Is PEPE Coin Mania About to Fade? Bitcoin and Ethereum Prices Inch Close to $30,000 and $2000, respectively

by 玥芸 杨 May 06, 2023
After struggling for a couple of days, the dominant cryptos, Bitcoin and Ethereum, have surged beyond the major resistance and secured levels closer to their interim milestones. As assumed before, the liquidity from the memecoin mania may flow back into the major cryptos, and the same appears to have been in place. The BTC & ETH prices are trading close to $30,000 and $2000, which raises the possibility of resuming a healthy upswing hereafter.

The Bitcoin price has been trading along a trend line for a long time, and a strong breakout from the levels may only lift the price from the bearish influence. One of the top analysts, Crypto Tony, believes the capital from memecoins like PEPE may offer a good kick for the star crypto, which may rise as high as $32,000 in the coming days.

According to the analyst’s chart, the BTC price is expected to rise above $32,000, followed by a sharp drop back to the same levels. Hence, it appears that the bears continue to hold a significant dominance over the rally. Besides, the Ethereum whales have been actively moving their supply around the retail holders who have been constantly dumping on the assets.

Trading view

The above chart shows the ETH whales holding 100K to 1M accumulated over 1.4 million while the addresses holding 1M to 10M added 400K ETH. Besides, whales holding 10K to 100K ETH have dumped over 800K ETH followed by 1000 to 10K ETH shedding 100K ETH. Therefore, it clearly indicates that the smaller whales have been liquidating while the bigger whales continue to accumulate.

Although the rally has been overshadowed by the prevailing memecoin mania like PEPE, the trend is expected to flip any momentum, squeezing the maximum of the profits.

By Sahana Vibhute | Original Link

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