Ethereum showed limited volatility in the early morning hours, remaining within a narrow range between 2300 and 2340 USD. Although the price stabilized above the 2300 level again in the morning and briefly touched 2340 USD, it quickly reversed and declined, indicating that bulls lacked sufficient momentum to push higher. Currently, the 4-hour candlestick chart shows consecutive long upper shadows, reflecting significant selling pressure near 2340 USD, with repeated attempts to break through failing to establish a foothold.

From a technical perspective, the MACD lines are approaching each other above the zero line, with the histogram gradually shrinking, suggesting that upward momentum is weakening. If the price does not see a volume-driven surge to push higher, the indicators could form a death cross at any time, signaling a bearish trend. The current price center of gravity has slightly shifted downward, and short-term moving averages are beginning to flatten. After multiple failed attempts to advance, the consolidation range may easily turn into a short-term top.

The first key support level to watch is the 2300 USD round number. If this level is broken quickly, the price may seek support around 2280 USD. Overall, before a volume breakout above 2340 USD occurs, the market sentiment favors the bears, and short-term traders should be cautious of the risk of a quick rise followed by a pullback.