Ethereum News Today: Ethereum's 23% Gain Fuels PEPE's 33% Surge in 30 Days

The cryptocurrency market is currently experiencing a strong bullish trend, with Ethereum (ETH) leading the charge, having gained 23% over the past week and now trading near $3,700. This momentum has spilled over into major memecoins, with Pepe (PEPE) emerging as a top contender for a potential breakout. PEPE has risen 10% over the past week, extending its 30-day gains to 33%.

What has caught the attention of traders is not just the price movement but also the bullish fractal setup forming on the chart, which is signaling the potential for another strong upside move. According to prominent crypto analyst JACKIS, PEPE is tracking a fractal pattern similar to Ethereum’s current breakout. This pattern saw ETH surge from its 0.382 Fibonacci retracement level to its recent move above the 0.786 Fib level, now eyeing higher targets near the 1.0 Fibonacci zone.

Currently, PEPE is consolidating just below the $0.00001409 level, a zone acting as key resistance. A decisive breakout above this area could unlock a much larger move to the upside. If PEPE manages to close and hold above the 0.382 Fibonacci level at $0.00001409, it could ignite a rally above the 0.786 Fibonacci target around $0.000024. That would mark a 77% surge from current prices, closely mirroring Ethereum’s recent bullish move.

If the fractal fully plays out, PEPE could even retest its previous all-time high near $0.00002837, a move that would represent a potential 110% rally from where it stands now. The price of PEPE has been holding above the ascending trendline and the 50-period moving average, indicating a strong upward momentum. Both the MACD and RSI momentum indicators support this bullish outlook, signaling that the price could rally higher in the near future.

The fractal pattern observed in PEPE's price chart is reminiscent of previous bullish movements in the cryptocurrency market. This pattern suggests that the current price action is likely to follow a similar trajectory, leading to significant gains. The ascending trendline and the 50-period moving average serve as key support levels, providing a solid foundation for the price to build upon.

The MACD indicator, which measures the relationship between two moving averages of a security’s price, is currently in a bullish position. This indicates that the short-term moving average is above the long-term moving average, further supporting the upward momentum. Similarly, the RSI, which measures the speed and change of price movements, is also in a bullish zone, suggesting that the price is not yet overbought and has room to rise.

Analysts have also noted that the price of PEPE has been consolidating above these key support levels, which is a positive sign for a potential breakout. Consolidation periods often precede significant price movements, and the current consolidation suggests that the price is building momentum for a rally. In addition to the technical indicators, the overall market sentiment towards PEPE is also bullish. The meme coin has gained significant attention and support from the cryptocurrency community, which could further fuel its price rally. The strong speculative interest in PEPE is another factor that could drive its price higher.

However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. While the bullish fractal setup and technical indicators suggest a potential upside move for PEPE, there is no guarantee that this will materialize. Investors should exercise caution and conduct their own research before making any investment decisions. With Ethereum’s rally acting as a tailwind and PEPE’s technical structure aligning for a bullish continuation, traders are closely watching this memecoin for what could be its next big leg up.