Pepe Coin Price Analysis – September 17, 2024: Ethereum Struggles Impact PEPE Performance

Pepe Coin Price Analysis – September 17, 2024

Pepe Coin continues to face significant challenges, primarily due to its strong correlation with Ethereum, which has struggled to break above key resistance levels. In the last 24 hours, Pepe Coin has dropped by 6.5%, while Ethereum’s price slid by 5.6%, directly affecting PEPE’s market performance.

Ethereum Whale Activity Threatens PEPE’s Price Stability

The recent slump in Ethereum’s price may be tied to a dormant whale that has awakened, potentially offloading a significant amount of ETH, further delaying Ethereum’s path to the much-anticipated $4,000 mark. This whale, inactive for over eight years, holds approximately $38 million worth of Ethereum, heightening concerns over a potential market dump that could also negatively impact Pepe Coin’s value.

According to data from Spot Onchain, the whale purchased 16,636 ETH at a price below $5, holding them since 2016. The initial value of this holding was $87,136, making the current profit an astronomical 43,600%. With the recent transfer of these funds to a new address, “0xe3e”, market participants remain on edge, wary of a possible large-scale ETH sell-off that could send shockwaves through the crypto market.

Pepe Coin’s Bearish Correlation With Ethereum

Pepe Coin’s high correlation with Ethereum, measured at 0.81 by IntoTheBlock, underscores the vulnerability of PEPE to ETH’s market movements. As Ethereum faces pressure, the Pepe Coin price is likely to follow suit, especially during sharp downturns. The price movement of both assets within the 4-hour timeframe reveals that PEPE tends to react more explosively to ETH’s fluctuations, further exposing it to bearish risks.

In the past 24 hours, Pepe Coin has already dropped 6.9%, and its price remains precariously close to the end of a bearish continuation pattern.

Technical Analysis: PEPE on the Edge of a Major Breakout or Breakdown

Pepe Coin’s technical indicators suggest that it’s trading within a well-defined descending resistance trendline on the 4-hour chart. The asset has been in a consistent downtrend since May, and no clear signs of a trend reversal have emerged yet. Additionally, PEPE is nearing the completion of a descending triangle, a well-known bearish continuation pattern, signaling the potential for further downside.

The Pepe Coin price has a visible support zone between $0.00000600 and $0.00000700, while resistance sits just above at $0.00000800. If the price can successfully break and hold above the descending trendline, it could trigger a bullish reversal, potentially sending PEPE to higher targets of $0.000001000, $0.000001200, or even $0.000001700.

In conclusion, the Pepe Coin price is at a critical juncture, heavily dependent on both its own technical setup and the broader movements in Ethereum’s price. A breakout from the current downtrend could offer a fresh opportunity for long positions, but a large Ethereum whale dump could further weigh down both ETH and PEPE, complicating their respective recovery paths.

Key Takeaways for September 17, 2024 Pepe Coin Price Analysis:

• Pepe Coin remains highly correlated with Ethereum, making it vulnerable to ETH’s price movements.
• Ethereum whale activity could trigger a significant market event, impacting both ETH and PEPE.
• PEPE faces strong technical resistance but could rally if it breaks above the descending trendline.