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ETHGas [$GWEI] has extended its upswing, though the move now shows signs of being tested by bearish pressure across the market. The asset, which rallied 209% over 90 days and 593% on a year-to-date basis, has continued along that trajectory.
$GWEI sits on that rally path once more, climbing 16%, with trading activity across exchanges pointing to broad consensus behind the move. Structural levels, however, remain key to whether the asset sustains its upswing or drops lower.
$GWEI volume signals bullish consensus
Volume across multiple exchanges shows an ongoing buying consensus that could steer the asset’s direction.
At the time of writing, the perpetual volume of $GWEI across six of nine exchanges held bullish, staying above 1. The perpetual volume, or Long/Short Ratio, read bullish above 1—a figure below it suggests bearish volume is gaining ground.
Source: CoinGlass
The Long/Short Ratio across all exchanges currently sits at 1.19, according to CoinGlass data, with volume reaching $22.15 million—a gain of more than 177% in the last 24 hours.
Binance contributes the bulk of that performance, dominating more than half the traded volume at $13.60 million. With most of that volume bullish, it strengthens $GWEI’s chance of recovery.
$GWEI tests demand zone resistance
The rally does not guarantee a sustained run higher, and key factors on the chart could shape the outcome, chief among them the resistance zone at $0.125.
This resistance remains central to where price heads next. The level previously acted as support that lifted the price before failing to hold, which sent the asset breaking down to the demand zone.
A rally above this level would flip it from resistance back into support. Early trading activity, however, showed a slight rejection at the resistance zone.
Source: TradingView
The aggregated Funding Rate across all exchanges keeps sentiment on $GWEI bullish, pointing to a tendency for the asset to push higher.
The Funding Rate reads about 0.0108% at the time of writing, suggesting long traders control the majority of leveraged capital in $GWEI’s perpetual futures contracts.
$GWEI accumulation rises as selling pressure eases
Selling pressure from the Spot market has declined significantly, showing that traders have eased off their selling.
At the time of the report, spot exchange netflow showed that net sales, which had previously dominated, had plummeted from $140,000 to roughly $47,000.
Source: CoinGlass
The accumulation/distribution indicator points to growing accumulation, or a surge in buying, as the reading rose from -1.56 billion to -1.42 billion, reflecting buyer strength.
A key point remains that the A/D indicator sits on the negative side of the chart, meaning the bears could regain control once more.
Final Summary
- $GWEI is up 16% and has gained 593% so far this year, with most market activity pointing to more buyers than sellers right now.
- The price still needs to break past the $0.125 mark to keep climbing, and an early rejection there signals the move higher is not yet locked in.
