PEPE Whale Moves $135 Million as Ethereum ETF News Spreads: Will Prices Change?

Between July 8 and July 11, PEPE's price consolidated within the narrow range of $0.00009 to $0.000096.

On-chain data suggests increased whale activity on the PEPE network ahead of the official launch of Ethereum ETFs in the US.

PEPE Whale Activity Rises

Following a volatile start to the week, global crypto markets rallied on Wednesday. Bitcoin (BTC) surged above $58,000, while Ethereum (ETH) reclaimed $3,100. This recovery has been attributed to increased demand from Bitcoin ETFs and anticipation surrounding Ethereum ETF launches.

As Ethereum's second-largest memecoin, PEPE is expected to benefit from the influx of investment into the ecosystem once ETH ETFs gain traction. Recent market behavior indicates that PEPE investors are positioning themselves for this event.

While PEPE's price has yet to make a significant move, bulls have consolidated their positions. Last week's sell-off sent PEPE to a 100-day low of $0.000076 on July 5. However, bulls have since triggered a 23% rally.

Ahead of the Ethereum ETF launch, retail traders are considering their options, leading to a temporary pause in PEPE's price recovery around $0.00009. Meanwhile, on-chain data reveals that whale investors are accumulating more PEPE tokens, potentially anticipating gains from ETF inflows.

PEPE Whale Transactions

IntoTheBlock's chart tracks daily volumes of PEPE transactions exceeding $100,000, providing insights into large investor activity. After the crypto market crash on July 6, PEPE whale transactions dropped to $70.81 million. However, as prices fell to 100-day lows, on-chain data shows a surge in large investor buying.

Latest data from IntoTheBlock indicates that PEPE whale transactions have reached $135.7 million as of July 11. Increased whale transactions during consolidation suggest investors are capitalizing on the price dip to accumulate holdings.

PEPE Recovery

PEPE coin shows modest recovery, trading at $0.000009323764, a 1.33% gain. The chart indicates consolidation around $0.000009, suggesting cautious optimism among traders.

The Relative Strength Index (RSI) is at 41.04, approaching the neutral zone. This positioning allows for upward movement without immediate risk of correction. If the RSI surpasses 50, it would signal stronger momentum and potentially drive the price towards $0.000011.

Immediate resistance is at $0.000010, a psychological barrier and previous support level. Breakout above this level would be significant, driving the price towards $0.000011.

Strong support is at $0.0000085. Failure to hold above this level could result in a pullback to $0.0000075. However, indicators suggest bulls are defending the $0.000009 support zone, aiming for a breakout above $0.000010 in the short term. Traders should monitor volume and RSI for confirmation of a bullish breakout.

Disclaimer: This article provides general information and should not be construed as legal, tax, investment, financial, or other advice.