ETH spot capital is currently buying the dip, showing as “impulsive rebounds” on the candlestick chart, but all of it is in vain. Neither the long-term logic (Fed balance sheet reduction, the Clear Act being delayed) nor the short-term logic (the outlook for US-Iran negotiations is not optimistic and has even worsened) supports the rebound. The bottom is far from being in, and the mid-term target of breaking 1500 remains unchanged. Continue shorting from high levels.