PEPE, the third-largest meme coin by market capitalization, is poised to be among the top beneficiaries of spot Ether exchange-traded funds (ETFs) approval.
PEPE has posted a slight gain of 0.5% in the last 24 hours to trade at $0.00000919 at 06:54 a.m. EST.
Despite the recent gains, PEPE remains in a bearish momentum. The meme coin has dropped by 14% over the last week.
PEPE Is the Best Play With Upcoming Spot ETH ETF
PEPE is a meme coin created on the Ethereum blockchain. Buzz around Ethereum has grown with the highly-anticipated release of spot ETH ETFs. As such, PEPE could be poised for an uptrend.
A similar trend has been seen in the meme coins created on other networks whenever there is activity on a particular network. For instance, Solana meme coins surged after reports that asset managers could be filing for spot SOL ETFs.
It appears as if whales are already positioning themselves to make a trade in case a spot Ether ETF is approved.
On July 10, WhaleAlert noted that 9 trillion PEPE tokens were transferred from an unknown wallet address to the Bybit exchange.
These tokens are worth $82 million. The transfer indicates that the whale could be taking a position to trade these tokens depending on the direction in which the price of PEPE will take once Ether ETFs debut in the market.
Besides the hype around the ETF hype, analysts believe that meme coins could be among the top gainers after the crypto market bottomed recently.
The co-founder of Mechanism Capital, Andrew Kang, noted that meme coins are among the coins that will rally to new highs in the coming months.
However, investors must be cautious when selecting the coins they intend to buy.
Despite the market optimism, the PEPE price is still down by over 46% from its all-time high in late May.
PEPE Price Analysis
The price of PEPE is currently on a bullish trajectory, with more gains likely being on the way. The recent gains could be attributed to the buying pressure.
The Relative Strength Index (RSI) level is slightly above 50, indicating the market is neutral. However, buyers appear to have the upper hand, with the recent dip presenting an opportunity to buy at low prices.
The Parabolic SAR is currently moving below the price, indicating that PEPE could be on a bullish trend. If the gains continue, PEPE will rally higher and break the next resistance at $0.00000955.
Traders currently have a good entry point. If they take advantage of it, the gains will continue. However, if the uptrend fails, PEPE will drop lower to the support at $0.00000884.
