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Ethereum is due a correction, but will it have to wait
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Ethereum has been within a respectable uptrend over the past couple of months. Presently trading above the 100% Fibonacci Level of its July low, ETH seems to be targeting some crucial milestones at $5,000, $6,000, and the 200% Fibonacci Level at $7,058.
Before these long-term targets are met, it’s worth noting that ETH is due a near-term correction. An overbought RSI and a possible triple top along the MACD suggested an incoming wave of selling pressure.
However, ETH can be expected to touch $5,000, before a drawdown is witnessed.
Source: ETH/USD, TradingView
Since flipping its bottom trendline on 1 October,
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