$WETH showing interesting consolidation around 1.20, thoughts on next move?

Been watching $WETH this past day, and it's really settled in around that 1.20-1.21 area after the push. We saw it bounce hard off 1.12 earlier, which feels like decent support for now, but a retrace below that 1.12 level would definitely make me question the current bullish momentum. I'm curious what others are seeing in terms of implied vol and potential scenarios playing out from here, especially with the tighter range forming.