PEPEATH

According to Reuters: The U.S. Securities and Exchange Commission (SEC) may be poised to approve Ether exchange-traded funds (ETFs). Aas per four sources familiar with the process, the SEC asked exchanges such as Nasdaq, CBOE, and NYSE to refine their applications for spot Ether ETFs. This unprecedented move comes as a surprise to an industry braced for rejection.

Ether's price soared by as much as 18% on Monday due to this development and was up another 8.6% at $3,802 late Tuesday morning.

The SEC is expected to make a decision on applications to list Ether ETFs by VanEck and ARK Investments/21Shares — submitted via CBOE — by the end of this week. Although there was initially no engagement between the SEC, exchanges, and issuers on the application specifics, the regulator's recent request for updates indicates potential approval.

Despite growing optimism, these issuers still need SEC approval on the ETF registration statements before trading can commence. There's no set time frame for this, meaning Ether ETFs may take several months to begin trading.

The SEC's move represents a potential triumph for the cryptocurrency industry, given the regulator's historical hesitance amid concerns around market manipulation, especially overseen by crypto skeptic, Gary Gensler. The first Ether ETF applications were filed after the SEC approved ETFs tied to Ether futures in October, but rejection was expected due to discouraging encounters with the regulator. Last year, however, the SEC was compelled to approve Bitcoin ETFs following a successful court challenge by Grayscale Investments. This paved the way for significant buying interest, with two new Bitcoin funds attracting over $1 billion in assets within the first week.

Pepe has reclaimed the $0.000010 level, with technical indicators hinting at a potential bullish reversal.
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As bearish momentum declines across the broader crypto market, meme coins are positioning for a bullish turnaround. Amid rising chances of a market-wide reversal, Pepe has reclaimed the psychologically important $0.000010 mark, suggesting a possible bullish bounce.
PEPE Price Analysis
On the daily chart, Pepe is forming a base near the 38.20% Fibonacci retracement level at $0.00001026. This pattern hints at a potential double bottom, with the previous low formed on June 5.

The daily RSI shows a minor bullish divergence between the two recent lower lows, supporting the reversal outlook. Similarly, the MACD and signal lines are converging, suggesting a possible bullish crossover and trend reversal.
Currently, Pepe is trading at $0.00001033, down 36% from its 30-day high of $0.00001630. Based on Fibonacci retracement levels, a potential bullish move could first challenge the 50% level at $0.00001226, followed by the 61.8% level at $0.00001465.
On the downside, if the psychological support fails, a deeper correction could test the 23.60% Fibonacci level at $0.00000823.
Whale Books Massive Loss Amid Bearish Trend
Over the past 24 hours, a whale deposited 600 billion PEPE worth $6.1 million onto Binance. This represents a significant $3.5 million loss for the investor, as the price has declined by 12.6% from their purchase price.
Pepe Derivatives
According to Coinglass data, market optimism is not fully aligning with technical analysis, which still hints at a potential trend reversal. Open interest has declined by 0.77%, standing at $537.79 million.
Moreover, liquidations over the past 24 hours indicate a wipeout of bearish traders, as short liquidations outpaced long ones. Specifically, data shows short liquidations reached $698,000 over the past day, while long liquidations were at $420K.
Additionally, the OI-weighted funding rate has risen to 0.0101%, suggesting increased buying activity.

DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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