Wrapped Ether (WETH) is a packaged form of Ethereum that allows users to make pre-authorized bids that can be fulfilled at a later date without any action from the bidder. It follows ERC-20 token standards enabling the computer systems and software to exchange information with other ERC-20 tokens.
Some Previous Actions of the WETH Token
At the start of this year, the WETH coin price started an impulsive bullish rally toward the $1667.59 resistance level. During that period, the price increased by 46% and subsequently, fell to the $1377.61 support level.
From that support level, the WETH coin surged more than 50% with an impulsive bullish move. The price touched the $2136.48 resistance level subsequently, it again fell to the $1627.52 retracement level.
WETH coin price moved 24% up from the retracement level and fell to the $1510.70 support level. Furthermore, the price faced multiple resistance from the $1728.86 resistance level and broke above.
However, that level is currently preventing the price from falling and also become a pivotal point for the future trend. In the past 7 days, WETH coin price observed an increase of 4.15% and currently has a 24-hour volume at $395.42 Million.
Technical Analysis of the WETH Coin Price
In September 2023, the 50-day EMA made an unexpected crossover with the 200-day EMA which led the WETH coin price to fall almost 13%. After the price closed above the 50-day EMA at $1657.73 that indication became a false signal. Right now, both EMAs are on the verge of a bullish crossover.
WETH coin price is currently trading at $1897.74 level. In the past, it took support from $1510.70 support level. That level can become a pivot point for the future trade. The price broke above the $1728.86 resistance level which became immediate support for the current coin price. It is sustaining slightly above the $1895.52 resistance level. If the price closes above that level it may reach the $2136.48 resistance.
On the other side, the relative strength index (RSI) showed a bullish divergence below the 30-mark lower band reflecting the buyers’ control over price momentum. At present, the RSI is moving at 73.83 above the 70-mark upper band.
Conclusion
The WETH coin price has been trading in an uptrend since July 2022. Recently, it took support from the $1510.70 support level which caused a rise of 26%. Meanwhile, the 50-day EMA and the 200-day EMA are on the verge of a bullish crossover. That suggests, the price can go bullish as per the current technical perspective. At present, the WETH coin price is sustaining slightly above the $1895.52 resistance level. If the price closes above that level it can achieve the $2260.93 resistance level.
Technical Levels
- Resistance levels: $1895.52 and $2260.93
- Support levels: $1728.86 and $1510.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/06/weth-coin-price-bulls-are-ready-to-strike-2260-93-resistance/