Big Picture: Ethereum is still consolidating and hasn’t made any significant move in almost a week now. However, the chance of an impulsive move is rapidly increasing and could be observed in the upcoming hours or sessions. This range is expected to expand on either side as things gain momentum again. Volatility is expected to rise in the coming sessions.
On the Upside price has nearly broken over the 1220 level, but a break above the 2-hourly EMA-200 will serve as confirmation. If Ethereum gains acceptability above this level, a rapid advance into 1240 and 1255 is likely, with the possibility of moving much higher into the 1280 to 1300 range.
On the Downside 1210 and 1205 continue to act as immediate support levels. These levels have grown in significance, and maintaining them would favor the short-term upside at the very least. Loss of these supports, on the other hand, might reduce the momentum and expose Ethereum down to 1190 to 1180 levels, while leaving more downside possibilities open.