Ethereum is currently in a sideways state at the 1-2 hour level, indicating that the market is in a wait-and-adjust phase. During the night, the top of the sideways range at 2389 and the bottom at 2300 will become key turning points for Ethereum's trend.

The market will turn downward, leading to a pullback at the 1-hour level. At this time, the support levels below at 2260, 2203, and 2156 will become Ethereum's defensive lines, and it is crucial to closely monitor the strength of support at these levels to assess the depth of the market decline and the extent of the adjustment.

The current price of Ethereum at 2300 suggests taking a small short position.