How High Can Pepe Price Get If Ethereum Surges to $5,000?
Pepe coin has entered a bear market this year, experiencing a significant 65% drop from its all-time high.
- Pepe, the second-largest Ethereum meme coin after Shiba Inu, has now reached the key support level of $0.000010.
- The decline in Pepe’s price reflects the broader crypto sell-off, though it is also influenced by Ethereum’s underperformance.
Ethereum’s Performance Impact on Pepe
Ethereum, the largest layer-1 blockchain, has underperformed compared to other major blockchains like Bitcoin and Solana.
- Over the past 12 months, Ethereum has fallen by 5%, while Bitcoin and Solana have surged by over 70%.
- Ethereum has also lost market share in sectors like decentralized finance, meme coins, and non-fungible tokens (NFTs), impacting Ethereum-based tokens like Pepe.
Ethereum’s Potential to Surge to $5,000
Ethereum is likely to experience a surge to $4,000, with an ascending triangle pattern forming on the two-week chart.
- This pattern indicates horizontal resistance combined with a diagonal trendline of higher highs and lows.
- A bullish breakout above the $4,000 resistance could lead to Ethereum reaching $5,000 in the long term.
Pepe Price Technical Analysis
If Ethereum experiences a strong bullish breakout, it could also lift Pepe and other Ethereum-based tokens.
- Pepe’s daily chart shows signs of a bullish divergence in oscillators like the Percentage Price Oscillator and the Relative Strength Index (RSI).
- This occurs when these oscillators trend upward, even though Pepe’s price remains in a downtrend.
Key Levels for Pepe
Pepe is also forming a bearish divergence pattern with downward-trending lines approaching a convergence point, which often signals a bullish breakout.
- The first key level to watch for Pepe is the 200-day moving average at $0.00001351, a 35% increase from its current price.
- If further gains follow, Pepe could rise to its all-time high of $0.000028, representing a 175% surge.
Risks of Further Decline
However, if Ethereum continues to weaken, Pepe’s price may decline further.
- Initial support levels for Pepe are at $0.0000060 and $0.0000038, which were the lowest swings in August and April of the previous year.