WETH is currently priced at $2444.34, reflecting a 24-hour change of -3.93%. The daily trading range has been significant, with a high of $2557.51 and a low of $2385.35, indicating heightened volatility and market sentiment shifts.

The volume stands at 121,367,328, representing a volume-to-market cap ratio of 1.88%. This relatively low ratio suggests a lack of strong buying interest at current levels, as market participants are not significantly increasing their positions despite the price fluctuations.

Short-term moving averages indicate a bearish trend, with the 21 SMA at $2465.35 and the 55 SMA at $2498.45 showing declines of -0.85% and -2.17%, respectively. The 8 and 13 SMAs exhibit slight upward momentum, yet they are not convincing enough to reverse the overall negative trend.

The 1-hour RSI at 40 indicates that WETH is approaching oversold territory, while the 7-day RSI at 48 reflects a neutral stance. However, both the 7-day and 14-day price changes are negative, with declines of -3.53% and -2.05%, suggesting continued downward pressure in the near term.

WETH's current price is significantly below its all-time high of $4799.89, reached in November 2021, highlighting a substantial long-term downtrend. The persistent decline of -8.06% over the last 30 days indicates a bearish sentiment among traders.

Given the current technical indicators, including the declining SMAs and negative RSI signals, the market shows signs of weakness. Therefore, the recommendation is to Hold, as potential support may emerge near the $2400 level, while traders should monitor for a possible reversal or further declines before making significant investment decisions.