The US-Iran negotiations have shifted from “Pakistan” to “Switzerland,” and then from “Switzerland” to “Doha,” but neither side has resolved a single issue (the issue of Israel’s troop withdrawal, the issue of strait tolls, the nuclear issue, and the issue of asset unfreezing). Iran currently no longer cares what the United States says or does; it has “done its own thing,” convinced that the US does not dare to strike. The US’s “appeasement policy” has only fueled Iran’s ambitions. Iran has seen through “Trump’s appeasement stance,” and for now its negotiation posture is even more hardline. The US-Iran “Doha, Qatar negotiations” on the 30th are destined to fail!

Around 0:26 on the night session of the 30th, ETH saw a burst of upside move under the impact of the news that “Iran dispatched an expert delegation to Doha,” but everything proved futile. The long-term logic (the Fed reducing its balance sheet) and the short-term logic (the US-Iran Doha negotiations are not optimistic) both do not support a rebound. The 1620-1636 range is an excellent high-altitude position, and the medium-term goal of breaking below 1500 remains unchanged.