WETH is currently trading at $2,297.09, reflecting a modest 0.53% increase over the last 24 hours. However, the price remains significantly below its all-time high of $4,950.08, indicating a long-term downtrend since reaching this peak.

The daily price range is notably wide at 104.9%, with a high of $2,383.59 and a low of $2,278.69, suggesting increased volatility. Volume stands at 185,070,377, with a volume-to-market cap ratio of 3.63%, indicating relatively low market participation compared to total market size.

Technical indicators reveal bearish momentum, as the 1-hour RSI is at 36, suggesting the asset is approaching oversold territory but not yet there. The 7-day RSI is even lower at 35, highlighting continued weakness in short-term price action with negative price changes of approximately 21% over the week.

Moving averages support a bearish outlook, with the 8 SMA at $2,338.03, the 13 SMA at $2,339.69, and the 21 SMA at $2,325.83, all indicating a downward trend. The more extended 144 SMA at $2,623.56 confirms this trend, being significantly above current prices, which indicates strong resistance ahead.

WETH has experienced a persistent decline over the past 30 days, with price changes of -27% over this period. Given the current technical indicators and weak market sentiment, it appears that WETH is still under pressure and lacks momentum for a significant rebound.

In conclusion, the prevailing bearish trend, coupled with low RSI readings and resistance at moving averages, suggests that WETH is not poised for immediate recovery. Therefore, the recommendation is to Hold, as the market conditions warrant caution until clearer bullish signals emerge.