$ETH - The price has bounced on the low timeframes, however it has still rejected at the lost high-timeframe support range marked in purple, which has been a strong reversal spot over the last couple of months and, over the last couple of weeks, a strong rejection point.

Because of this, I still haven’t scaled out of my hedges and remain prepared for further downside until the price manages to durably break back above and reclaim this lost high-timeframe support range.
Until that happens, I remain conservative and cautious with my approach.
Once the price breaks above this range, that will be my signal to scale out of my hedges and rotate capital back into my spot holdings in order to position for a continuation to the upside.