PEPE price hovers below $0.00001 as Whales sell ahead of Ethereum ETF launch. Currently PEPE is trading at $0.000009073 which is up 2.00% in the last 24 hours. Despite its position as the top memecoin on the Ethereum blockchain and ranking 25th by market cap PEPE faces challenges as large holders appear to be selling off their tokens.
PEPE market cap stands at $3.8 billion with a 24-hour trading volume of $491million which is down by 12.73%. The token price remains below the crucial $0.00001 level awaiting a potential catalyst to initiate an uptrend.
Data shows a considerable decline in PEPE addresses holding tokens worth $100,000 to $10 million in the last 30 days. This unexpected sell-off by major holders contradicts the general bullish sentiment surrounding the upcoming spot Ethereum ETF launch.
PEPE has experienced a 55% pullback from its all-time high of $0.00001725 recorded on May 27th. The token found support at $0.00000763 on July 5th and has since been consolidating.
The 4-hour RSI sits at 53 indicating neutral momentum. Looking at moving averages, price is currently testing the 50-period moving average resistance. Key support lies at $0.00000763 low with resistance at $0.00000992
The current consolidation phase suggests that PEPE could move in either direction. A bullish scenario would see the price breaking above $0.00000992 potentially signaling a trend reversal. On the other side a drop below the recent low could lead to further downside
According to data from IntoTheBlock 65% of holders are currently in profit, 10% are at breakeven and 25% are holding at a loss. These metrics show a mixed sentiment among PEPE holders with a majority still in profit despite recent price declines
The upcoming spot ETH ETF launch could serve as a bullish catalyst for PEPE price. Some analysts suggest that renewed market hype could potentially drive PEPE's market cap back to the $5.5 billion mark. However maintaining any price increase would need an influential boost in buying pressure
While PEPE faces short term challenges including whale sell offs and price consolidation, the Ethereum ETF launch could provide a much needed catalyst. We all watch closely to monitor the key resistance levels and buying pressure for signs of a potential trend reversal.