。 更关键的是，L2的扩容效果存在边际递减效应。当用户规模突破一定阈值时，数据回传主网的需求仍会触发拥堵，导致以太坊价格与网络使用成本形成负反馈循环。近期特朗普主题Meme币在Solana上的爆火，以及其钱包下载量激增，恰恰印证了市场对高吞吐量公链的偏好。若以太坊价格欲摆脱“高波动、低效率”的标签，单纯依赖软件升级已难以为继。 硬件加速：以太坊价格反弹的底层催化剂 以太坊联合创始人Vitalik Buterin提出的“Verge”路线图，揭示了硬件革新对网络未来的决定性意义。该愿景要求普通消费级设备即可完成全节点验证，这意味着以太坊必须从依赖通用计算芯片（如GPU）转向定制化硬件架构。例如，专为区块链设计的ASIC（专用集成电路）可将交易验证效率提升数十倍，同时降低90%以上的能源消耗。这种底层优化不仅能直接降低Gas费用，还能通过提升网络稳定性增强投资者信心，为以太坊价格的长期上行奠定基础。 2024年备受关注的Pectra升级虽引入了账户抽象化等改进，但其对交易吞吐量的提升微乎其微。相比之下，硬件加速方案可从三个维度重塑以太坊价值：其一，将主网处理速度推升至每秒数千笔交易，满足跨境支付、链游等实时场景需求；其二，通过降低节点运营门槛，巩固去中心化原则，避免算力集中对价格的操纵风险；其三，优化能源效率以应对AI产业对计算资源的争夺。当前，数据中心已优先承接AI训练任务（其收益可达比特币挖矿的25倍），若以太坊无法通过硬件升级降低能耗，其价格竞争力恐被进一步削弱。 万亿美元市场倒逼：硬件革新如何撬动以太坊价格天花板？ 硬件加速对以太坊价格的影响绝非局限于技术层面。2023年全球跨境支付规模达190.1万亿美元，而传统金融机构对区块链的采用始终受限于公链性能。若以太坊能通过ASIC等方案实现毫秒级结算，其作为“全球结算层”的定位将吸引大量机构资金入场，直接推高ETH需求与价格。例如，摩根大通等机构已测试使用区块链进行外汇交易，但对网络延迟的容忍度极低——任何超过1秒的确认时间都会导致策略失效。 在更广阔的产业场景中，硬件升级同样是以太坊价格突破的关键变量。医疗领域需要区块链确保患者数据的实时加密与跨机构共享，而现有L2的延迟问题可能导致诊疗决策延误；链游产业依赖智能合约毫秒级响应玩家动作，若以太坊无法匹配此需求，开发者将集体迁移至高性能链，导致ETH质押量和生态价值流失。这些现实用例的落地，均需以太坊价格摆脱“投机资产”的波动周期，转而由实际应用需求驱动。 与AI竞速：以太坊价格的生存之战 2024年，AI与区块链对计算资源的争夺已进入白热化。当ChatGPT等应用日均消耗50万度电力时，以太坊若继续依赖传统硬件架构，其网络运营成本将随ETH价格上涨而失控。近期，矿企Hut 8已将30%的算力转向AI训练，印证了市场对高收益计算任务的偏好。这种趋势下，以太坊必须通过硬件专用化降低单位交易能耗，否则矿工流失将导致网络安全系数下降，进而引发价格崩盘。 另一方面，AI与区块链的融合（如DeFAI）正在创造新赛道。若以太坊因硬件性能不足而无法支持AI模型的链上训练与推理，其价格将面临“价值空心化”风险。例如，Bittensor等项目已尝试构建去中心化AI网络，但其底层公链仍需应对高并发计算挑战。唯有硬件加速能让以太坊同时承载智能合约执行与AI运算，从而在融合趋势中捕获价值，避免价格被新兴生态取代。 结论：以太坊价格的“诺基亚时刻”与破局之路 当手机巨头诺基亚因固守塞班系统而错失智能机浪潮时，其股价在五年内暴跌90%。如今的以太坊正站在类似的十字路口——依赖L2扩容如同在功能机上叠加外接键盘，虽能短暂延续生命，却无法触及智能时代的核心需求。若社区继续沉迷于短期软件优化，以太坊价格或将在Solana等“区块链iPhone”的冲击下逐步边缘化。 然而，危机往往与机遇并存。以太坊拥有最庞大的开发者社区和最多的机构持仓，一旦其硬件升级路线图落地，网络性能的质变将释放被压抑的应用需求。届时，从跨境金融到链上AI，从实时游戏到数据隐私，以太坊有望成为Web3世界的通用计算层，而其价格也将从“L2时代的估值模型”跃升至“硬件驱动的新范式”。这场变革需要的不仅是技术迭代，更是社区对长期主义的坚守——毕竟，没有哪个颠覆性创新，会诞生于对临时补丁的自我满足中。{:}{:en}As Ethereum prices continue to fluctuate in 2024, the underlying issue is not just market sentiment but a profound struggle over the evolution of blockchain infrastructure. While Layer2 (L2) solutions have alleviated some congestion on the Ethereum network over the past two years, high gas fees and a processing speed of only 10 to 62 transactions per second continue to weigh heavily on Ethereum's price. With high-performance blockchains like Solana gaining mainstream traction through sub-second block times and near-zero fees, Ethereum risks falling behind both in price and ecosystem relevance if it fails to address its scalability bottlenecks. Layer2's Temporary Painkiller: The Illusion and Crisis of Ethereum Price Recovery The correlation between Ethereum's price movements and network performance is becoming increasingly evident. Whenever gas fees spike, users and developers migrate to competitors like Solana and Avalanche, leading to capital outflows from the Ethereum ecosystem and further dragging down its price. Although L2 scaling solutions like Optimism and Arbitrum have offloaded some of the mainnet's computational burden, these "temporary patches" expose inherent flaws in cross-chain interoperability and transaction latency. For instance, most L2s cannot…...

{:zh}在当今数字经济的浪潮中，以太坊（Ethereum）无疑是区块链领域最具影响力的创新平台之一。自2015年问世以来，以太坊（Ethereum）不仅重新定义了区块链技术的应用边界，更成为去中心化金融（DeFi）、非同质化代币（NFT）和智能合约的全球性基础设施。本文将深入剖析以太坊（Ethereum）的技术本质、发展历程、生态现状及其未来潜力，揭示其如何在合规化进程中逐步迈向主流市场。  技术本质：超越加密货币的全球计算网络 什么是以太坊（Ethereum）？ 从技术层面来看，它是一个基于开源协议构建的区块链平台，旨在通过智能合约和去中心化应用（dApps）实现无需信任的全球计算网络。与比特币单纯专注于支付功能不同，以太坊（Ethereum）的核心价值在于其高度可编程性。这一特性源于以太坊虚拟机（EVM）的设计，允许开发者在区块链上部署複杂的逻辑程序，从而支撑起金融、游戏、供应链管理等多元应用场景。 以太坊（Ethereum）的技术架构具有四大显着特点：首先，其智能合约的自动化执行能力，使协议无需第三方介入即可根据预设条件触发交易；其次，去中心化架构由全球数百万个节点共同维护，确保数据不可篡改与抗审查性；第三，灵活的开发环境支持多种编程语言（如Solidity），开发者可快速构建dApps，并通过Layer 2解决方案优化交易效率；最后，持续的技术迭代（如从工作量证明转向权益证明的「合併」）大幅降低能耗，为网络扩容奠定基础。这些特点使以太坊（Ethereum）不仅是一个加密货币平台，更成为推动Web3.0生态发展的关键基础设施。  发展历程：从「世界计算机」愿景到技术革命 要理解什么是以太坊（Ethereum），必须回溯其诞生背景。2013年，年仅19岁的Vitalik Buterin发表以太坊白皮书，提出「世界计算机」的构想——一个能够运行任意去中心化应用的区块链平台。这一愿景迅速吸引开发者社群，并在2014年通过ICO筹得1850万美元，创下当时的众筹纪录。2015年7月，以太坊（Ethereum）主网上线，首个版本「Frontier」正式启动智能合约功能，开启了区块链技术的新纪元。 此后的技术升级始终围绕「可扩展性、安全性、可持续性」三大目标推进。2022年9月的「合併」是里程碑事件，将共识机制转为权益证明（PoS），使网络能耗降低99%以上，并引入质押经济模型。2024年的「Pectra 2」硬分叉进一步优化网络性能，通过EIP-7623降低区块大小风险，并以EIP-7691提升数据存储效率。这些升级体现了以太坊（Ethereum）技术团队对长期生态建设的承诺，也为其未来十年发展奠定技术基础。 现状与生态：主导区块链应用的多元宇宙 截至2024年，以太坊（Ethereum）已稳居区块链应用生态的领导者地位。其原生代币ETH价格突破4,000美元，市值仅次于比特币，反映出市场对其技术价值的认可。这一增长背后有两大驱动力：技术层面，Layer 2扩容方案（如Arbitrum、Optimism）将交易成本压缩至几美分，解决了早期网络拥堵问题；市场层面，贝莱德等机构申请以太坊现货ETF，推动合规资金入场，香港证券及期货事务监察委员会（SFC）更将ETH纳入合规交易范畴，进一步提升其主流接受度。 在应用生态上，以太坊（Ethereum）复盖了超过70%的DeFi协议和NFT市场。例如，Uniswap日均交易量突破10亿美元，OpenSea成为数字艺术品的主要交易平台，而AAVE等借贷协议则重构了传统金融服务。此外，DAO（去中心化自治组织）的兴起，展现了以太坊（Ethereum）在组织治理领域的颠复性潜力。企业级应用亦逐步落地，IBM与马士基合作的TradeLens平台利用智能合约追踪货物流转，微软Azure则开发供应链审计工具，这些案例验证了以太坊（Ethereum）在传统行业中的技术穿透力。 以太币（ETH）：生态运行的经济引擎 作为以太坊（Ethereum）的原生代币，ETH在生态中扮演多重角色。首先，它是网络运行的「燃料」，用户需支付ETH作为Gas费以执行智能合约或转账，这确保了验证者的经济激励；其次，在PoS机制下，质押ETH可参与网络共识并获得收益，目前质押率超过25%，锁定价值逾千亿美元，为网络安全性提供保障；最后，ETH的经济模型通过EIP-1559燃烧机制增强稀缺性，使其被视为「数字债券」，吸引机构将其纳入资产配置。 ETH的价值不仅体现在交易与投资层面，更在于其支撑生态繁荣的底层逻辑。例如，DeFi协议的流动性挖矿以ETH为核心抵押品，NFT交易则依赖ETH完成所有权转移。这种深度融合，使ETH成为以太坊（Ethereum）生态不可替代的价值载体。 智能合约：重塑信任机制的技术灵魂 若问什么是以太坊（Ethereum）最革命性的贡献，答案无疑是智能合约。这种自动执行的代码协议，彻底改变了传统契约的执行方式。在金融领域，AAVE通过智能合约实现无须託管的借贷，用户抵押资产后可即时获得贷款；在供应链管理中，智能合约记录产品流转过程，提升透明度与可追溯性；在身份认证领域，去中心化身份（DID）系统允许用户自主控制个人数据，打破中心化机构的垄断。 智能合约的普及，使以太坊（Ethereum）成为构建信任机制的技术基础。其影响力早已超越加密货币本身，渗透至社会运作的各个层面。例如，DAO利用智能合约实现社群自治，Gitcoin通过链上资助推动公共产品建设，这些创新验证了以太坊（Ethereum）作为「社会操作系统」的潜力。 合规化进程：从边缘创新到主流接纳 随着生态规模扩大，以太坊（Ethereum）的合规化成为不可忽视的议题。全球监管框架的逐步清晰，为其提供了法律背书：欧洲推出《加密资产市场监管框架》（MiCA），明确将ETH归类为「效用代币」，要求交易所实施KYC与反洗钱措施；香港2024年《稳定币法案》与虚拟资产牌照制度，使OSL等合规平台能安全提供ETH质押服务；美国证券交易委员会（SEC）则将ETH排除于证券范畴，为机构投资铺平道路。 合规化不仅降低监管风险，更吸引保守资金流入。摩根大通与星展银行试水ETH託管，贝莱德申请以太坊ETF，这些举措标誌着传统金融对以太坊（Ethereum）技术的认可。合规进程的深化，为其长期稳定性与主流化渗透提供关键保障。 未来展望：技术扩容与社会使命 展望未来，以太坊（Ethereum）的发展将聚焦三大方向：技术上，分片技术（Sharding）与零知识证明（ZK-Rollups）的结合，有望将交易吞吐量提升至10万笔/秒，彻底解决扩容瓶颈；生态上，合规ETF与央行数字货币（CBDC）的桥接，可能使ETH成为机构投资组合的标准配置；社会层面，通过DAO治理与公共产品资助，以太坊（Ethereum）正探索去中心化社会（DeSoc）的可行性，推动资源分配的公平性。 无论从技术创新还是经济模型来看，以太坊（Ethereum）都将持续引领区块链行业的变革。对投资者与开发者而言，理解什么是以太坊（Ethereum），即是掌握数字经济未来的钥匙。随着技术迭代与监管框架的成熟，以太坊（Ethereum）有望在未来十年成为连接传统金融与Web3.0生态的核心枢纽，重塑全球经济规则。 结语 什么是以太坊（Ethereum）？ 它不仅是一个开源的区块链平台，更是一场重塑全球经济规则的技术运动。从智能合约到DeFi，从NFT到合规化金融工具，以太坊（Ethereum）的每一次进化都在证明：去中心化技术有能力构建更透明、更高效的数字社会。其技术本质与生态扩张，不仅推动了区块链行业的发展，更为人类社会的协作方式提供了全新范式。在这个意义上，以太坊（Ethereum）的终极目标，或许是成为数字时代的「信任基础设施」，让价值与创意在无国界的网络中自由流动。{:}{:en}In the wave of today’s digital economy, Ethereum stands as one of the most influential innovation platforms in the blockchain field. Since its launch in 2015, Ethereum has not only redefined the boundaries of blockchain applications but has also become a global infrastructure for decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts. This article delves into the technical essence, developmental history, ecosystem status, and future potential of Ethereum, revealing how it is gradually transitioning into mainstream markets through regulatory compliance. Technical Essence: A Global Computing Network Beyond Cryptocurrency What is Ethereum? From a technical perspective, it is an open-source blockchain platform designed to enable trustless global computing through smart contracts and decentralized applications (dApps). Unlike Bitcoin, which focuses solely on payment functionality, the core value of Ethereum lies in its high programmability. This capability stems from the design of the Ethereum Virtual Machine (EVM), which allows developers to deploy complex logic programs on the blockchain, supporting diverse applications in finance, gaming, supply chain management, and more. Ethereum’s technical architecture exhibits four defining characteristics. First, its smart contracts enable…...

{:zh}以太坊价格危机：跌入未知领域 本周，以太坊价格成为加密货币市场的焦点，其在2025年3月4日暴跌至2000美元，创下16个月新低。这一剧烈下跌标志着自2023年11月以来关键心理支撑位的失守，令投资者陷入恐慌。作为市值第二大的加密货币，以太坊（ETH）正面临宏观经济压力、技术形态崩坏与系统性市场风险的多重夹击。当前以太坊价格在2000美元关口摇摇欲坠，分析师警告称，若这一关键支撑位失守，可能引发灾难性下跌——跌幅或达90%。 以太坊价格的剧烈波动反映了整个数字资产市场的混乱。过去24小时内，ETH暴跌12.4%，而竞争对手Solana和Cardano跌幅更大，分别达到15%和19%。此次抛售发生之际，美国前总统特朗普意外宣布将把以太坊纳入拟议的国家加密货币储备，但短暂的利好迅速消退，市场重回下跌轨道。这种过山车式的价格波动凸显了市场情绪的脆弱性——即便是地缘政治催化剂也难以抵消压倒性的看空力量。 宏观经济震荡与以太坊价格崩盘 以太坊价格的崩盘与冲击全球市场的宏观经济风暴密不可分。特朗普政府升级的贸易紧张局势——包括对加拿大、墨西哥和中国加征关税——重新点燃了市场对滞胀（经济停滞与通胀并存）的恐惧。加密货币作为高风险投机资产的代表，首当其冲受到避险情绪冲击。而以太坊价格因其机构持仓集中的特性，对财政政策与资本流动的变化尤为敏感。 雪上加霜的是，美国国债收益率本周飙升至5.8%，创2007年以来新高。随着债券等传统“安全资产”吸引避险资金，机构投资者正从以太坊等高风险资产中撤出。Wincent资产管理公司的保罗·霍华德指出：“美联储在顽固通胀下拒绝降息，导致流动性紧缩。投资者正在解除加密货币、股票和大宗商品的杠杆头寸——以太坊恰好处于这场风暴的中心。” 巨鲸清算与以太坊价格的连锁效应 链上数据揭示了另一股推动以太坊价格下跌的隐秘力量：巨鲸的协同清算。区块链分析公司CryptoQuant报告显示，2月初交易所的ETH储备量攀升至1620万枚，创12个月新高，预示大额持有者的抛售准备。本周这一抛压加速，衍生品平台上超过1.68亿美元的ETH多头头寸遭强制平仓。 以太坊价格的暴跌重现了此前加密寒冬的模式：连环清算引发自我强化的下跌螺旋。当杠杆多头头寸被强制关闭时，交易所会自动在流动性不足的市场抛售抵押的ETH，进一步加剧价格下跌。这种恶性循环正将以太坊价格推向关键的技术阈值。BitMEX衍生品交易员Clara Wu解释道：“巨鲸正在狙击散户投资者。他们策略性地在2100美元下方触发止损单，以制造最大程度的恐慌性抛售。” 技术面末日：笼罩以太坊价格的双顶形态 技术分析师警告，以太坊价格图表已形成灾难性的双顶形态——这一看跌反转形态的根源可追溯至2024年的牛市。该形态在2024年第一季度和第三季度形成的两个4000美元附近的峰值，如今成为多头未兑现承诺的残酷见证。随着以太坊价格在2025年1月跌破2800美元的颈线位，该形态的量度目标指向174美元——较当前价格跌幅达91.6%。 尽管考虑到以太坊的机构采用，如此极端情景看似不太可能，但技术破位已使过去16个月的横盘整理宣告失效。关键支撑位现下移至1540美元（2023年低点）和1000–1070美元（2022年熊市底部）。以太坊价格的周线相对强弱指数（RSI）为28，确认超卖状态，但MACD等动量指标尚未出现看涨背离。资深图表分析师彼得·勃兰特警告：“除非ETH收复2800美元，否则任何反弹都只是死猫跳。” 以太坊的生存危机：竞争与网络衰退 除外部压力外，以太坊价格还面临区块链生态内部的生存威胁。Solana和Avalanche等竞争对手利用以太坊长期存在的扩容问题，以近乎零费用提供更快交易。Artemis Data数据显示，Solana的日活跃地址数现已超过以太坊380%——这与2023年的市场格局形成惊人逆转。甚至以太坊为缓解拥堵设计的Layer-2生态系统，也在无意中削弱了对ETH gas费的需求。 以太坊网络在2022年转向权益证明（PoS）时，曾试图通过燃烧交易费实现通缩模型。但自2024年4月以来，ETH流通量增长0.37%至1.2059亿枚，与“合并”后的通缩趋势背道而驰。这种通胀趋势，叠加去中心化金融（DeFi）总锁仓价值（TVL）较2024年高点下跌62%，正在瓦解以太坊价格上涨的基本面逻辑。 复苏之路：以太坊价格能否逆风翻盘？ 尽管前景黯淡，仍有多个催化剂可能逆转以太坊价格跌势。交易所储备量自2月以来下降11%，表明长期持有者正在吸筹。EIP-7781等提案计划将gas费降低80%并重启通缩燃烧机制——这或成为网络经济模型的转折点。 机构兴趣仍是未知数。贝莱德于2024年12月获批的以太坊现货ETF虽经历赎回，仍录得21亿美元资金流入。ARK Invest创始人Cathie Wood认为：“以太坊正在成为Web3的TCP/IP协议。其价格波动掩盖了财富500强企业不可逆转的采用趋势。”技术派交易员指出，若周线收于2800美元上方，将否定看跌形态，可能引发空头回补推动价格涨至3500美元。 结语：站在历史十字路口的以太坊价格 以太坊价格危机不仅是一次常规市场调整，更是对智能合约范式的压力测试。当ETH为守住2000美元而战时，其结果将决定去中心化网络能否抵御宏观经济飓风与技术颠覆。对投资者而言，此刻需深入研究链上数据、政策动向与市场结构变化。尽管前路风险重重，但以太坊在区块链基础设施中的 entrenched position 地位表明，关于其消亡的预言或许为时过早。以太坊价格仍可能书写逆转故事，但首先必须穿越技术与基本面挑战交织的荆棘之路。{:}{:en}The Ethereum Price Crisis: A Descent into Uncharted Territory The Ethereum price has become the focal point of cryptocurrency markets this week, plunging to a staggering 16-month low of 2,000onMarch4,2025.ThisdramaticdownturnmarksacriticaltestofpsychologicalsupportlevelsnotseensinceNovember2023,leavinginvestorsscramblingforanswers.Thesecond−largestcryptocurrencybymarketcapitalization,Ethereum(ETH),nowfacesaconfluenceofmacroeconomicpressures,technicalbreakdowns,andsystemicmarketrisksthatthreatentounravelyearsofprogress.WiththeEthereumpriceteeteringprecariouslyabove2,000onMarch4,2025.ThisdramaticdownturnmarksacriticaltestofpsychologicalsupportlevelsnotseensinceNovember2023,leavinginvestorsscramblingforanswers.Thesecond−largestcryptocurrencybymarketcapitalization,Ethereum(ETH),nowfacesaconfluenceofmacroeconomicpressures,technicalbreakdowns,andsystemicmarketrisksthatthreatentounravelyearsofprogress.WiththeEthereumpriceteeteringprecariouslyabove2,000, analysts warn of catastrophic downside scenarios—including a potential 90% collapse—if this critical support fails to hold. The volatility surrounding the Ethereum price reflects broader chaos in digital asset markets. Over a 24-hour period, ETH plummeted 12.4%, while competitors like Solana and Cardano suffered even steeper declines of 15% and 19%, respectively. This sell-off occurred despite a fleeting rally triggered by former U.S. President Donald Trump’s unexpected endorsement of Ethereum as part of a proposed national cryptocurrency reserve. The whipsaw price action underscores the fragility of market sentiment, where even geopolitical catalysts struggle to counterbalance overwhelming bearish forces. Macroeconomic Tremors and the Ethereum Price Collapse The Ethereum price collapse cannot be disentangled from the broader macroeconomic storm battering global markets. Escalating trade tensions under the Trump administration—including aggressive tariffs on Canada, Mexico, and China—have reignited fears of stagflation, a scenario where sluggish economic growth coincides…...

{:zh}3 月 4 日，以太坊跌破自 2023 年 11 月以来的年底新低至 1,996 美元，这一暴跌直接让其衍生品市场蒸发了 1 亿美元，同期全网未平仓合约下降约 10.31%。如此剧烈的回调让市场投资者对以太坊的未来产生了较大的悲观情绪，牛市后期，以太坊还有回涨的希望吗？ IntoTheBlock 研究分析师 Gabriel Halm 认为，尽管以太坊在本轮牛市中的表现一直不佳，但其即将到来的 Pectra 升级仍有可能缓解 ETH 的市场抛压，从而推高其交易价格。 数据显示，从 2024 年 12 月 1 日至 2025 年 3 月 4 日的 78 天内，以太坊价格近乎腰斩，其市值更是蒸发了 2,500 亿美元以上。如此巨额的跌幅通常会发生在小币种之中，像以太坊这样体量的龙头项目出现这样的情况是十分罕见的。这一长期下行的趋势大大削弱了投资者信心，从而让其市场地位快速下降，价格的波动也日益加剧。 IntoTheBlock 平台数据显示，目前仅有 26% 的 ETH 地址（总计持有 3692 万枚 ETH）仍处于盈利状态，而多达 70% 的持币地址处于亏损状态，仅有 4.46% 的地址实现了盈亏平衡。这些数据反映出以太坊近期严重的下跌，对投资者造成了重大打击，并让多数的持币者开始面临财务压力。 从技术角度来看，以太坊周收盘价跌破了自 2022 年 6 月以来持续 980 天的上升趋势，暗示着该市场可能会出现长期趋势反转。同时，相对强弱指数（RSI）已跌至多年低点，进一步加强了市场的看跌结构。不过，极端低位的 RSI 可能表明卖压正在减弱，短期内以太坊价格或将迎来新的反弹行情。{:}{:en}On March 4th, Ethereum fell below its year-end low since November 2023, dropping to $1,996. This sharp decline directly wiped out $100 million from its derivatives market, with the total open interest across the network decreasing by approximately 10.31% during the same period. Such a significant correction has led to increased pessimism among market investors regarding Ethereum's future. As the bull market enters its later stages, is there still hope for Ethereum to rebound? Gabriel Halm, a research analyst at IntoTheBlock, believes that although Ethereum has underperformed in this bull market, its upcoming Pectra upgrade could potentially alleviate selling pressure on ETH, thereby driving up its trading price. Data shows that over the 78-day period from December 1, 2024, to March 4, 2025, Ethereum's price nearly halved, and its market capitalization evaporated by over $250 billion. Such a massive drop…...