Ethereum is holding near a key support area while its short-term correction remains active. At the same time, the weekly chart shows ETH forming a setup that looks similar to past consolidation zones before larger rallies. Ethereum Holds $2,220 Support as ETH Correction Stays Active Ethereum remains in a corrective phase after briefly breaking below Friday’s swing low during CPI driven volatility, according to a chart shared by MCO Global on X. The 1-hour ETH chart shows price slipping below a short-term support area before stabilizing near the same zone. The move came after stronger-than-expected inflation data added pressure to risk assets and reduced expectations for quicker rate cuts. Ethereum 1-Hour Chart. Source: MCO Global on X MCO Global said Ethereum has not confirmed a local low yet. The chart places the next key support near the $2,220 swing low, which now acts as the main level for the short-term structure. As long as ETH holds above that level, the pullback can still fit as a B-wave correction. Under that scenario, Ethereum could later form another C-wave higher if buyers defend support and reclaim the nearby range. However, the setup remains uncertain. ETH has moved sideways for nearly a month, and that long consolidation increases the chance of a more complex correction before a clear direction forms. The chart also shows Ethereum trading inside a broader rising channel. The lower boundary sits below the current support area, while the upper resistance zone is marked near $2,646. For now, Ethereum’s next move depends on the $2,220 level. A hold could keep the bullish wave structure alive, while a break below it would weaken the setup and point to deeper downside risk. Ethereum Chart Shows ETH Repeating Setup Before Past Rallies Ethereum is showing a weekly setup that resembles earlier consolidation zones before major upside moves, according to a TradingView chart shared by Moe on X. The chart highlights four similar areas where ETH moved sideways after a recovery phase. The first three blue circles came before sharp rallies, marked by large green projection boxes. Ethereum Weekly Pattern Chart. Source: Moe on X The latest blue circle appears near the current ETH range. It shows Ethereum consolidating after rebounding from its recent low, while the chart projects a possible move toward the upper price area if the pattern repeats. Moe captioned the chart with “No time to explain,” pointing to the visual comparison between the current setup and past ETH moves. The chart does not confirm a breakout yet. ETH still needs stronger follow-through above the current consolidation range before the setup can match the earlier rallies. However, the weekly structure keeps attention on whether buyers can hold the current base. If ETH stays above the recent recovery zone, the chart keeps the repeat pattern active. A failed hold would weaken the setup and shift focus back to lower support. For now, Ethereum remains in a comparison phase, with traders watching whether the current range develops like the previous bullish setups.
