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Here's How Ethereum Pulled Off A Massive Bull Trap – Benzinga – Benzinga

Ethereum ETH/USD was plunging over 6% at one point on Thursday, in sympathy with the general markets and the crypto sector, which were being pummeled.
Bitcoin BTC/USD had dropped over 6% during the 24-hour trading period by press time, while the S&P 500 took a 3.4% nose-dive at one point before recovering slightly.
The cryptocurrency sector has been frustrating for traders and investors over the past many months, with multiple bull and bear traps in both directions, while the overall trend has been south.
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The Ethereum Chart: On Wednesday, Ethereum surged over 6% on high volume, which made it appear the crypto was breaking up bullishly from a falling channel pattern that’s been holding Ethereum in a downtrend since April 5. The break up from the pattern turned into a bull trap, however, and on Thursday Ethereum plunged back into the channel.
See Also: Crypto Whale Just Moved $37M Worth Of Ethereum Off Gemini
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