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In recent weeks Ensnaring Bridge has been mentioned as a good spec by multiple Insider authors, and at this point in time cheaper copies of the card have disappeared from TCGPlayer for all three printings. A week ago the card was just over $20 and now the low listings on TCGPlayer are pushing $40.
The price hasn't settled just yet, and $40 definitely strikes me as too high. At the time of this writing, buylist prices are close to the former market price, but no buylist is showing the price/confidence that you'd see for a $40 card. Ensnaring Bridge is a rather fringe card, and despite it belonging only to relatively old sets there is only so much demand. There are BIN auctions on Ebay right now in the low $20-$30 range. Assuming no reprint, I expect the value of the card to tick up over time, but don't take the current TCG prices as indicative of the actual current value.
While I agree that the volume of the card still on the market at the old price is indicative of an incoming correction, the real question for me is how can a market as vast as TCG be so ineffecienct that it takes so long for a correction to happen.
If all actors were acting logically, it would be done by now. I think that answers your question.