July 21 ETH:

Yesterday, ETH held range-bound fluctuations. Today, it will continue to wait for a breakout from the range.

On the fundamentals, on one hand, the U.S. launched its 10th airstrike on Iran, aiming to further weaken Iran’s military capability used to attack commercial vessels in the Strait of Hormuz; after midnight, Iran said that a mediator proposed a 10-day ceasefire between the U.S. and Iran to seek the resumption of implementing the memorandum of understanding. Iran’s Ministry of Foreign Affairs confirmed receipt of the mediator’s proposal. On the other hand, the U.S. June Conference Board Leading Economic Index year-over-month was below expectations, which also supports upward movement in the market.

On the technical side, the 4-hour oscillating upward trend has not changed. Based on the current price action, to keep the bullish uptrend moving higher, the market needs acceleration; today, focus on whether the 4-hour level 1929 can hold. On the hourly chart, price is testing major resistance. The short-term resistance 1918 has already been broken, suggesting further upside potential, while the short-term bull-bear turning point is 1894.

For trading, if the 4-hour candle closes firmly at 1929 and opens long, set a stop-loss at 1900, with targets at 1946, 1994, and 2037. If the breakout attempt fails, then if it falls below 1884, go short, set a stop-loss at 1910, with targets at 1865 and 1807.

For specific trading guidance, tune in to the evening livestream for explanations!