ETH/USD needs to break above the May 6 high of 2019 for the | Crypto_richy01 on Binance Square

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

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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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