Ethereum Price 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 walk now faces a pivotal moment. Can ETH reclaim this level and trigger a move towards $3,000, or will sellers push it back below key support?
Golden Pocket Breakdown Validates Ethereum Downside Target
In an Ethereum updateanalyst Luca offered a detailed analysis of the leading altcoin, reflecting on the expert’s previous predictions. As he covered all his PAT updates and his latest YouTube video, once Ethereum fell below the long-term support range, especially the golden pocket between 0.5 and 0.618. Fibonacci During POI, the most likely outcome was continued downward pressure.
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Luca explained that this expected continuation was aimed at the next major support, the high timeframe support beach marked in purple. This is exactly this scenario that has just occurred, with price now confirming the rebound on the shorter time frames, behaving exactly as expected.
From this validated support, Luca believes the most likely outcome is a return to the upside. However, he stressed the need for confirmation before fully committing to the long side: “Before I start reducing my hedges, I want to see additional signs of strength and a clear formation of a floor to confirm that this level is holding,” Luca said.
THE analyst concluded with a warning: if the price were to move below this established range, it would completely invalidate the idea that the move is a simple corrective wave 2 on high timeframes. Instead, the collapse would be a sign of lasting structural decline, which Luca intends to “avoid getting caught up in.”
$2,600 tested: buyers rush to defend the lows
After reviewing the current price action, crypto analyst Ted Pillows highlighted that ETH has experienced volatility yesterday, almost touching the $2,600 level before finding a temporary bottom. Following this test, Ethereum is currently attempting to reclaim the $2,800 level, but is facing notable resistance from sellers at this level.
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The analyst provided a clear path for continued recovery. If Ethereum decisively recovers and holds the $2,800 level, it would signal sufficient bullish strength, propelling ETH towards the next important psychological and technical target at the $3,000 level.
Conversely, Ted warns that if this critical $2,800 level is not reclaimed, the market risks reversing lower. As a result, traders should expect a move below the $2,500 level, indicating the need to test deeper support before the asset can make another structural attempt. recovery.
Featured image from iStock, chart from Tradingview.com
