The cryptocurrency market displays a steady recovery, with key cryptocurrencies such as Ethereum and Pepe showing increased prices.
Ethereum Recovery and Its Market Impact
The cryptocurrency market is beginning to recover, with Ethereum (ETH) sharply rising from a recent low of $2,113 to around $2,425. This increase creates favorable conditions for other cryptocurrencies, including memecoins.
Bullish Gartley Pattern in PEPE
On the 4-hour chart, PEPE is forming a Bullish Gartley pattern — a structure often known for predicting short-term continuation moves before hitting a reversal zone. The pattern started at the local high of $0.00001156 (point X), with a subsequent drop to $0.0000083 (point A), a rebound to $0.000010 (point B), and then a pullback to $0.0000089 (point C), after which PEPE has begun its upward CD leg, signaling potential growth.
Future Prospects for PEPE
If the pattern plays out, PEPE could target $0.00001086 — the 78.6% Fibonacci retracement of the XA leg, representing about 13% rise from current levels. If bullish sentiment remains in the broader crypto market, the price could extend further to the 1.0 Fibonacci projection at $0.00001156, equating to a potential upside of 21%. However, failure to hold above the $0.00000893 support area may threaten the bullish outlook, opening the door for further consolidation or even a pullback before any sustainable rally resumes.
The cryptocurrency market shows signs of recovery, and Ethereum's dynamics may positively influence other assets like Pepe. Investors should monitor support levels and target levels closely.
