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ETHGas (GWEI) rallies 18% as U.S. trading volume spikes, signaling potential short squeeze.

Technical Signals
04 Jul 2026
AMBCrypto
View Source
Bullish
pluang ai news

ETHGas (GWEI) surged 18% in 24 hours, driven by a spike in U.S. trading volume reaching $2.09 million, about 12.59% of total turnover. While spot markets show strong buying and reduced sell pressure, perpetual futures indicate cautious sentiment with a negative funding rate of -0.38%, suggesting the rally might be an early short squeeze rather than sustained strength. The price momentum favors further gains, but some downside risk remains due to order depth below the current price. This dynamic highlights active U.S. trader involvement and potential volatility ahead.

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