WETH is currently priced at $2,987.13, reflecting a 24-hour decrease of 1.55%. The daily range has been relatively tight, with a high of $3,063.38 and a low of $2,967.96, indicating a daily volatility of 95.42%, which suggests uncertainty in the market.

The volume traded in the last 24 hours stands at approximately 71.42 million, resulting in a volume-to-market cap ratio of 0.96%. This level of volume is relatively low compared to typical market activity, which could signal reduced trading interest at current price levels.

In terms of moving averages, the short-term 8 SMA, 13 SMA, and 21 SMA are all indicating negative momentum, with declines of 0.66%, 1.26%, and 1.33% respectively. However, the longer-term 144 SMA has shown positive movement of 1.35%, suggesting a potential support level around $2,947.27.

The RSI metrics show a divergence in sentiment, with the 1-hour RSI at 33 indicating oversold conditions, while the 7-day RSI at 52 indicates neutral sentiment. The 7-day price change has increased by 1.78%, while the 14-day change reflects a decline of 4.48%, indicating mixed short-term trends.

Given the current technical indicators and market conditions, WETH is experiencing downward pressure, although it remains above significant support levels. The long-term potential is still intact considering the all-time high of $4,950.08, but short-term fluctuations may lead to further declines.

In conclusion, the current market data suggests a Hold rating for WETH. While there are signs of short-term weakness, the longer-term outlook remains positive, and a stable support level could provide an opportunity for recovery.