WETH is currently trading at $2,874.1, experiencing a 24-hour decline of 2.61%. The daily price range has been significant, with a high of $2,953.04 and a low of $2,788.66, indicating volatility and potential trading opportunities within this range.

The trading volume stands at approximately $310 million, representing 4.74% of the market cap, suggesting decent liquidity. However, the hourly moving averages show a bearish trend, with the 55 SMA and 144 SMA indicating declining prices over the short and medium term, while the 8 SMA indicates a slight upward trend.

The 1-hour RSI at 36 indicates that WETH is approaching oversold territory, potentially signaling a rebound opportunity soon. Meanwhile, the 7-day RSI of 42 reflects a bearish sentiment, compounded by a 7-day price decline of over 10%, reinforcing the downward trend in the near term.

On a longer-term basis, WETH has experienced a 14-day decline of 7.56% and a 30-day change of nearly 2%, suggesting that the recent bearish momentum is persistent. Given the all-time high of $4,950.08, the current price reflects a substantial drawdown, which may attract long-term investors looking for value.

In conclusion, the technical indicators suggest a cautious approach, with WETH currently facing bearish pressures. Based on the combination of declining moving averages, RSI metrics indicating potential overselling, and recent price action, I recommend a Hold rating for WETH, awaiting clearer signs of stabilization before considering any buying opportunities.