Date: Fri, Jan 31, 2025, 01:17 PM GMT
Within the last few hours, the cryptocurrency market is witnessing a strong bullish rally, with Ethereum (ETH) breaking key resistance levels and leading the charge. This surge has also fueled impressive gains in Ethereum-based memecoins, Pepe (PEPE) and Mog Coin (MOG), which have seen a 9% and 14% increase, respectively, in the last few hours.
At the same time, the recent analysis by crypto analyst @Plazma0x has come into the spotlight with an interesting analysis on the price correlation between ETH, PEPE, and MOG.
PEPE and MOG’s Correlation With ETH
According to @Plazma0x’s research, every time Ethereum touches $4,000, PEPE and MOG have historically hit new all-time highs (ATHs).
Looking at past price action, this pattern has played out three times:
- March 2024: ETH hit $4,000, PEPE peaked at $0.0000108, and MOG reached $0.0000012.
- May 2024: ETH reached $4,000 again, pushing PEPE to $0.000017 and MOG to $0.0000015.
- December 2024: ETH surged to $4,000, sending PEPE to an ATH of $0.000026 and MOG to $0.000038.
With Ethereum’s current rally, many traders are speculating whether this pattern will repeat itself. If ETH successfully breaks $4K again—or even pushes beyond $5K—both memecoins could be in for another massive price spike.
Ethereum’s Major Breakout
The latest bullish momentum in ETH comes from a breakout above the falling wedge pattern at $3,287, alongside the 25SMA. This move propelled ETH to $3,359, sparking optimism for further gains.
What’s Next for ETH, PEPE, and MOG?
- If Ethereum successfully retests its breakout level, its next major resistance levels will be $3,744 and $4,106.
- A clear break above $4,000 could trigger another ATH for PEPE and MOG, based on their historical correlation with ETH.
With strong buying pressure and momentum building across altcoins, all eyes are now on Ethereum’s next move. If ETH continues its upward trajectory, PEPE and MOG holders might be looking at new record highs very soon.
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