WETH is currently trading at $2,934.66, having experienced a significant decline of 6.11% over the past 24 hours. The price fluctuated between a daily high of $3,169.41 and a low of $2,890.18, indicating a volatility with a daily range of 279.23%, suggesting strong market movement.

Trading volume over the past 24 hours stands at approximately $268.79 million, representing 3.53% of the market cap, which implies moderate liquidity but may also indicate selling pressure. The short-term hourly moving averages are generally bearish; the 8 SMA at $2,942.48 and 13 SMA at $2,944.23 both show slight declines, while longer-term averages like the 21 SMA and 55 SMA are down significantly, indicating a sustained downward trend.

The Relative Strength Index (RSI) figures suggest oversold conditions, with the 1-hour RSI at 33 and the 7-day RSI at 38. These low RSI values indicate a potential for a price reversal if buying interest increases; however, the recent 7-day price change of -5.58% reflects ongoing bearish momentum.

The 14-day price change has shown a slight recovery of 4.35%, but the longer-term 30-day price change indicates a decline of 8.41%. The all-time high of $4,950.08, achieved in August 2025, highlights the significant distance WETH must cover to regain previous highs, adding to current market uncertainty.

Given the significant price drop, bearish moving averages, and low RSI levels, WETH appears to be in a short-term downtrend with potential for recovery if conditions improve. However, the persistent downward trajectory and negative sentiment suggest caution in the current environment.

Rating: Hold. While oversold indicators may present a buying opportunity, the overall bearish sentiment and technical indicators signal that investors should remain cautious and wait for clearer signs of reversal before committing to positions.