WETH Price Upside Remains As Bulls Eye $1,900

Wrapped Ether appears strong as it trades at $1,652 with a bearish bias. The WETH price is holding on to crucial support after rising $1.05% in the past 24 hours. Its daily trading volume stands at $1.3 billion after climbing 15% over the same timeframe. Can bulls sustain the current recovery to $1,900? Read more to find out.

WETH Price Coils Below $1,700

An earlier analysis by InsideBitcoins revealed that Wrapped Ether faced stiff resistance at the $1,700 barrier. The price was still hovering below the said level, as buyers focused on recouping all the losses made during February 21’s sell-off. 

The daily chart below reinforced the decreasing volatility in wETH’s price with the appearance of an ascending triangle. This is a highly bullish technical pattern that points to an increase in the token’s price that will be confirmed once the bulls push it above the said roadblock.

The moving averages were facing up and the Relative Strength Index (RSI) was moving upward above the midline, validating the positive outlook of the price. The momentum strength at 54 implied that buying had begun to increase.

In addition, the Moving Average Convergence Divergence (MACD) indicator was tipping northwards above the neutral line. This suggested that the buyers were slightly stronger than the sellers. Therefore, Wrapped Ether was primed for a rally with traders being advised to wait for a decisive close above the $1,700 level. 

The $1,600 level, where the 50-day SMA and the triangle’s support line appeared to converge, provided immediate support for the wrapped version of ETH. If the bulls manage to hold above this level, they could be strengthened to push wETH higher toward the horizontal trendline of the triangle at $1,700.

Shattering this roadblock would clear the path for a rise toward the target of the prevailing chart pattern around $1,900. This would represent a 14.86% climb from the current price.

WETH/USDT Daily Chart

On the flip side, the WETH price could continue the downtrend if the support at $1,600 does not hold. Therefore, a daily candlestick close below this level could see wrapped Ether drop to seek solace from the 200-day SMA around $1,440.

A breach of this level would confirm an invalidation of the bullish thesis with the next line of defense emerging from the 100-day SMA at $1,412. Below that, wETH could drop towards the $1,200 level or the $1.078 swing low.

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