Ethereum is trading near the $1,570-$1,623 range as two technical chart analyses present contrasting scenarios for the cryptocurrency's next major move. One weekly chart analysis identifies $1,100 as a critical long-term support level that has held since 2021, while a separate Elliott Wave analysis suggests the current pullback may represent the final correction phase before a stronger bullish wave. The dual scenarios reflect technical analysts' attempts to map Ethereum's price structure after ETH failed to hold the $2,900 area earlier in 2026, with price now trading below the $2,000 zone.
$1,100 Support Level Analysis
Ethereum is trading near $1,570 as a weekly chart analysis by Ali Charts identifies $1,100 as the primary level buyers may be monitoring. The chart shows ETH moving lower after failing to hold the $2,900 area earlier in 2026, with price now positioned below the $2,000 zone.
The $1,100 level has functioned as major long-term support for Ethereum since 2021. According to the chart analysis, if ETH falls toward that level and holds, it could become a high-interest area for long-term spot buyers. The analysis notes that ETH is not at $1,100 yet, and that buying too early near $1,570 would mean entering before the chart confirms whether buyers can defend the lower range.
The chart framework presents a conditional scenario: a move toward $1,100 followed by a clear bounce, strong weekly close, or higher low would constitute a stronger setup. If $1,100 holds, the first recovery target is identified as around $2,000, with $2,900 becoming the next major resistance level. A larger recovery scenario could place $3,900 and $4,800 back on the chart, contingent on ETH regaining momentum.
Elliott Wave Structure Points to Potential Rally
Ethereum is trading near $1,623 as analyst Cantonese Cat presents an Elliott Wave interpretation suggesting the current pullback may be part of a larger wave structure. The weekly chart analysis shows ETH completing what is labeled as a higher-degree Wave 1 after a five-wave advance from the 2022 lows into the 2025 high. The chart marks a corrective A-B-C structure, with ETH now positioned near the "C" wave low.
In Elliott Wave theory, a completed Wave 2 correction can be followed by Wave 3, which is often characterized as the strongest part of a bullish cycle. The analysis notes that ETH is trading near the lower end of the structure after a decline from the $2,300 area. The first indication of strength would be a recovery back above $1,700, followed by movement toward $1,900 and $2,300.
The analyst's framework states that if ETH holds the current low area and builds higher weekly candles, the chart would support the interpretation that the Wave 2 correction is ending. The analysis also identifies a risk scenario: if ETH breaks below the recent "C" wave low, the Elliott Wave count would become weaker, suggesting the correction is not finished.
FAQ
What price level is identified as key support for Ethereum?
$1,100 is identified as a major long-term support level for Ethereum that has held since 2021. Chart analysis suggests this level could become a high-interest area for long-term spot buyers if ETH moves toward it and holds.
What does the Elliott Wave analysis suggest about Ethereum's current position?
The Elliott Wave analysis labels Ethereum's current position as near the "C" wave low of a corrective A-B-C structure, which represents a potential Wave 2 correction. The analysis suggests that if this correction is complete, a Wave 3 rally phase could follow, though this scenario requires confirmation through price holding current lows and building higher weekly candles.
What are the identified recovery targets if Ethereum bounces from current levels?
The first recovery target is identified as around $2,000, followed by $2,900 as the next major resistance level. Larger recovery scenarios include $3,900 and $4,800, though these targets are contingent on ETH regaining momentum and breaking through intermediate resistance levels.
