Pepe (PEPE) Soars to All-Time High as Traders Eye Ethereum ETF Approval

• Pepe (PEPE) surges 25% in 24 hours, spurred by Ethereum ETF optimism.
• PEPE open interest jumps 39%, signaling strong market confidence.
• Ethereum’s rise to $3,841 boosts Pepe to new market highs.

Pepe’s (PEPE) recent bullish momentum in the last 24 hours has been strong, leading to a price surge of over 25% hitting a new all-time high of $0.00001422. The significant increase is primarily attributed to the renewed hopes around the approval of spot Ether ETFs in the United States, which has positively impacted several cryptocurrencies built on the Ethereum blockchain, including meme coins like Pepe.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

Pepe Market Sentiment

According to CoinMarketCap, Pepe is currently trading at $0.00001387, marking a 25% increase in the last 24 hours. Concurrently, PEPE’s market capitalization and 24-hour trading volume surged by 23% and 89% reaching $5.79B and $4.44B.This rise in trading volume indicates a heightened market interest and confidence in the coin’s future performance.

PEPE Derivatives Data

Open interest in Pepe, which represents the total number of outstanding futures contracts that have not been settled, has risen by 39% to $169 million in the past 24 hours. This increase is generally interpreted as a sign of strong market confidence in Pepe’s future price movements. Traders are increasingly taking long positions, anticipating further gains.

The increase in open interest coupled with a bullish market sentiment suggests that Pepe might continue to see price growth in the short term. 

Impact of Ethereum’s Positive Market Movements

Pepe, being an Ethereum-based memecoin, has directly benefited from the positive developments surrounding Ethereum. The potential approval of spot Ether ETFs has not only boosted Ethereum’s price but also had a spillover effect on associated tokens. 

Over the past two days, Ethereum has seen a rise of over 20% reaching  $3,841. This increase has created a bullish environment for related assets, with Pepe reaching new highs.

Market analysts have observed that meme coins often mirror the trends of their underlying blockchains. In this instance, Pepe’s significant upswing is seen as a direct result of investor optimism towards Ethereum, making Pepe one of the standout performers in the crypto market currently. 

PEPE/USD Technical Analysis

Crypto traders and analysts have expressed that Pepe’s upward trajectory might continue, albeit with expected normal market corrections. Crypto trader “Plazma” suggests that Pepe’s price discovery phase could extend over the next few weeks, potentially reaching 2x-3x its current value, despite some anticipated pullbacks. 

PEPE/USD price chart (source: x)

Other analysts observe that PEPE has printed two of its longest green candles in history forecasting a looming ultra-god candle. However, on the PEPEUSD 4-hour price chart the Relative Strength Index (RSI) is overbought suggesting that the bull rally may fade. This trend suggests that traders should consider setting stop losses in case of a bearish turnover.

In contrast to the RSI trend, the Moving Average Convergence Divergence (MACD) trend above its signal line suggests that the bullish momentum is strong. This trend points to a sustained rally with a potential pullback seen as a chance to accumulate. 

PEPE/USD 4-hour price chart (source: TradingView)

The Rate of change (ROC) shift in trend also points to a cool-off in the bullish rally. However, if the Ethereum ETF is approved the PEPE price would be headed for a bullish breakout.