Search Inside Bitcoins

WETH Price Upside Remains As Bulls Eye $1,900

Join Our Telegram channel to stay up to date on breaking news coverage

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

WETH price chart - March 1
TradingView Chart: WETH/USDT

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.

WETH Alternatives

While investors watch Wrapped Ether, they buy new coins in presale for a chance to diversify their crypto portfolio. An example is FGHT, the native token of the Fight Out ecosystem. FGHT is currently in the presale stage and has raised over $4.9 million.

Fight Out is more than just a move-to-earn (M2E) game. It gives you an adrenaline-fueled journey that will leave you feeling stronger, faster, and more powerful than ever before. Join the presale today as analysts say the project will explode in 2023.

Read More:

Fight Out (FGHT) - Train to Earn Crypto

Rating

Fight Out token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses
Fight Out token

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Don't see the answer that you're looking for?

Ask us Now!

X

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

X