Circumcision is described as “that done in the body by the hands of men”.
It signified faith and the righteousness of Christ that is imputed or credited to believers in Christ (Rom. 3:21-22, 4:3-24),
who said the world would recognize believers by their love and unity (John 13:35, 17:20-23).
Thus, a hateful and divisive spirit (1John 4:19-21, Tit. 3:10-11) is a spiritual cancer in the body of Christ,
which is not an honorable part (1Cor. 12:12-26) but rather will be cut off by the right hand of God
(Matt. 3:8-10, Rom. 11:20-22, Mark 12:36, Rev. 19:11-16).
It signified faith and the righteousness of Christ that is imputed or credited to believers in Christ (Rom. 3:21-22, 4:3-24),
who said the world would recognize believers by their love and unity (John 13:35, 17:20-23).
Thus, a hateful and divisive spirit (1John 4:19-21, Tit. 3:10-11) is a spiritual cancer in the body of Christ,
which is not an honorable part (1Cor. 12:12-26) but rather will be cut off by the right hand of God
(Matt. 3:8-10, Rom. 11:20-22, Mark 12:36, Rev. 19:11-16).
But now in Christ Jesus you, the ones once being (ὄντες, ontes, present indicative participle) far off are/were made (ἐγενήθητε, egenEthEthe, aorist passive deponent indcative) nigh by the blood of Christ.
νυνὶ δὲ ἐν Χριστῷ Ἰησοῦ ὑμεῖς οἵ ποτε ὄντες μακρὰν ἐγγὺς ἐγενήθητε ἐν τῷ αἵματι τοῦ Χριστοῦ
Eph 2:14 For he is ( ἐστιν, estin, present indicative) our peace, the one after making (ποιήσας, poiEsas, aorist active participle) both one, and after breaking down (λύσας, lusas, aorist active participle) the middle wall of partition between us;
Αὐτὸς γάρ ἐστιν ἡ εἰρήνη ἡμῶν ὁ ποιήσας τὰ ἀμφότερα ἓν καὶ τὸ μεσότοιχον τοῦ φραγμοῦ λύσας
Eph 2:15 After abolishing (καταργήσας, katargEsas, aorist active participle) in his flesh the enmity, even the law of commandments contained in ordinances; in order that (ἵνα, hina ) he should make (κτίσῃ, ktisEi, aorist active subjunctive) in himself of twain one new man, while making (ποιῶν, poiOn, present active participle) peace;
τήν ἔχθραν ἐν τῇ σαρκί αὐτοῦ τὸν νόμον τῶν ἐντολῶν ἐν δόγμασιν καταργήσας ἵνα τοὺς δύο κτίσῃ ἐν ἑαὐτῷ εἰς ἕνα καινὸν ἄνθρωπον ποιῶν εἰρήνην
Eph 2:16 And so that (ἵνα, hina) he might reconcile (ἀποκαταλλάξῃ, apokatallaxEi, aorist active sunjunctive) both unto God in one body by the cross, after slaying (ἀποκτείνας, apokteinas, aorist active participle) the enmity in/by means of these things (ἐν αὐτῷ, en autOi) :
καὶ ἀποκαταλλάξῃ τοὺς ἀμφοτέρους ἐν ἑνὶ σώματι τῷ θεῷ διὰ τοῦ σταυροῦ ἀποκτείνας τὴν ἔχθραν ἐν αὐτῷ
Eph 2:17 And after coming (ἐλθὼν, elthOn, aorist active participle) he preached (εὐηγγελίσατο, euEggelisatO, aorist active indicative) peace to/for you (ὑμῖν, humin, dative plural), to /for the far off ones (τοῖς μακρὰν, tois makran, dative plural) , and to/for the near ones (τοῖς ἐγγύς, tois eggus, dative plural).
καὶ ἐλθὼν εὐηγγελίσατο εἰρήνην ὑμῖν τοῖς μακρὰν καὶ τοῖς ἐγγύς·
My paraphrase of what I think the Greek text is saying -
But now in Christ Jesus you, those at one time being far off from God are made near by means of the blood of Christ.
After making the two one, and after breaking down the dividing wall between us, He is now our peace-maker.
After abolishing within his own flesh the enmity-maker between Jew and Gentile, even the commandments contained in the old covenant ordinances - so that he would make in Himself of both one new man, making peace at the same time, and so that he would reconcile both to God in a single body through the cross, after slaying the enmity-maker by these means - and after coming/appearing in His risen glory, he preached peace for/between you Gentiles and the Jews, for/between the ones previously far off from Him and the ones previously near to Him.
1. The present participle describes an action or state that is so at the same time as its main governing verb, so "while -ing".
The aorist participle describes and action or state that happened before the time of its main governing verb, so "after -ing".
2. The blood of Jesus deals equally with the sins of both Jews and Gentiles, bringing both equally near to God.
3. There is a contrast between peace and enmity. Jesus is our peace where the commandments contained in the Old Covenant ordinances had been a dividing wall of enmity. Peace is used to imply peace-maker. And enmity stands likewise for enmity-maker.
4. Jesus was physically a Jew, but also physically a Gentile. he had inherited genetic aspects from both sides.
5. Jesus lived embodying this distinction between Jews and Gentiles. He was sent only to the lost sheep of the House of Israel. He lived by Jewish customs. He identified with Jews and kept the Jewish Law because of His Jewish side, and He identified with and fellowshipped with Gentiles because of His Gentile side.
5. He died while both these sides were distinct from one another within Him, but He rose no longer embodying this distinction removed, as a single second Adam, recognising in His body only the human race.
6. The dative cases in v. 17 could be understood as for rather than to, so that Paul is speaking of peace for the Gentiles and Jews relationally, peace with each other, rather than peace with God for Jews, and peace with God for the Gentiles individually. A double entendre could be intended here, including both senses.