ETHGas (GWEI) has seen a sharp rebound days after falling below Coinbase’s listing price of $0.039. Heavy selling over the past two weeks has brought the token down to nearly $0.019.
Buyers pulled back rather than extending the decline. GWEI rose 38% to close to $0.0275 Over the past 24 hours, according to CoinMarketCap, making it one of the strongest performing coins today.
Why are GWEI prices rising?
Leveraged traders led one of the clearest shifts.
AMBCrypto’s derivatives analysis showed that GWEI’s open interest nearly doubled to $14.85 million. This signals new capital entering the GWEI futures markets, and the shift has already been evident in the token’s price action.
Moreover, the market situation favored the bulls as well.
The buy/sell ratio showed that long positions accounted for nearly 57% of the total open interest, according to Coinalyze data on the one-day time frame.
The gap was not large, but it indicated improved confidence after the sell-off. Rising open interest combined with rising prices may support the case for new buyers leading the recovery, not short-term profit taking.
Are ETHGas Charts Turning Bullish?
Wee The daily chart indicated a recovering market structure. The token found support near $0.0191 and has since regained much of the lost ground.
Momentum indicators echoed this shift. The Stochastic RSI fell to an oversold reading near 18.56 before turning higher.
Historically, similar moves have marked the end of selling pressure as buyers regain control. The same pattern could happen for GWEI now.
If the reversal continues, the rally could extend towards the next resistance level at $0.064.
Final summary
- The nearly doubling of open interest suggests that new money, not panic, is chasing the GWEI rebound.
- Long positions dominate GWEI futures – but can sentiment survive a retest of resistance?
