The cryptocurrency market continues to gain momentum, with the notable growth of Ethereum and Pepe capturing the attention of analysts and traders.
Bullish Trend in the Cryptocurrency Market
The cryptocurrency market is in a bullish trend as Ethereum (ETH) surpassed $4,150 for the first time since 2021, marking a 6% daily increase. This positive sentiment has created a favorable environment for other cryptocurrencies, including the memecoin Pepe (PEPE), which also showed impressive growth.
Harmonic Pattern on Pepe's Chart
On the daily chart, PEPE is forming a bearish ABCD harmonic pattern, which, despite its bearish label, often features a bullish CD leg before reaching the potential reversal zone (PRZ). The move began with a strong push from point A near $0.00000831 to point B, followed by a pullback to point C around $0.00001004, where buyers stepped back in. The price is now hovering near $0.00001232, confirming that the CD leg is in progress.
Future of Pepe and Predictions
Momentum currently leans in the bulls' favor. A sustained move toward the $0.00001628 target would complete the ABCD pattern, although this area could also become a major resistance level where traders might take profits. Conversely, PEPE needs to maintain support above its 25-day moving average, currently around $0.00001207. Losing this level could undermine the bullish setup and open the door to deeper consolidation.
The cryptocurrency market shows activity with the growth of Ethereum and Pepe. It is important to monitor future developments that may impact the market.
