Published: 12 January 2026,07:05
Chart The Market
ETH, H4:
Ethereum has successfully navigated a critical technical test, reigniting its bullish trend following a breakout from an asymmetric triangle pattern. After the initial breakout, ETH encountered a predictable technical pullback, which found precise support at the 61.8% Fibonacci retracement level of $3,092.60. The subsequent rejection of lower prices and a convincing break above the recent week-long consolidation range indicates that the corrective phase has concluded and buyer control has been reasserted.
This renewed bullish structure is supported by a positive shift in momentum indicators. The Relative Strength Index has rebounded firmly above its midline, indicating a recovery in buying pressure. Concurrently, the Moving Average Convergence Divergence indicator is poised to cross above its zero line, signaling that bearish momentum has dissipated and a fresh bullish cycle is beginning.
The technical posture for Ethereum has strengthened considerably. The successful retest of a deep Fibonacci level and the subsequent range breakout demonstrates robust underlying demand. The alignment of improving price structure with bullish momentum signals suggests the trend is likely to extend toward the recent high. The bullish thesis would be invalidated by a sustained move back below the $3,092 support, which would signal a failure of the breakout and potentially lead to a prolonged consolidation.
Resistance Levels: 3250.00, 3685.00
Support Levels: 2800.00, 2386.00
GBPJPY, H4
The GBPJPY pair continues to exhibit a robust bullish structure following its recent mega-cap breakout, which propelled the pair to its highest level since 2008. After the initial surge, momentum has naturally eased, leading to a period of price consolidation. Critically, this consolidation is occurring above the pair’s long-term uptrend support line, indicating the pause is occurring within a sustained uptrend rather than signaling a reversal.
Momentum indicators maintain a bullish alignment that supports the underlying trend. The Relative Strength Index is advancing toward overbought territory, a typical characteristic of strong trending markets. Simultaneously, the Moving Average Convergence Divergence indicator shows signs of rebounding above its zero line, suggesting the current consolidation is re-energizing bullish momentum rather than dissipating it.
The technical outlook remains decisively bullish. The consolidation above key trend support represents a healthy digestion of gains following a historic breakout. The supportive momentum indicators suggest the pair is gathering strength for its next potential advance. A sustained break above the current consolidation highs would signal a resumption of the primary uptrend. The bullish scenario would only be negated by a breakdown below the long-term uptrend support line, which would indicate a failure of the breakout structure.
Resistance Levels: 213.00, 214.70
Support Levels: 211.70, 210.30
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