Miami, Florida – The latest market data indicates that Bitcoin (BTC) and Ethereum (ETH) may have found a local bottom, signaling a potential shift in market dynamics. Despite efforts by bulls to regain control, recent losses have pushed prices back to crucial support levels where buyer behavior will be critical for the next price movement.

Analysis of Ethereum’s MVRV and NVT ratios suggests that the asset may be undervalued, with a possible liquidity pocket at $3500 that could trigger a short squeeze. However, overall momentum remains bearish. On the other hand, investigations into Bitcoin mining activity reveal a decline in mining operations and selling pressure from miners, though the intensity of selling has decreased in recent days.

Research conducted by AMBCrypto on the movement of BTC and ETH from exchanges highlights a lack of significant upward momentum for bulls at this time. The exchange net flow metric, a key indicator of market sentiment, shows that positive flows suggest potential selling pressure, while negative values indicate accumulation as investors withdraw assets from exchanges.

Examining the 30-day moving averages for both assets reveals significant trends in exchange flows. Ethereum has seen substantial inflows in mid-March and late May, coinciding with local price tops. However, recent data shows a negative net flow, indicating accumulation despite a slowdown in outflows. Similarly, Bitcoin has experienced consistent accumulation in February and March, with outflows dominating the exchange flow trend.

Analysis of Ethereum’s in/out of the money data from IntoTheBlock identifies key support levels at $3080-$3180 and $3280-$3381, with $3486-$3586 serving as a strong resistance zone. For Bitcoin, support is seen at $59,450-$61,263, with resistance at $63,148-$64,960. These findings suggest that both cryptocurrencies are poised for a period of consolidation within defined price ranges, potentially leading to a formation of price ranges in the near future.