WETH is currently trading at $3,123.35, reflecting a 3.27% increase over the past 24 hours. The daily range of $205.37, with a high of $3,165.20 and a low of $2,959.83, indicates significant volatility within the trading session.

Trading volume stands at 284,908,218, constituting 3.50% of the market cap. The volume suggests active trading interest, but it is essential to note that the 1-hour RSI is at 73, indicating potential overbought conditions in the short term.

The short-term moving averages are generally bullish, with the 8 SMA at $3,083.83 (+1.28%), the 13 SMA at $3,061.28 (+2.03%), and the 21 SMA at $3,043.22 (+2.63%). However, the longer-term 144 SMA at $3,191.96 shows a negative trend (-2.15%), which could be a concern for sustained upward momentum.

In the last week, WETH has seen a price decrease of approximately 9.07%, and both the 14-day and 30-day changes are also negative, indicating a bearish trend over the medium term. This suggests that while the current bounce may offer short-term trading opportunities, the broader trend remains weak.

Considering the significant recent losses and the overbought short-term indicators, a cautious approach is warranted. Therefore, I recommend a Hold rating on WETH, as the price may consolidate before potentially resuming upward movement if broader market conditions improve.