Crypto Market Analysis

加密貨幣市場分析

The leading cryptocurrency, Bitcoin, has fallen for four consecutive days, disrupting the bullish sentiment initiated by Ethereum earlier this week amidst the development of Spot ETH ETF. The U.S. Securities and Exchange Commission (SEC) has recently approved Form 19b-4 applications for eight notable Ethereum exchange-traded funds (ETFs), as reported by Wu Blockchain.

領先的加密貨幣比特幣已連續四天下跌，擾亂了以太坊本週早些時候在現貨 ETH ETF 發展過程中發起的看漲情緒。根據 Wu Blockchain 報導，美國證券交易委員會 (SEC) 最近批准了八隻著名以太坊交易所交易基金 (ETF) 的 19b-4 表格申請。

Spearheaded by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton, these ETFs are yet to activate their S-1 registration statements before trading can commence. Although the timeline for this final approval phase remains uncertain, Bloomberg analyst James Seyffart estimates that the process could span several weeks. This development marks a significant step forward in the integration of cryptocurrency into mainstream financial services.

這些 ETF 由 BlackRock、Fidelity、Grayscale、Bitwise、VanEck、Ark、Invesco Galaxy 和 Franklin Templeton 等行業巨頭帶頭，在交易開始前尚未激活其 S-1 註冊聲明。儘管最終批准階段的時間表仍不確定，但彭博分析師 James Seyffart 估計該過程可能會持續數週。這一發展標誌著加密貨幣融入主流金融服務邁出了重要一步。

Thus, the ETH price shows notable resilience; the $3650 level of other altcoins like Pepe coin (PEPE) and Lido DAO (LDO) signals an opportunity for a prolonged rally.

因此，ETH 價格表現出顯著的彈性； Pepe coin (PEPE) 和 Lido DAO (LDO) 等其他山寨幣的 3650 美元水準標誌著長期反彈的機會。

1) Ethereum (ETH)

1）以太坊（ETH）

Ethereum is a decentralized, open-source blockchain system that features its own cryptocurrency, Ether (ETH). It stands out as a foundational platform in the blockchain ecosystem due to its pioneering of smart contracts—self-executing contracts with the terms of the agreement directly written into code.

以太坊是一個去中心化的開源區塊鏈系統，擁有自己的加密貨幣以太幣（ETH）。它因其開創了智能合約（將協議條款直接寫入程式碼的自動執行合約）而成為區塊鏈生態系統中的基礎平台。

Last week, Ethereum (ETH) began its recovery phase after a strong bounce from the $2860 monthly support level. This bullish reversal led to a more than 30% increase in its value, with the coin now trading at around $3696. Concurrently, Ethereum's market capitalization rose to $443.6 billion. This recovery gained notable momentum following the development around Spot ETH ETF.

上週，以太幣 (ETH) 從 2860 美元的月度支撐位強勁反彈後開始了復甦階段。這種看漲逆轉導致其價值上漲超過 30%，目前該代幣的交易價格約為 3,696 美元。同時，以太坊市值升至 4,436 億美元。隨著現貨 ETH ETF 的發展，這種復甦獲得了顯著的動力。

While the broader market showed a notable sell-off this week, the ETH price sustained above $3650 indicating the active buying pressure from below. The aforementioned level may act as a suitable support for ETH to push its next recovery leap to $4090, followed by $4430.

儘管本周大盤出現明顯拋售，但 ETH 價格維持在 3650 美元上方，表明下方存在積極的買盤壓力。上述水平可能會成為 ETH 的合適支撐，推動其下一次反彈躍升至 4090 美元，隨後是 4430 美元。

2) Pepe Coin (PEPE)

2）佩佩幣（PEPE）

Pepe Coin (PEPE) is a cryptocurrency that capitalizes on the viral internet character Pepe the Frog, positioning itself within the meme coin category alongside others like Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, which is known for its security provided by the Proof-of-Stake consensus mechanism.

佩佩幣（PEPE）是一種加密貨幣，利用了病毒性網路人物佩佩青蛙，將自己與狗狗幣和柴犬等其他貨幣一起定位在模因幣類別中。 PEPE 作為以太坊區塊鏈上的 ERC-20 代幣運行，以太坊區塊鏈以其由權益證明共識機制提供的安全性而聞名。

The PEPE price has been riding a steady rally for the past six weeks under the influence of an ascending trendline. A recent reversal from this support on May 20th has propelled the asset 54% to trade at the $0.0000138 mark currently. As per CoinMarketcap, the Pepe coin holds a market cap of $5.93 Billion, while the 24-hour trading volume is at $3.9 Billion.

過去六週，在上升趨勢線的影響下，PEPE 價格一直穩定上漲。最近 5 月 20 日這一支撐位的逆轉已推動該資產 54% 目前交易至 0.0000138 美元大關。根據 CoinMarketcap 的數據，佩佩幣的市值為 59.3 億美元，而 24 小時交易量為 39 億美元。

The Support/Resistance indicator— Pivot level shows the rising PEPE price may witness overhead supply at $0.0000165 and $0.0000189, while the support levels are at $0.0000108, and $0.00000109.

支撐/阻力指標 — 樞軸水平顯示 PEPE 價格上漲可能會出現 0.0000165 美元和 0.0000189 美元的間接供應，而支撐位為 0.0000108 美元和 0.00000109 美元。

3) Uniswap (UNI)

3）Uniswap（UNI）

Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating automated trading of decentralized tokens on the Ethereum blockchain. It distinguishes itself through the use of a unique trading model called an automated liquidity protocol, where users pool their assets to form liquidity pools.

Uniswap (UNI) 是一種領先的去中心化金融 (DeFi) 協議，以促進以太坊區塊鏈上去中心化代幣的自動交易而聞名。它透過使用一種稱為自動流動性協議的獨特交易模型而脫穎而出，在該模型中，用戶匯集其資產以形成流動性池。

Over the last five weeks, the UNI price has predominantly fluctuated within a narrow range between $8.35 and $6.6. This lateral movement occurs at a critical support juncture, marked by the 78.6% Fibonacci retracement level and an ascending trendline (illustrated by the blue line), signaling a significant accumulation zone.

過去五週，UNI 價格主要在 8.35 美元至 6.6 美元之間的窄幅波動。這種橫向運動發生在關鍵支撐位，以 78.6% 斐波那契回檔位和上升趨勢線（如藍線所示）為標誌，標誌著一個重要的吸籌區。