July 27 ETH

Yesterday, after consolidating, ETH surged rapidly higher and is now facing a challenge near the prior high.

On the fundamentals, Trump ordered the U.S. military to stop launching new airstrikes on Iran, ending the earlier streak of daily strikes that had continued for nearly two weeks, totaling 13 days. Iran also said that because the U.S. had not attacked the country in the past two nights, it has stopped retaliatory strikes, and Iran’s actions are currently paused. Crude oil fell sharply, while major currencies rebounded higher. Afterwards, when Trump spoke about Iran, he said that if we can’t get 100% of what we want from Iran, we will absolutely consider resuming full-scale war.

On the technicals, after a strong rebound from the lows yesterday, the 4-hour chart has returned to consolidating within the larger range. Price is pressured around the 1965 prior-high area above, but since the space trendline level has currently held above the 1940 resistance level, the market is already more biased to the upside, waiting for another confirmation signal. On the hourly chart, the upswing of the wave that formed from the 1851 low has not yet been broken; whether short-term longs can continue depends on whether the 1910 key support level can be broken down.

In terms of trading, go long on a 4-hour close above 1965, with a stop loss at 1930 and targets at 2041 and 2212; if the hourly chart breaks below 1910, take a short, with a stop loss at 1933 and a target at 1869.