Ether tests the critical moment when the gold pocket between $2,600 and $2,800 is at stake. With resistance approaching $2,800, price market now faces a decisive moment. Can ETH regain this level and initiate a move towards $3,000, or will sellers push it back below key support?
The division of the gold pocket confirms Ethereum’s target goal
In Ethereum updateanalyst Luca provided a detailed analysis of the leading altcoin, reflecting the expert’s previous predictions. As he discussed all his PAT updates and his latest YouTube video as Ethereum dropped below the support range on the high time frame, specifically the gold pocket between 0.5 and 0.618 Fibonacci POI, the most likely outcome was continued downward pressure.
Luca explained that this expected continuation was targeting the next major support, i.e. the upper time frame support range marked in purple. This exact scenario has just come true and the price is confirming the rebound on the lower time frames, behaving exactly as expected.
Luca believes that based on this confirmed support, the most likely outcome will be a return to positive territory. However, he stressed the need for confirmation before fully committing to a long position: “Before I start to get out of my hedges, I want to see additional signs of strength and a clear bottom pattern to confirm that this level will hold,” Luca stated.
The analyst ended with a warning: if the price were to break below the established range, it would completely invalidate the idea that this move is a mere corrective wave 2 on the highest time frames. Instead, failure would signal a sustained structural decline that Luca intends to “avoid getting caught.”
$2,600 tested: buyers rush to defend lows
After examining the current price action, cryptocurrency analyst Ted Pillows highlighted which ETH experienced a significant variability yesterday it almost touched the $2,600 level before finding a ephemeral floor. Following this test, Ethereum is currently trying to reclaim the $2,800 level but is facing noticeable resistance from sellers at this level.
The analyst presented a clear path for further recovery. If Ethereum decisively reclaimed and held the $2,800 level, it would indicate sufficient bullish power, pushing ETH towards the next significant psychological and technical target at $3,000.
On the other hand, Ted warns that if this necessary $2,800 level cannot be regained, the market will likely reverse to the downside. As a result, investors should expect a rally below the $2,500 level, indicating a need to test deeper support before the asset can attempt another structural support. recovery.
Featured image from iStock, chart from Tradingview.com
