Unexpected Action by Ethereum Towards Bitcoin Triggers Anticipation for ETH Price Surge

Wall Street Pepe (WEPE), a Pepe-themed cryptocurrency, has made its debut on the Solana blockchain, joining other projects in the heart of meme coin action. This new arrival has sparked optimism among many market observers who believe it has the potential to flip fortunes in minutes.

The launch of Wall Street Pepe comes at a time when Ethereum, the second-largest cryptocurrency by market cap, is facing some challenges. Ethereum is currently trading at $4,342.30, with a 1.73% increase in the last 24 hours. However, the price continues to remain under selling pressure after rejecting its all-time highs. Near-term recovery in ETH has proven to be quite difficult, as sellers exert greater pressure, pushing the price lower.

Ethereum's market cap is pegged at $528.05 billion, and the cryptocurrency is currently testing the 200-week EMA at 0.045 BTC levels. This same setup has appeared at a time when ETH is bouncing from its multi-year accumulation zone at around 0.020-0.025 BTC.

Interestingly, the ETH/BTC pair has just flipped into a Golden Cross, favouring Ethereum. This occurs when the short-term moving average crosses above the long-term moving average, often signalling a bullish trend. The last time a Golden Cross was seen in the ETH/BTC pair was in early 2020. The acceleration in the ETH/BTC ratio in 2021 has contributed to the climb toward the 0.08-0.09 BTC area.

However, the weekly RSI's overbought reading hints at a possible pullback before the coin makes any breakout attempt. This suggests that a correction could be on the horizon for Ethereum, potentially leading to a dip in its price. There is a possibility that the altcoin could see sub-$4,000 levels, falling all the way to $3,300.

Wall Street Pepe, as a meme coin, is known for its unique ecosystem that includes memes hitting harder than many may expect. The army of traders for Wall Street Pepe is growing, and the project provides trading insights and market analysis to its community members. However, the identity of the founders or leading developers of Wall Street Pepe is not publicly disclosed in the available sources.

The launch of Wall Street Pepe on the Solana blockchain marks an exciting development in the world of cryptocurrencies. As the market continues to evolve, it will be interesting to see how Wall Street Pepe performs and whether it can live up to the high expectations set by its supporters.