WETH is currently priced at $2,894.61, reflecting a significant 24-hour decline of 8.10%. The price has fluctuated between a 24-hour high of $3,165.20 and a low of $2,884.49, indicating high volatility with a daily range of 280.71%.

Trading volume over the last 24 hours stands at approximately $543.14 million, with a volume-to-market cap ratio of 7.22%. This suggests a relatively active trading environment, but the price drop indicates bearish sentiment among traders.

The hourly moving averages indicate a downward trend, with the 8 SMA at $3,028.53 and showing a decline of 4.42%. Longer-term moving averages, such as the 144 SMA at $3,129.78, confirm this bearish trend with a more considerable drop of 7.51%.

Momentum indicators reveal a weak market stance, with the 1-hour RSI at 27, suggesting oversold conditions. The 7-day RSI at 44 also indicates a lack of buying strength, further supporting the bearish sentiment.

Over the past week, WETH has seen a price change of -15.85%, while the 14-day and 30-day price changes are -15.62% and -26.51%, respectively. These figures illustrate a prolonged period of negative price action, highlighting ongoing selling pressure.

Given the current technical indicators, including the consistently declining moving averages and weak RSI readings, the market sentiment is firmly bearish. Consequently, a cautious approach is warranted, leading to a Sell rating based on the analysis of the recent price performance and momentum indicators.