Ethereum risks ‘bull trap’ after 25% ETH price rebound
The first among these indicators is a “rising wedge,” a classic bearish reversal setup that forms after the price trends upward inside a range defined by two ascending but converging trendlines. The wedge setup gains further confirmation if the trading volume drops alongside the rising prices.
Hence, its interim bias appears to the downside, with a decisive breakdown below the lower trendline risking a decline toward the $870-$950, depending on where the breakdown begins.Notably, Ether-related investment products witnessed outflows worth $70 million in the week ending June 17, according to data fetched by CoinShares.Notably, this was the eleventh-straight week of capital withdrawals, bringing the year-to-date outflow total to $458.6 million.
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