Watching WETH at these levels, feeling cautious
Been keeping an eye on $WETH today, and that move from 1.07 to 1.1803 is certainly something. It's currently hovering around 1.1485, and I'm seeing a potential resistance zone forming right up around that 1.18 handle. Historically, we've seen some pullbacks when it gets into that neighborhood, so it wouldn't surprise me if some profit-takers started to emerge there.
My concern, and what would invalidate this short-term resistance scenario for me, is a decisive break above 1.18. If it can chew through that level and establish support above it on decent volume, then we're likely looking at a different ballgame. Until then, I'm just watching to see if it consolidates or if that prior resistance holds true. It's always a fun dance, isn't it? One minute you're up, the next... well, you know how it goes.
Yeah, I'm with you on that 1.18 level. It's definitely acted as resistance before, and I'd be looking for a clear break and retest before getting too bullish. What's your next price target if it does manage to push through?