Ethereum and PEPE Coin Face Potential Declines

Ethereum and PEPE Coin Face Potential Declines

Ethereum (ETH), the largest altcoin by market capitalization, has experienced significant value loss following a recent drop in Bitcoin's (BTC) price. The decline has fueled speculation that an ETH exchange-traded fund (ETF) listing may not occur in the near future.

Ethereum Price Analysis

Popular crypto analyst Credible Crypto expressed concerns about Ethereum's potential decline in a recent market update. Despite the price hovering around $3,000 prior to today's drop, Crypto highlighted the possibility of a decline due to open interest.

According to Crypto, the real drop in Ethereum's price is yet to come and could occur in the range of $2,200 to $2,700. This decline could be accompanied by a decrease in open positions in ETH as it enters this region.

PEPE Coin Price Analysis

Crypto also assessed the potential price trajectory of PEPE Coin, one of the most popular meme coins. Despite the competitive landscape, PEPE Coin has recently reached an all-time high.

Crypto predicts that PEPE Coin may experience a decline back to its previous range, with a minimum downside target of 30%-40%. In a more significant dip, losses could range between 60% and 70%. The target price for PEPE Coin is around $0.0000040.

Market Outlook

Should Crypto's predictions come to fruition, BTC could fall to $50,000 while ETH could reach below $2,700. This decline could coincide with a net outflow of funds from the Grayscale Bitcoin Trust (GBTC) in anticipation of ETH's listing. The listing is anticipated to occur next week or the following week.