Crypto prices seem to be unstoppable as the Bitcoin price keeps adding to its yearly gains. Ethereum price also maintains a very bearish outlook as the digital asset surged past $3,300 today. However, the biggest gainers of the day have been the memecoins like PEPE, BONK, and SHIB, which recorded 20% to 60% surges in the last 24 hours.
After a minor consolidation around $57,000, the pioneering crypto token broke above the key level and peaked at $59,543 on Wednesday morning. This also marked the highest level for the price since November 2021.
With the Fear and Greed index at 82, the markets have entered the 'extreme greed' zone, which often signals the local market tops. Nevertheless, the bullish momentum remains intact due to constant inflows in the Bitcoin spot ETFs. The only concern is the bearish divergences on the RSI and MFI indicators.
After gaining strength above $3,000, the bullish momentum in ETH price keeps on increasing. The native asset of the biggest smart contract blockchain posted a daily high of $3,369 on Wednesday as the cryptocurrency markets turned euphoric.
At press time, it was retesting the $3,300 level for support to aim for more upside. Therefore, this retest will play a critical role in the future price action of the ETH/USDT pair. Another factor that may affect Ethereum's price is Bitcoin's ability to break above the $60,000 barrier. If this happens, ETH can comfortably trade above $3,500 in the next few days.
Pepe coin price has gone ballistic after a breakout from its weekly resistance at $0.00000190. With a 200% surge in the last 7 days, the frog-themed memecoin has overtaken BONK in terms of market cap to become the 3rd most valuable memecoin.
The surge in PEPE price has sparked a new interest in the memecoins, with BONK, SHIB, WIF and FLOKI emerging as the biggest gainers on Wednesday. However, investors have to remain cautious as the markets are looking overheated, and many analysts expect at least a healthy correction in Bitcoin before or after the much-anticipated halving event.
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