PEPE to the moon? Thank Spot Ethereum ETFs if that happens!
Release: 2024/07/24 13:04 Reading: 462
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=409023
PEPE's Surge Expected with Spot Ethereum ETFs
Spot Ethereum ETFs have received regulatory approval in the United States. This milestone is anticipated to boost institutional appetite for Ethereum, potentially impacting memecoins like PEPE.
Bitcoin ETF Surge Precedent
Following the approval of a Spot Bitcoin ETF, Bitcoin experienced a significant surge to its record high. The rise positively influenced other cryptocurrencies, including altcoins and memecoins. Spot Bitcoin ETFs attracted substantial inflows, with daily net inflows reaching approximately $125 million per day.
PEPE's Previous Benefaction
PEPE benefited from Bitcoin's ETF approval, surging by 86.56% within seven days. Similar gains may be expected with Spot Ethereum ETFs, particularly given PEPE's strong correlation to Ethereum.
Bullish Continuation Signals
Technical analysis indicates PEPE's consolidation following a bullish flag breakout. The strong support level at $0.0000015 suggests a potential bullish rally. PEPE historically exhibits a seasonal trend of consolidation followed by a breakout and price increase.
Whale Activity and Market Dynamics
Data from IntoTheBlock suggests a decline in large transactions involving PEPE, potentially indicating an impending price movement. Coinglass data reveals a balanced market with a slight bullish sentiment among investors.
Positive Outlook for Memecoins
Overall, current market dynamics favor PEPE and other memecoins highly correlated with Ethereum. Spot Ethereum ETFs are expected to generate a rally in the near future, although the duration remains uncertain.
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