Ethereum is trading around $1,570, and the weekly technical setup places $1,100 at the center of market attention. Analysts cited in the source describe that area as the main support zone buyers need to watch. ETH failed to stay above $2,900 in early 2026, and the decline that followed has kept short-term momentum weak.
$1,100 remains the main long-term support on the weekly chart
Since 2021, the $1,100 level has acted as an important long-term floor for Ethereum. The source notes that if price returns to that region and builds a base there, it could become an appealing entry area for long-term spot investors. In that framework, a successful defense of $1,100 would put $2,000 as the first recovery target. If that level is cleared, attention would shift to the next major resistance at $2,900.
That test has not happened yet. Entering at the current area near $1,570 still leaves traders exposed to uncertainty over whether lower support will actually hold. Analysts looking for a stronger technical setup want to see a confirmed bounce near $1,100, a firm weekly close, or the formation of a higher low. Without that confirmation, the risk of more downside remains in place.
If support is preserved and momentum improves, the source says $3,900 and $4,800 could return as relevant upside targets later on. For now, those higher levels depend on the market first proving that the support structure can hold and that trend strength is rebuilding.
Elliott Wave view points to a possible end of the C wave
A separate technical scenario uses Elliott Wave analysis. One analyst sees Ethereum near $1,623 as moving through a correction inside a larger wave structure. Under that reading, ETH completed a five-wave advance from the 2022 lows to the 2025 highs, finishing a primary first wave, and then moved into an A-B-C corrective phase.
Current chart readings place Ethereum close to the lower end of the C wave. In Elliott Wave theory, the completion of a second corrective wave can open the way for a third wave, which is often considered the strongest part of a bullish trend. That outcome has not been confirmed. After a sharp drop from $2,300, price is still sitting near structural support, and signs of strength would require a move back above $1,700, followed by sustained pushes toward $1,900 and $2,300.
If Ethereum holds its current floor and weekly candles begin closing higher, confidence that the second-wave correction has ended could rise. If support breaks and price falls below the recent C-wave bottom, that bullish case would weaken and the correction would appear unfinished.