GWEI Price Surges 38% After Coinbase Listing Slump

ETHGas (GWEI) has staged a sharp recovery after its price slipped below $0.039 following a listing on Coinbase.

In the past two weeks, heavy selling pushed GWEI down to near $0.019, but buyers stepped back in and drove the token's price up 38% over the past 24 hours to around $0.0275.

According to derivatives analysis by AMBCrypto, leveraged traders have driven one of the clearest shifts in GWEI's market, with Open Interest nearly doubling to $14.85 million.

The Long/Short Ratio showed long positions held roughly 57% of total Open Interest, per Coinalyze data on the 1-day timeframe, indicating improving confidence after the sell-off.

GWEI's daily chart has pointed to a recovering market structure, with the token finding support near $0.0191 and reclaiming much of its lost ground since then.