Currently, Ethereum (ETH) is trading within the range of $2,200 to $2,450 with intense bulls and bears competition. After rising to $2,450 in mid-April, it pulled back, with the current price around $2,300. International geopolitical and policy developments are dominating short-term trends: the fluctuating Middle East situation, setbacks in US-Iran negotiations triggering risk aversion, causing ETH to plunge in the short term; expectations of Fed rate cuts cooling down and a strengthening dollar suppress rebound potential; US ETF capital inflows and regulatory compliance expectations (such as the "CLARITY Act" classifying ETH as a commodity) provide support.

Technical signals are mixed: the daily MACD red histogram continues to shorten, DIF and DEA are approaching a death cross, indicating weakening upward momentum; the 4-hour MACD has already formed a death cross, with increasing green bars, showing clear short-term correction pressure. In terms of volume, during upward movements, volume is insufficient; during pullbacks, volume increases, indicating weak buying and heavy selling pressure, with fierce competition at the $2,300 level. Overall, ETH is short-term oscillating with a bias toward bearishness, with attention needed on the $2,270 support and $2,400 resistance. International developments and volume changes will determine the breakout direction.