Pepe coin has entered a bear market this year after plunging 65% from its all-time high.
Pepe (PEPE), the second-biggest Ethereum (ETH) meme coin after Shiba Inu (SHIB), has plunged to the key support at $0.000010.
While its decline aligns with the broader crypto sell-off, it is also influenced by Ethereum’s ongoing underperformance.
Ethereum, the largest layer-1 blockchain, has lagged behind other major blockchains like Bitcoin and Solana. It has fallen by 5% over the past 12 months, while Bitcoin and Solana have surged by over 70%.
Ethereum has also lost market share in several sectors, including decentralized finance, meme coins, and non-fungible tokens. This trend has impacted many Ethereum-based tokens, which have underperformed as investors shift their focus to assets within the Solana ecosystem.
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Ethereum is likely to surge to $4,000, as the coin has formed an ascending triangle pattern on the two-week chart. This pattern is characterized by a horizontal resistance level and a diagonal trendline composed of higher highs and higher lows.
A strong bullish breakout will be confirmed if Ethereum surpasses the $4,000 resistance level. A sustained breakout above this price could increase the likelihood of Ether reaching $5,000 in the long term.
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