Ethereum price pulled back on Friday morning, erasing some of the gains made in the past few weeks. It plunged to a low of $2,495, down sharply from this month’s high of over $2,800. This article provides a forecast for the ETH token and explains why investors are moving to Bitcoin Pepe, a new viral coin.
Ethereum Price Prediction
Ethereum has been in the spotlight in the past few weeks as inflows in spot ETH ETFs have surged. Data shows that these inflows have surged for four consecutive weeks, indicating that Wall Street investors believe the coin will continue to rise.
The ETH price has also been in the spotlight due to its market share in key areas of the crypto industry, such as decentralized finance and real-world asset tokenization.
Ethereum also jumped as top indicators, like the MVRV, showed that it was a highly undervalued token following the recent crash.
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The daily chart shows that the ETH price has been in a consolidation phase over the past few weeks. It has formed a rectangle channel whose support and resistance levels were at $2,410 and $2,736.
This channel happened after the token went parabolic, forming a bullish flag chart pattern. A bullish flag is one of the most bullish patterns in technical analysis. Ethereum remains above the 38.2% Fibonacci Retracement level and has formed a golden cross pattern.
Therefore, the Ethereum price will likely bounce back because of its strong fundamentals and technicals. If this happens, the next point to watch will be the psychological point at $3,000. Moving above $3,000 will signal more gains ahead.
Bitcoin Pepe is the Next Big Thing
Meanwhile, crypto investors are moving to Bitcoin Pepe, one of the fastest-growing projects. Bitcoin Pepe is an upcoming crypto project that aims to disrupt the $70 billion meme coin industry.
The meme coin industry is now dominated by Solana, which has thousands of meme coins in its ecosystem, like Dogwifhat, Fartcoin, Bonk, and Pudgy Penguins. Its meme coin ecosystem alone has a market capitalization of over $9.7 billion.
Bitcoin Pepe hopes to disrupt this industry by launching a layer-2 blockchain on the Bitcoin ecosystem. A layer-2 network is a sidechain that helps to supercharge an existing chain. Some good examples of this are Polygon, Arbitrum, Base, and Optimism that supercharge Ethereum’s network.
Stacks and Core are the other layer-2 networks that supercharge the Bitcoin network, allowing developers to build on top of the biggest cryptocurrency in the industry.
Bitcoin Pepe employs a similar approach, but focuses on the meme coin industry. It will have staking features, instant transactions, ultra-low fees, and introduce the PEP-20 standard.
Bitcoin Pepe has gone viral in the past few months, as it raised over $14 million from investors. This trajectory could continue as the developers prepare for the upcoming reveal of the listing date. You can buy the BPEP token here.
