ETH on 12H is still showing TTM Squeeze which means the upper KC band is currently above the BB upper band. As a result pressure has been building for the last 24 hours. Typically a TTM Squeeze is released when the price action reaches the outer (upper or lower) KC/BB bands.
Currently the ETH 12H lower KC band is $1,260 and lower BB band is $1,250. If price action continues to drop then look for a breakout towards these lower KC/BB bands.
If price action reverses into upward direction again, then look for possible breakout towards $1,400 to $1,450 (upper KC/BB bands).
Here you can see the red dot on the TTM Squeeze 12H histogram indicating a squeeze is present. The histogram itself is actually bullish right now with a maroon color indicating multiple bars of upward momentum.
DB Vix Fix on ETH 12H showing cross under which reflects the price drop in the last 3 hours.