Ethereum is testing a critical moment as the golden pocket between $2,600 and $2,800 comes into play. With resistance looming at $2,800, the market now faces a crucial moment. Can ETH regain this level and trigger a move towards $3,000, or will sellers push it back below the key support?
Golden Pocket Breakdown Validates Ethereum’s Negative Purpose
In an ether updateanalyst Luca has offered a detailed analysis of the leading altcoin, reflecting on the expert’s previous predictions. While discussing all his PAT updates and his latest YouTube video, the moment Ethereum fell below the high support range, specifically the gold pocket between 0.5 and 0.618 Fibonacci POIs, the most likely outcome was a continuation of the downward pressure.
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Luca explained that this expected continuation was aimed at the next major support, the high timeframe support range highlighted in purple. That exact scenario has just played out, with price now confirming the recovery on the lows and performing exactly as expected.
Based on this validated support, Luca believes the most likely outcome is a turn to the positive side. However, he stressed that confirmation is needed before I can fully venture into the long side: “Before I step out of my hedges, I want to see additional signs of strength and clear ground formation to confirm that this level is holding,” said Luca.
The analyst concluded with a warning: if the price were to break below this established range, it would completely negate the idea that the move is a simple corrective Wave 2 on the high timeframes. Instead, the collapse would signal a lasting structural decline, which Luca wants to avoid becoming entangled in.
$2,600 Tested: Buyers Rush to Defend Lows
After examining the current price action, crypto analyst Ted Pillows said marked which ETH has experienced significantly inconstancy yesterday it almost reached the $2,600 level before a temporary bottom was found. Following that test, Ethereum is currently trying to reclaim the $2,800 level but is encountering noticeable resistance from sellers at that point.
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The analyst outlined a clear path for further recovery. Should Ethereum decisively regain and hold the $2,800 level, this would signal sufficient bullish strength, pushing ETH towards the next major psychological and technical target at the $3,000 level.
Conversely, Ted warns that if this vital $2,800 level is not recovered, the market is likely to fall lower. As a result, traders should expect a sweep below the $2,500 level, indicating that deeper support must be tested before the asset can make another structural attempt. recovery.
Featured image from iStock, chart from Tradingview.com