GWEI Powers Up 16% on Bullish Volume, but the $0.125 Resistance Gate Won't Budge

ETHGas ($GWEI) climbed 16% as trading activity across major exchanges turned bullish, with the asset's broader trajectory reflecting gains of 209% over 90 days and 593% year-to-date, according to market data. The Long/Short Ratio across all exchanges stood at 1.19, indicating that perpetual volume on six of nine venues remained bullish by holding above 1, while total volume reached $22.15 million, a jump of more than 177% in the last 24 hours. Binance accounted for the majority of that activity, contributing $13.60 million in traded volume.

The rally now faces a critical technical hurdle at the $0.125 resistance level, a zone that previously served as support before failing and sending the price toward the demand zone. Early trading activity showed a slight rejection at that level, and a sustained close above it would flip the zone back into support. The aggregated Funding Rate across exchanges read 0.0108%, pointing to long traders controlling the majority of leveraged capital in GWEI's perpetual futures contracts.

Selling pressure on the Spot market has eased, with spot exchange netflow showing net sales dropping from $140,000 to roughly $47,000. The accumulation/distribution indicator reflected growing accumulation, rising from -1.56 billion to -1.42 billion. The indicator remains on the negative side of the chart, a factor that could allow bearish momentum to reassert itself if the resistance at $0.125 continues to hold.