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Crypto_richy01
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ETH/USD needs to break above the May 6 high of 2019 for the downside risks to be eliminated.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.
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ETH
3,108.4
-2.60%
HIGH
1.406
-0.35%
4.1k
0
Replies
0
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Crypto_richy01
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ETH/USD has crossed above the immediate hurdle at last week’s high of 1872, suggesting that the downward pressure has eased a bit.
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The broader trend in BTC/USD remains bullish, notwithstanding the recent consolidation
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The rise on Monday above the initial cap at the mid-May high of 27675 has reduced the downward pressure somewhat. However, unless BTC/USD clears the 30000 mark, the path of least resistance is sideways to slightly down.
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This led him to predict that sideways movement and choppy price action could be expected until the 2024 Bitcoin halving event.
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He also drew parallels between the current consolidation period and the previous Bitcoin halving cycles.
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