ETHGas [GWEI] posted a sharp recovery after falling below its Coinbase listing price of $0.039. The token — whose name references the gwei unit used to denominate Ethereum transaction fees — had been under heavy selling pressure over the preceding two weeks, sliding to approximately $0.019 before buyers re-entered the market.

Over the past 24 hours, GWEI climbed 38% to around $0.0275, according to data from CoinMarketCap, placing it among the strongest-performing digital assets of the day.

Derivatives Activity Signals Fresh Capital Inflow

Leveraged traders were a primary driver of the rebound. GWEI's Open Interest nearly doubled to $14.85 million, according to AMBCrypto's derivatives analysis. The surge indicated new capital flowing into GWEI futures markets, a move that was already reflected in the token's price action. That figure, while significant for GWEI, remains a fraction of the Open Interest seen in major cryptocurrency derivatives markets.

Market positioning also leaned bullish. The Long/Short Ratio showed long positions accounting for approximately 57% of total Open Interest on the 1-day timeframe, based on Coinalyze data. While the margin was not extreme, it suggested improving trader confidence following the prolonged sell-off.

Rising Open Interest paired with higher prices is generally consistent with new buyers entering the market rather than existing holders taking short-term profits.

Technical Indicators Point to Recovering Structure

GWEI's daily chart reflected a recovering market structure. The token established support near $0.0191 and has since reclaimed a significant portion of its recent losses.

Momentum indicators reinforced the shift. The Stochastic RSI fell to an oversold reading near 18.56 before reversing upward. Historically, comparable patterns have coincided with diminishing selling pressure as buyers regained control.

If the current reversal holds, the next notable resistance level sits at $0.064.

Outlook

The near-doubling of Open Interest suggests fresh capital — rather than panic-driven activity — is underpinning GWEI's rebound. Long positions continue to dominate the token's futures market, though whether sentiment can be sustained through a retest of resistance remains to be seen.

GWEI was listed on Coinbase, one of the largest cryptocurrency exchanges in the United States by trading volume, at an initial reference price of $0.039. The token's recent volatility highlights the price discovery phase that often follows new exchange listings in cryptocurrency markets.