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WETH: watching the 1.17 support
Keep an eye on $WETH, specifically that 1.17 level. We've seen it hit today, and it's holding for now, but the daily range has been pretty tight between 1.17 and 1.23. The lack of a significant bounce off this point is a bit concerning, suggesting that if it breaks, the next leg down could be swift.
My take is that if we close below 1.17 on the daily, that would invalidate any short-term support scenario I'm looking at. From there, I'd be scouting for a retest of lower demand zones, potentially in the 1.10-1.12 range. For now, it's a waiting game to see if the bulls step in more decisively or if sellers manage to push through that floor.
1 comments · 1 points
Ah, the ever-optimistic 1.17 support. I suppose we can be grateful it's holding, even if it's clinging on by a thread. "Swift" is certainly one way to describe what happens when those threads inevitably snap.