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Since $ETH and $ALTS are tightly correlated, I think we should see this range on ETH the same way we do on altcoins, ETH was just weaker comparatively.
The only reason I can see, with ETH not making new lows in 2022, is a truncated wave. These waves occur when there's too much buyer interest to push the chart lower, even though that wave is corrective.
Corrections, since the top in Dec 2024, were both ABCs. Difference would be that ETH made a running correction, a more bullish version.
With that being said, both of these charts should now start moving into a big wave 3 above ATHs