GWEI is now around 0.0253. I’ll observe this level for now—I’m not in a rush to go long, and I also won’t chase a short.
This coin was truly strong earlier: over 7 days it surged from 0.0148 to 0.0364, more than doubled. But in the past few days, it was hit by a massive bearish candle that dragged it back hard—within 24 hours it dropped by almost 20%. Now the price has already fallen to about 16 points below the 20-line and the 50-line.
However, there’s one signal that’s quite important: the contract open interest collapsed in a single day by nearly half, dropping into the bear capitulation quadrant. In plain terms, the leveraged positions from the prior push-up have basically been swept clean. Those who chased the rally have already been washed out—this is actually the relatively “cleaner” area within this current leg down.
The problem is the order book. The spot buy-side orders are noticeably thinner than the sell-side: the ratio is only around 0.75. Even for active orders, sell pressure still dominates—buyers account for only about 45%. That means the leverage has been cleared, but fresh funds haven’t clearly stepped in yet.
The big players’ positions are still somewhat net long on paper. Long accounts are close to 70%, but they’re also slightly “pulling back” (reducing). Long positions are around 57%, and they’ve shifted them upward a bit—more like an observation/holding state rather than decisive action.
So my view is: the drop was fast and the leverage got cleaned out, but the bid side hasn’t fully taken over yet. Chasing longs at this point has a mediocre cost-effectiveness. I’ll wait for a retest and stabilization, or for the buy-side to visibly recover. For now, I’ll see how the market chooses its direction.
#gwei $GWEI
This coin was truly strong earlier: over 7 days it surged from 0.0148 to 0.0364, more than doubled. But in the past few days, it was hit by a massive bearish candle that dragged it back hard—within 24 hours it dropped by almost 20%. Now the price has already fallen to about 16 points below the 20-line and the 50-line.
However, there’s one signal that’s quite important: the contract open interest collapsed in a single day by nearly half, dropping into the bear capitulation quadrant. In plain terms, the leveraged positions from the prior push-up have basically been swept clean. Those who chased the rally have already been washed out—this is actually the relatively “cleaner” area within this current leg down.
The problem is the order book. The spot buy-side orders are noticeably thinner than the sell-side: the ratio is only around 0.75. Even for active orders, sell pressure still dominates—buyers account for only about 45%. That means the leverage has been cleared, but fresh funds haven’t clearly stepped in yet.
The big players’ positions are still somewhat net long on paper. Long accounts are close to 70%, but they’re also slightly “pulling back” (reducing). Long positions are around 57%, and they’ve shifted them upward a bit—more like an observation/holding state rather than decisive action.
So my view is: the drop was fast and the leverage got cleaned out, but the bid side hasn’t fully taken over yet. Chasing longs at this point has a mediocre cost-effectiveness. I’ll wait for a retest and stabilization, or for the buy-side to visibly recover. For now, I’ll see how the market chooses its direction.
#gwei $GWEI