PEPE Drops 10% as Ethereum Slides 60%

PEPE, a meme coin built on the Ethereum blockchain, experienced a significant price drop of over 10% early Monday, reaching its lowest level since March 12. This decline has resulted in a 77% loss from its all-time high, leaving many holders with substantial losses. Despite this, PEPE remains one of the top three meme coins in the market.

The recent price crash of PEPE can be attributed to the sharp decline in Ethereum's value, which has fallen from $4,000 to around $1,600 over the past few months. This downturn has affected many ERC-20 tokens, including Shiba Inu, Jasmy, and Floki, as PEPE is directly influenced by Ethereum market trends. Additionally, wider market fears, sparked by Donald Trump's announcement of new tariffs on imports from China and Vietnam, have contributed to the drop. The CNN Money Fear and Greed Index plummeted to 4, indicating extreme fear among investors, leading many to exit risky positions and further impacting the PEPE coin price.

Despite the recent losses, traders are now observing signs of a potential reversal in PEPE's price. The coin is currently hovering near $0.000006440, just above a key support level at $0.000005833. This support area has proven strong in the past, and if it holds again, it could form a double-bottom pattern, a bullish reversal signal in the crypto market. If PEPE bounces off this support level, it could rally to $0.00001438, the 38.2% Fibonacci retracement level, indicating a 127% gain from current levels. A falling pattern also supports this bullish outlook, suggesting that buyers may soon enter the market.

Compared to other meme coins, PEPE shows relative strength, being one of the few with a positive 30-day return, up 4%. This popularity among traders seeking quick gains during market turmoil highlights the enduring appeal of meme coin trends. The future of PEPE's price is closely tied to Ethereum and the overall crypto market. If Ethereum drops to $1,000, as some analysts warn, PEPE could slide below $0.000005833 and potentially reach $0.000005000, breaking the current bullish structure and indicating further downside. However, if Ethereum finds support or starts to recover, the current PEPE price prediction could materialize, with a potential move back to $0.00001438 if momentum returns. As one of the most-watched tokens in the meme coin space, PEPE could lead the next rally in meme coin trends.

The PEPE price prediction appears bullish if the $0.000005833 support level holds. A breakdown below this key level could trigger further downside, but if bulls defend the zone, PEPE might bounce and push higher. Supported by an active community and strong chart setups, PEPE remains a significant player in current meme coin trends. Traders should closely monitor Ethereum's next move and key support levels before making any decisions.