July 17 ETH

Yesterday, after trading sideways at a high level, ETH price dropped. Today, it will test the final line of defense for the bulls.

On the fundamentals side, the U.S. Central Command has completed the latest large-scale strike operation against Iran. The U.S. military deployed aircraft, drones, and warships, firing precision-guided weapons to hit dozens of Iranian military targets, including coastal surveillance and air defense positions, military logistics infrastructure, and facilities related to maritime combat capabilities. On the other hand, Federal Reserve officials said that the one-month CPI inflation decline is “not enough.” “Moderately raising” interest rates would better balance prospects and risks.

On the technical side, after the 4-hour price stabilized around 1905—a medium-to-long-term resistance level—it returned to the broader range of consolidation. The support level corresponding to the upward oscillation trend since the rebound from the 1512 low is around 1813, which is also the most critical level in the near term for whether price can rise again. If it breaks, it will revert to the weak adjustment range. On the hourly chart, the 1750-1945 range ended, forming a deep adjustment. Near-term support at 1845 is the former high support level, and there is still room for downside adjustment below.

For trading: if the price first rebounds, look for short opportunities, mainly focusing on the 1895 resistance. If the price first falls, look for long signals around 1813. For now, with the market currently in mild consolidation, stay on the sidelines temporarily. The specific strategy will be provided later. Trading details will be explained in the evening livestream!