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Ethereum shifts to near-term support with $5,000 beckoning
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Ethereum is eyeing a near-term correction following a bearish crossover on the MACD and a double top along the RSI. With the EMA Ribbons still flashing a healthy position, ETH had plenty of defensive resources at its disposal. Once selling pressure is relieved, expect ETH to make headway towards the $5,000 mark. At the time of writing, ETH traded at $4,605, down by 0.2% over the last 24 hours.
Source: ETH/USD, TradingView
Ethereum was closing in on its near-term defense at the 78.6% Fibonacci Extension after outflows continued to be observed within the broader market. Now the aforementioned support was bolstered with the daily 20-SMA (red) which added an extra cushion. Should sellers puncture beneath this confluence, the 50-SMA (yellow) and
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