Ethereum tests the critical point as the gold pocket between $2,600 and $2,800 comes into play. With resistance looming at $2,800, market he now faces a crucial moment. Can ETH regain this level and trigger a move towards $3000 or will sellers push it back below key support?
Golden Pocket Breakdown Confirms Ethereum’s Negative Target
In Ethereum updateanalyst Luca offered a detailed analysis of the leading altcoin, looking back at previous predictions by experts. While covering all of his PAT updates and his latest YouTube video, once Ethereum broke below the high timeframe support range, specifically the golden pocket between 0.5 and 0.618 Fibonacci POI, the most likely outcome was continued downward pressure.
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Luca explained that this expected continuation was aimed at the next big support, the high timeframe support the range marked in purple. That’s exactly the scenario that played out, with price now confirming a bounce on the low time frames, doing exactly as expected.
From this confirmed support, Luca believes the most likely outcome is a reversal back to the upside. However, he stressed the need for confirmation before fully committing to the long side: “Before I start leaving my hedges, I want to see further signs of strength and a clear bottom formation to confirm that this level is holding,” Luca stated.
The analyst he concluded with a warning: if price were to break below this established range, it would completely invalidate the idea that the move is a simple corrective wave 2 on the high timeframes. Instead, the collapse would signal permanent structural decay, which Luca intends to “avoid getting caught up in.”
Tested at $2,600: Buyers rush to defend low prices
After examining the current price action, crypto analyst Ted Pillows highlighted that ETH experienced significant volatility yesterday, almost touching the $2600 level before finding a temporary bottom. Following that test, Ethereum is currently trying to regain the $2,800 level, but is facing noticeable resistance from sellers at that level.
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The analyst gave a clear path for continued recovery. If Ethereum resolutely recovers and holds the $2,800 level, it would signal sufficient bullish strength, pushing ETH towards the next significant psychological and technical target at the $3,000 level.
Conversely, Ted warns that if this crucial level of $2,800 is not returned, the market is likely to turn lower. As a result, traders should expect a decline below the $2,500 level, indicating the need to test deeper support before the asset can attempt another structural break. recovery.
Featured image from iStock, chart from Tradingview.com
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