Step 1: Let \(|z|=r\).
Given,
\[
\left|z+\frac{2}{z}\right|=2.
\]
Let
\[
|z|=r,\qquad r>0.
\]
Using triangle inequality,
\[
\left|z+\frac{2}{z}\right|
\geq
\left||z|-\left|\frac{2}{z}\right|\right|.
\]
Since
\[
\left|\frac{2}{z}\right|=\frac{2}{|z|}=\frac{2}{r},
\]
we get
\[
2\geq \left|r-\frac{2}{r}\right|.
\]
Step 2: Solve the inequality.
\[
\left|r-\frac{2}{r}\right|\leq 2.
\]
So,
\[
-2\leq r-\frac{2}{r}\leq 2.
\]
Since \(r>0\), multiply by \(r\):
\[
-2r\leq r^2-2\leq 2r.
\]
From
\[
r^2-2\leq 2r,
\]
we get
\[
r^2-2r-2\leq 0.
\]
Solving,
\[
r=1\pm \sqrt{3}.
\]
This gives the upper bound
\[
r\leq 1+\sqrt{3}.
\]
But this is only a necessary bound from triangle inequality. We need the exact maximum.
Step 3: Use argument representation.
Let
\[
z=re^{i\theta}.
\]
Then
\[
\frac{2}{z}=\frac{2}{r}e^{-i\theta}.
\]
So,
\[
z+\frac{2}{z}
=
re^{i\theta}+\frac{2}{r}e^{-i\theta}.
\]
Its modulus squared is
\[
\left|z+\frac{2}{z}\right|^2
=
r^2+\frac{4}{r^2}+4\cos 2\theta.
\]
Given modulus is \(2\), so
\[
r^2+\frac{4}{r^2}+4\cos 2\theta=4.
\]
Step 4: Find possible values of \(r\).
Since
\[
-1\leq \cos 2\theta\leq 1,
\]
we need
\[
-1\leq \frac{4-r^2-\frac{4}{r^2}}{4}\leq 1.
\]
The important condition for existence is
\[
r^2+\frac{4}{r^2}-4\leq 4.
\]
Thus,
\[
r^2+\frac{4}{r^2}\leq 8.
\]
Multiplying by \(r^2\),
\[
r^4-8r^2+4\leq 0.
\]
Let
\[
u=r^2.
\]
Then,
\[
u^2-8u+4\leq 0.
\]
Solving,
\[
u=4\pm 2\sqrt{3}.
\]
Thus,
\[
r^2\leq 4+2\sqrt{3}.
\]
Therefore,
\[
r\leq \sqrt{4+2\sqrt{3}}.
\]
Now,
\[
4+2\sqrt{3}=(\sqrt{3}+1)^2.
\]
So,
\[
r\leq \sqrt{3}+1.
\]
Step 5: Final conclusion.
Therefore, the maximum value of \(|z|\) is
\[
\boxed{\sqrt{3}+1}
\]