Ethereum is currently navigating a crucial phase as it approaches the significant resistance level of $2,800, which falls within the golden pocket range of $2,600 to $2,800. This development raises the question of whether ETH can reclaim this pivotal point to initiate a rally towards the $3,000 mark, or if downward pressure from sellers will push it back below essential support levels.
In a recent update, analyst Luca provided insights into Ethereum“s price dynamics, reflecting on earlier forecasts. He noted that following a breach below the high-timeframe support range, particularly within the golden pocket defined by the 0.5 and 0.618 Fibonacci points of interest, a continuation of downward momentum was anticipated. As expected, this scenario unfolded, leading to a bounce at lower timeframes, aligning with Luca”s projections.
From the validated support level, Luca indicated that a rebound to the upside appears likely. However, he emphasized the necessity for confirmation before fully engaging in long positions: “Before I start scaling out of my hedges, I want to see additional signs of strength and a clear bottoming formation to confirm that this level is holding,” Luca remarked. He also cautioned that a drop below this critical range would negate the notion of a simple corrective Wave 2 on the higher timeframes, instead signaling a more prolonged structural decline, which he seeks to avoid.
Meanwhile, analyst Ted Pillows pointed out that Ethereum witnessed notable volatility, nearly reaching $2,600 before finding temporary support. Following this test, ETH is currently striving to reclaim the $2,800 level, although it is encountering substantial selling pressure at this threshold. Pillows outlined a potential path for recovery; if Ethereum can decisively retake and maintain the $2,800 level, it would indicate sufficient bullish momentum, potentially driving ETH towards the psychologically significant $3,000 target.
On the flip side, Pillows warned that failure to reclaim this critical level could trigger a downward reversal, prompting the market to test lower support levels, particularly below $2,500, before any further attempts at structural recovery can be made. This creates a tense atmosphere as traders closely monitor price action and market sentiment surrounding Ethereum.
