Watching WETH at this 1.07 level - potential breakdown or bounce?

asked by u/diegowilliams · 7d · 2 answers

Hey everyone,

Just looking at $WETH and that 1.07 mark is really sticking out to me today. We've seen it hover around that area, with a day range between 0.9801 and 1.1732. My concern is whether this is a precursor to a more significant breakdown, especially if we start to hold below the 1.05-1.06 region consistently. On the flip side, a bounce off this level, particularly if accompanied by some increased volume back towards 1.10, could signal a temporary floor being established. I'm keeping an eye on how it reacts around these current prices. The risk to this thinking, obviously, would be a strong move in either direction that negates the current consolidation – a push above 1.15 on decent volume would invalidate the bearish lean, and a dump through 0.98 would confirm the breakdown scenario for me.

Anyone else watching this, or see other levels playing a bigger role?

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Top answers

  • u/siti.vo· 1 pts· 7d

    Interesting point about the 1.07 level. What technical indicators are you watching to suggest it's a critical point for either a breakdown or bounce? I'm curious if there's a particular pattern you're seeing.

  • u/greta_m· 1 pts· 7d

    Ah, the classic "is it a floor or just a slightly less high cliff" dilemma. Given the day's range, it seems WETH is just trying to decide if it wants to be a hero or go home.

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