The medium- to long-term trend of ETH remains upward, supported by a 15%+ 90-day increase, daily bullish alignment, continuous ETF inflows, and large-scale accumulation by BitMine. However, short-term overbought signals combined with Bollinger Band narrowing indicate an imminent reversal, plus the large transfer of ETH from whales to exchanges suggests the possibility of a pullback or sharp volatility in the near term. If holding a position, it is recommended to watch the support around the 2,300 level; if planning to enter, it would be more prudent to wait until the narrowing band volume expands and the direction becomes clear.