ETHGas [GWEI] staged a sharp recovery days after it slipped below its Coinbase listing price of $0.039. Heavy selling over the past two weeks had pushed the token down to near $0.019.
Buyers stepped back in instead of extending the decline. GWEI gained 38% to near $0.0275 over the past 24 hours, according to CoinMarketCap, making it one of the day’s strongest performers.
Why are GWEI prices rising?
Leveraged traders drove one of the clearest shifts.
GWEI’s Open Interest nearly doubled to $14.85 million, AMBCrypto’s derivatives analysis showed. That signaled fresh capital entering GWEI futures markets, and the shift already showed up in the token’s price action.
On top of that, market positioning favored the bulls, too.
The Long/Short Ratio showed long positions held roughly 57% of total Open Interest, per Coinalyze data on the 1-day timeframe.
The gap was not extreme, but it pointed to improving confidence after the sell-off. Rising Open Interest alongside higher prices could support the case for new buyers driving the recovery, not short-term profit takers.
Are the ETHGas charts turning bullish?
GWEI’s daily chart pointed to a recovering market structure. The token found support near $0.0191 and reclaimed much of its lost ground since then.
Momentum indicators echoed that shift. The Stochastic RSI dropped to an oversold reading near 18.56 before turning higher.
Historically, similar moves marked the end of selling pressure as buyers regained control. The same pattern could play out for GWEI now.
If the reversal holds, the rally could extend toward the next resistance level at $0.064.
Final Summary
- A near-doubling of Open Interest suggests fresh money, not panic, is chasing GWEI’s rebound.
- Long positions dominate GWEI futures — but can sentiment survive a retest of resistance?