The Ethereum Bull Party Has Ended (8H)Ethereum / TetherUS PERPETUAL CONTRACTBINANCE:ETHUSDT.PbehdarkAttention: We are changing our outlook on Ethereum! Before anything else, you should know that the complexity of Ethereum’s chart in this area is higher than before. Market sentiment is currently bullish, which is usually a good opportunity for major players to offload their positions while many retail—and even large—traders become liquidity for exchanges. With the recent 4-hour engulfing candle, we were forced to reassess Ethereum’s structure. In truth, such a candle should not have occurred in a clean bullish continuation. After a strict re-evaluation of Ethereum’s chart, we identified another active scenario: a broadening wedge pattern that appears to have reached its completion. If you look at the trendline, you can see a clear fakeout, followed by a double top on the chart. All of these are bull traps. This scenario will be invalidated if the invalidation level is touched. In other words, as long as the price remains below the invalidation level, the outlook stays strongly bearish. This scenario will be invalidated if the invalidation level is touched. In other words, as long as the price remains below the invalidation level, the outlook stays strongly bearish.