July 21 Trading Plan:

Yesterday, ETH remained in range-bound consolidation. Today, we will continue to wait for a breakout from the range.

On the fundamentals: on one hand, the US carried out its 10th airstrike on Iran, aiming to further weaken Iran’s military capabilities used to attack commercial vessels in the Strait of Hormuz; after midnight, Iran said the mediator proposed a 10-day US-Iran ceasefire to seek resumption of implementing the memorandum of understanding. Iran’s Ministry of Foreign Affairs confirmed it received the mediator’s proposal. On the other hand, the US June Conference Board Leading Economic Index’s month-over-month change came in below expectations, which also supports the market’s upward move.

On the technical side, the 4-hour choppy uptrend has not changed yet. Based on the current price action, for the bullish move to continue rising, we need an acceleration. Today’s key focus is whether the 4-hour level 1929 can hold steady; on the hourly chart, the price is testing the main resistance. The short-term resistance 1918 has already been broken, and it may push higher further, while the short-term bullish/bearish turning point is 1894.

For trades: if the 4-hour candle closes strong at 1929, go long with stop loss at 1900. Targets: 1946, 1994, 2037. If the breakout attempt fails, short below 1884 with stop loss at 1910. Targets: 1865, 1807.