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WETH is a digital asset that allows users to perform pre-authorized bids, redeemable afterwards, without any additional action from the bidder. WETH tokens minting occurs once users transfer Ethereum (ETH) to a smart contract.
The asset began the year with a slow but steady rally. But in the last 24hrs, WETH’s price has dropped by 0.63%, trading at $1,633.33. In the past seven days, the cryptocurrency traded between $1,657.09 and $1,634.16. WETH’s downtrend today indicates that the bears have mounted more pressure than the bulls.
WETH daily chart and expert long-term price prediction will indicate the next moves for the asset.
WETH Price Action
WETH started trading at $1,195.79 as of January 1, 2023. By January 21, it hit $1,660.41 but dropped to $1,585.48 at the beginning of February 2023. It continued its rally and fluctuations for most days until February 21, when it reached $1,701.70.
The price action shows that the bulls are trying to uphold the price, irrespective of the fluctuations. Between March 1 and today, the asset chart shows signs of a bullish recovery in the short term.
WETH Technical Analysis
WETH has retraced slightly on the price charts today despite the recent gains recorded in the past week. However, the asset has stayed above its 50-day and 200-day Simple Moving Averages (SMAs), a bullish sentiment for the short and long term.
A close look at the chart reveals that it often trades in a sideways trend with equal open, low, high, and close values. It implies that the bulls and bears are evenly matched in the market and struggle to attain dominance.
The 50-day SMA is rising and will likely cross over the 200-day SMA in the coming days. The RSI value is 66.29, close to the overbought region of 70 and a bullish signal. However, the indicator is moving sideways, showing the prevalent trend today.
WETH’s MACD is bullish, above its signal line, and moving upwards. Also, the histogram bars are at full strength, confirming the bullish sentiment of the indicator.
WETH is trading at $1633.33, the support levels are $1,553.15, $1575.41, and $1619.91, and the resistance levels are $1,686.67, $1,708.92 and $1,753.42. WETH will likely break above the $1,686.67 resistance in the coming days if the bulls rally.
WETH Long-Term Price Prediction
WETH Price Prediction 2023
WETH’s unprecedented price levels, despite the crypto winter in 2022, indicate a bright future for the asset. If the bulls uphold the market, WETH will likely increase by 1.77%. Thus, it may trade at $2,242.02 with a minimum and maximum price of $2,160.20 and $2,697.45 before the end of 2023.
WETH Price Prediction 2025
If WETH performs well in 2023, it will enjoy an eventful year in 2024; in 2025, it’ll soar across most digital assets in the cryptocurrency market. Therefore, WETH will likely reach a maximum of $5,482.26 and trade at $4,827.31, with its minimum price at $4,695.73 throughout 2025.
Please note that altcoins are volatile and can deviate from predicted price action. Proper technical and fundamental analysis with risk management techniques is vital for traders.
What is WETH (WETH)
WETH – Wrapped Ether – is a cryptocurrency used for bidding on an auctioned NFT or offering to purchase an NFT. Afterwards, these bids are redeemable without any actions from the bidders. Users will send ETH to the wrapped ether smart contract to mint WETH.
The Ethereum Network launched WETH (wrapped Ethereum), so ERC-20 tokens can be traded for Ether and other ERC-20 tokens. WETH’s value is the same as ETH’s value at a ratio of 1:1, so they’re alike.
Why Is The Price of WETH Fairing?
Several factors could be contributing to WETH’s price movement. Some activities on the Ethereum network could also impact its wrapped version since its value is pegged to ETH.
Ethereum Whales Break Seven-Year Accumulation Record Amid Market Uncertainty
Santiment, a crypto analytics platform, reports that the top Ethereum whales have increased their holdings recently. These whales topped up with a significant sum that increased their collective holding to more than 25 million ETH tokens.
They revealed that the last time these whales held that much Ethereum was in 2016. These whales are non-exchange addresses with extensive ETH holdings. These purchases were made in the past week during the ETH price decline.
Historically, an accumulation phase for Ethereum triggers a bull run for the asset. This information will likely boost the price of WETH since it correlates to ETH’s price.
Fear And Greed Index In Neutral Position
Fear and greed are sentiments that often influence investors’ decisions in the crypto market. Most traders operate with emotional sentiments and a herd mentality moving to where market activity is highest. The crypto fear and greed index is neutral, meaning market activity is balanced without leaning toward both extremes.
WETH Alternative
Some ongoing altcoin presales will potentially reward early investors.
RobotEra
RobotEra is a Play-To-Earn (P2E) metaverse-based game that offers a unique platform for users to earn exciting rewards. Users compete as robots and engage in community rebuilding events. Also, users can acquire Metaverse plots to enjoy additional benefits.
TARO, the platform’s token, is currently on presale and has raised $953,000. It is worth $0.020 and will increase to $0.025 at the next stage.
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