why Ethereum is finally topping out versus Bitcoin?

Ethereum’s native cryptocurrency, Ether , has gained over 20% against Bitcoin 

Since Feb. 12. This notable surge has occurred primarily due to anticipations surrounding the potential approval of a spot Ether exchange-traded fund (ETF) in the United States by May of this year.

However, the widely-tracked ETH/BTC pair has reached a historical inflection point that could boost its correction risks in the coming days. Let’s explore these bearish setups in detail as follows.

Ethereum’s bearish fractal returns

Notably, the four-hour ETH/BTC chart below shows Ether treading around its 1.00 Fibonacci retracement level at 0.06044 BTC. In addition, its reading has turned “overbought” after crossing above 70, indicating a correction scenario.

ETH/USD four-hour price chart ft. rising wedge breakdown. Source: TradingView

Rising wedge formations are generally considered bearish reversal indicators, suggesting a shift from upward to downward momentum