Ethereum Rebounds, Approaches Crucial Golden Pocket Resistance Zone
Ethereum is exhibiting renewed strength after bouncing off its Bull Market Support Band, a key area that has historically triggered significant uptrends. This rebound indicates potential momentum shift, but a crucial test awaits as the price nears the golden pocket resistance. Breaking through this level could confirm a sustained bullish phase.
Key Observations
- ETH has bounced from the Weekly Bull Market Support Band, reinforcing its technical strength.
- The support zone has consistently acted as a reliable point for bullish reactions during corrective phases.
- Buyers remain active, defending key levels and potentially setting the stage for continued momentum if maintained.
Despite the positive signals, caution is advised in the short term as ETH approaches a major resistance zone within the golden pocket between the 0.5 and 0.618 Fibonacci levels. Failure to break above may lead to sideways movement or minor pullback before any decisive trend change.
Potential for Further Uptrend
- If Ethereum breaks above the current resistance range, it would indicate a market structure shift, confirming renewed bullish momentum.
- Maintaining momentum above the golden pocket post-breakout suggests an upward trajectory toward higher resistance zones.
- Until a breakout occurs, a consolidation phase around the current support band is expected, potentially serving as a base for future upside reversal.
