Ethereum remains close to key support areas during a short-term correction.
At the same time, the weekly chart will look like this: $ETH Before a big rally, it forms a setup similar to consolidation zones of the past.
Ethereum holds support at $2,220 $ETH Fix remains active
According to a chart shared by MCO Global on X, Ethereum is still in a correction phase after briefly falling below Friday’s swing low amid CPI-driven volatility.
1 hour $ETH The chart shows the price falling below the short-term support area before stabilizing around the same zone. The move came as stronger-than-expected inflation data increased pressure on risk assets and dampened hopes for early interest rate cuts.
Ethereum 1 hour chart. sauce: MCO Global on X
MCO Global stated that Ethereum has not confirmed any local lows yet. The chart places the next key support near the $2,220 swing low, which is currently acting as a key level for short-term structure.
only for $ETH If sustained above that level, the pullback may still fit as a B-wave correction. In that scenario, Ethereum could form an even higher C wave later if buyers defend the support and reclaim the nearby range.
However, the configuration is still uncertain. $ETH has been flat for almost a month, and prolonged consolidation increases the likelihood of a more complex correction before a clear direction forms.
This chart also shows that Ethereum is trading within a broader ascending channel. The lower limit is located below the current support area, and the upper resistance zone is marked around $2,646.
For now, Ethereum’s next move depends on the $2,220 level. If held, the bullish wave structure may be maintained, but a break below would weaken the setup and point to more serious downside risks.
ethereum chart show $ETH Repeat setup before past rallies
According to a TradingView chart shared by Moe on
This graph highlights four similar areas. $ETH Moved to the side after the recovery phase. The first three blue circles appeared in front of a sharp repulsion marked by a large green projection box.
Ethereum weekly pattern chart. sauce: I love X
An up-to-date blue circle will appear near the current one. $ETH range. This shows that Ethereum is holding firm after rebounding from recent lows, but if this pattern repeats, the chart predicts a possible move towards higher price ranges.
Moe captioned the graph, “I don’t have time to explain,” and pointed out the visual comparison between the current configuration and the past configuration. $ETH Move.
The chart has not confirmed the breakout yet. $ETH Stronger follow-through beyond the current consolidation range is still needed before the setup can match previous gains.
However, the weekly structure will focus on whether buyers can maintain the current base. if $ETH If we stay above the recent recovery zone, the chart will keep the repeating pattern active.
A failed hold will weaken the setup and bring the focus back to the lower support. For now, Ethereum is still in the comparison phase, with traders watching to see if the current range plays out like the previous bullish setup.
