How High Will Pepe Coin Price Go If Ethereum Hits $5,000?
Pepe Coin, an Ethereum-based meme coin, has faced market turbulence recently due to the Fed’s decisions. Despite this, PEPE’s performance remains closely tied to Ethereum. If ETH hits $5,000, PEPE could rally significantly.
Pepe Coin Price Forecast
PEPE has gained over 2,340% this year but is currently down 17% from its peak. Analysts note that PEPE’s price trend mirrors its early 2024 rally phase. Ethereum’s recent momentum, supported by whale activity, rising transactions, and ETF inflows, strengthens its outlook. A rise above $4,000 in ETH could trigger a bullish breakout for PEPE.
Whale Accumulation
On-chain data reveals a drop in PEPE supply on exchanges, with whales moving their holdings to private wallets. Etherscan shows significant transfers, such as 1 billion PEPE coins worth $2.3M. This accumulation indicates confidence among investors, potentially fueling a rally.
Technical Analysis
PEPE is forming a falling wedge, a bullish pattern suggesting gains. The coin is above the 50-day moving average and displays an inverse head-and-shoulders pattern. Analysts project PEPE could rise to $0.00003450, a 47% increase from current levels, if it overcomes resistance at $0.000024.
The bullish outlook remains unless PEPE drops below $0.000020, which could lead to further declines to $0.00001712.
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