ETHGas's token drops 14% as Ethereum gas fees hit 0.10 Gwei

ETHGas (GWEI) fell 13.68% in 24 hours to about $0.148 as Ethereum network activity weakened and gas fees dropped to 0.10 Gwei, signaling very soft demand for block space. The article argues that GWEI’s utility as a proxy for Ethereum usage is being pressured by this downturn in activity. Derivatives data also turned cautious: open interest declined 15.91% to $40.02 million and the OI-weighted funding rate flipped to -0.0056%, indicating traders are reducing leverage and paying to hold bearish positions. Technically, price is still above a rising trendline and key support at $0.125, keeping a recovery scenario alive toward $0.20 if support holds. A breakdown could expose $0.097. Overall, the tone is bearish in the short term, though the longer-term structure remains intact for now.