Pepe Coin is one of the leading meme coins based on the Ethereum blockchain, and a move by Ethereum (ETH) to the $5,000 mark may send shockwaves to the prices of Pepe Coin.
The price rise of Pepe Coin (PEPE) depends on Ethereum’s (ETH) movements. According to analysts, should Ethereum reach $5,000, it would surely spike Pepe Coin considerably too, due to it also being a trendy meme coin for the Ethereum blockchain. Based on that, this analysis examines the reasons behind Pepe Coin’s bullish trend through technical analysis and market trends about its whale activities.
Pepe Coin Price: Impact of Ethereum’s Performance
The price of Pepe Coin has risen by nearly 2,340% since its January lows and yet, in the recent few trading days, the crypto was lagging behind larger altcoins like Bitcoin and AAVE. Its price dipped to 17% from a yearly high, but it seems that technical indicators and price patterns also hint at a bullish turn of events.
One of the main factors in the future of Pepe Coin is Ethereum. As a meme coin based on Ethereum, the price actions most often hinge on the price actions for Ethereum. Recent breakthroughs within the Ethereum ecosystem could provide the necessary impetus to push this coin price to an all-time high.
Pepe Price Prediction: What Happens if Ethereum Hits $5,000?
Recently, Ethereum has been strengthened. Analysts believe that ETH may even reach $5,000 in the near term. When Ethereum increases, so may this coin. Here is why:
1. Impact of Ethereum on Meme Coins: This coin is one of the most prominent meme coins, in addition to Shiba Inu, in the Ethereum space. Historically, when Ethereum prices go up, meme coins like Pepe also follow because investors tend to invest more in the entire Ethereum ecosystem.
2. Forming the Falling Wedge Pattern: This Coin has recently formed a falling wedge pattern, usually interpreted as a bull technical indication. A break of this pattern may see major price breaks, especially with the increased price of Ethereum. The analysts feel this pattern signals that the coin is in a consolidation before making a bigger move ahead.
Bullish Catalysts for Pepe Coin by Whales & Metrics
Several on-chain metrics point out a strong bullish view on Pepe Coin.
Whale Accumulation: Recent data indicates whales are accumulating Pepe Coin in large quantities. One such whale transaction involved the transfer of 1 billion in this coin, valued at over $2.3 million. Whale activity often predicts price rallies as large investors show confidence in the future potential of the coin.
In addition, the amount of this coin held in exchanges has been declining while that held in the top non-exchange addresses has been increasing. This trend may be an indication that investors are withdrawing their holdings from the exchanges as they may be preparing for possible upward price movements.
The balance also reflects the investor sentiment: 331,000 wallets are “in the money”-keeping a certain amount of Pepe Coin to profit from. Only 12,200 wallets can be classified as “out of the money.” It should allude that investors have excellent confidence and, hence the breakout with Pepe Coin being possible. If it broke by the $0.000024 level, many probably kept enough PEPE tokens to trade there.
Pepe Coin Technical Analysis
The technical indicators for Pepe Coin may turn out to be positive in the future:
1. Falling Wedge Formation: The pattern indicates that the coin is going to soon witness an explosive breakout because the price converges within two declining trendlines.
2. Inverse Head and Shoulders: There is a minor inverse head and shoulders in place as well, indicating that the price could go north. Taken from the recent low of $0.00002595, estimates would place PEPE at approximately $0.00003450, which is a 47% jump from here.
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Conclusion: Even if Ethereum manages to spike to the $5,000 level, it might give the coin a strong upward surge due to the price action imitation from the parent currency and its technical pattern strength, besides whale accumulation and the increased assurance of investors.
However, if it breaks the key supports such as $0.000020, then the price of Pepe Coin may be facing downside pressure. But, on the other hand, its future looks bright and it may be that the price of Ethereum goes to $5,000. This will create a new growth phase for Pepe Coin.
Investors must keep an eye on Ethereum’s price movement and Pepe Coin’s technical patterns to determine when the next major price rally may occur.
Also Read: Will Dogecoin (DOGE) Hit $3 By 2025? Expert Forecast & Price Analysis
