Ethereum surged to 2385.78 before facing resistance at the upper band, forming a stagnation-type K-line at high levels with significantly weakened bullish momentum.

The deviation between short-term and mid-term moving averages is quite large, with MA7 showing signs of turning, indicating a strong technical pullback demand, with the middle band serving as a key support level.

Short-term profit-taking intentions are increasing, trading volume at high levels continues to decline, retail investors are exiting, and there is insufficient bullish momentum to support further gains.

The Federal Reserve's rate cut expectations have been delayed, the US dollar remains relatively strong, market risk appetite is decreasing, overall crypto market sentiment is cautious, and the rebound potential is limited.

The market is entering a phase of cyclical retreat, with a clear short-term bearish trend. Focus on the support zone between 2300 and 2308; if this support is broken, the target shifts toward around 2274.

Trading suggestion: Short positions within the 2385–2415 range, with targets around 2300–2200.