ETH is currently in a critical pattern of short-term overbought rally + daily divergence confirmation + Bollinger Bands narrowing indicating an imminent trend reversal:

Bullish scenario: If volume breaks above $2,340 and stabilizes, then breaks through $2,384–$2,400, the trend can be confirmed as turning bullish, with targets of $2,473–$2,623, and long-term $3,000+. Continuous ETF inflows + BitMine accumulation + DeFi self-healing provide fundamental support for the bulls.
Bearish scenario: 15-minute/4-hour overbought + daily MACD divergence at the top + resistance at $2,340 not broken, if $2,300–$2,316 is lost, the downside targets are $2,250–$2,280 → $2,170–$2,200, with an extreme at $2,111. The downward acceleration may occur after Bollinger Bands narrow and turn downward.
Trading suggestions:
Maintain a wait-and-see cautious bearish stance above $2,300: 15-minute/4-hour overbought + daily divergence at the top, chasing longs is risky.
Watch for a breakout above $2,340: Volume breakout of this level is the first step to short-term strength, but further breakthrough of $2,384–$2,400 is needed to confirm trend reversal.
$2,300–$2,316 is a short-term retest zone: If the price stabilizes in this area with buying support, consider a small long position, with a stop loss below $2,280.
If $2,300 is lost, switch to a bearish outlook: targets are $2,250–$2,280, with a stop loss at $2,320.
Bollinger Bands narrowing indicating an imminent trend reversal: a directional breakout may occur in the next 1–3 days, closely monitor volume changes—breakout upward with volume supports longs, breakdown downward with volume supports shorts.
Weekend low liquidity: volatility may increase but the probability of directional breakout decreases, recommend light positions and strict stop losses.