While Ethereum price fails to break above significant resistance levels, the price of Pepe currency continues to suffer. Pepe currency and Ethereum have a close relationship. The price increase of PEPE was hampered by Ethereum's 5.6% decline over the previous 24 hours, while the meme currency fell 6.5%.
The Ethereum price decline to $4K, which is already unstable owing to division discussions around the impending Pectra upgrade, may have been caused by a sleeping whale waking up and flooding the market with coins.
$38M ETH at Risk Might Affect Pepe Coin Price Negatively
After eight years in dormancy, a massive Ethereum whale is starting to come to life again. Onchain was observed shifting its substantial Ethereum holdings, possibly in preparation for a sale.
In 2016, the whale moved 16,636 ETH out of the ShapeShift exchange after perhaps purchasing them at sub-5 pricing. On the day of the transfer, the price of Ether was $87,136, or around $5.24 per ETH. The whale has held up until this point, making 436X (43,600%) in total profit in less than a decade.
The portfolio, which is currently valued at approximately $37.1 million, has been transferred by the major investors to a new address, "0xe3e."
With the asset nearing the end of a bearish continuation pattern, the price of PEPE has dropped 6.9% in the past day and is now hovering at.
PEPE Cost Is Precarious Before a Possible Whale Dump
The clearly established falling resistance trendline on the 4-hour chart indicates that the price of Pepe currency is now declining. With no significant trend reversal indications to yet, the asset price has been declining since May. In addition, the asset is nearly finished with a bearish continuation pattern that resembles a descending triangle.
PEPE exhibits a robust support region that may be observed between $0.00000600 and $0.00000700, while resistance can be found in the vicinity of 0.00000800. A break above this trendline might indicate that the negative trend is about to reverse.
One might consider taking a long position in PEPE if the price breaks above the falling trendline and remains there, as the value may rise as high as $0.000001000, $0.000001200, or even $0.000001700.
$PEPE
#pepe⥠#PEPEATH #PEPE_EXPERT #DOGSONBINANCE #BinanceLaunchpoolCATI
