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WETH testing a familiar zone
Been watching $WETH this past week, and it’s back in that range we saw it ping-pong around in earlier this month. Specifically, the bounce off 0.9801 today is interesting, coming after it couldn't sustain above 1.1732. It’s not exactly a textbook setup, but the prior support around that 0.98-1.00 region has been pretty sticky. If it can hold this current level, say, above 0.98, we might see it try to consolidate here before making another move. The risk for me is if it breaches that 0.98 floor convincingly on some volume; that would certainly invalidate any short-term bullish outlook for this bounce and likely open up lower targets. It's been choppy, so conviction isn't high, but it's a level worth observing.
1 comments · 1 points
That 0.98-1.00 region has definitely been a key level. I'm curious if anyone sees this as a potential re-accumulation zone or if the break of 1.1732 changes the overall sentiment more broadly?