ETH/USD needs to break above the May 6 high of 2019 for the downside risks to be eliminated.

ETH/USD has crossed above the immediate hurdle at last week’s high of 1872, suggesting that the downward pressure has eased a bit.

The broader trend in BTC/USD remains bullish, notwithstanding the recent consolidation

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.

This led him to predict that sideways movement and choppy price action could be expected until the 2024 Bitcoin halving event.

He also drew parallels between the current consolidation period and the previous Bitcoin halving cycles.

Towards the end of the video, Gambardello briefly discussed potential scenarios for ADA’s price action, noting the possibility of both a bullish breakout and a consolidation phase.

Momentum has steadily built for bitcoin as investors digest macroeconomic shifts in data

Other leading cryptocurrencies have also seen positive price trends in recent months, with the overall crypto market up more than $400 billion as a result of similar gains from Ethereum, Cardano and XRP.

The latest rise in value takes Bitcoin’s total gains in 2023 to more than $14,000, representing an 85 per cent price increase since the start of the year.

the leading altcoin’s positive performance was not enough for it to strengthen against its biggest competitor Bitcoin (BTC).

ETH was trading closer to its daily high of $1,859.79 than its 24-hour low of $1,817.49.

at press time, CoinMarketCap indicated that ETH was trading hands at $1,847.37 after a 0.96% price increase over the past 24 hours.

The report indicated that Bitcoin saw $661.2 million flowing into exchanges within 24 hours, but a higher amount of $797.8 million was withdrawn, resulting in a net outflow of negative $136.5 million.

the popular stablecoin Tether (USDT) experienced an influx of funds.

In a recent on-chain exchange flow report, data from Glassnode shows that Bitcoin (BTC) and Ethereum (ETH) witnessed significant net outflows from crypto exchanges.

USDT saw $809 million in exchanges, while only $630.4 million was withdrawn.

BTC/USD dropped to an intraday low of $25,890.59 earlier in today’s session, which comes after peaking at $26,703.88 on Wednesday.

Bitcoin (BTC) slipped below the $26,000 level during today’s trading session, as bears continued to apply pressure to crypto markets.

The largest cryptocurrency by market capitalization has lost some of its 2023 gains in recent weeks as investors wrestle with a mix of macroeconomic uncertainties,