Date: Wed, Jan 29, 2025, 11:01 AM GMT
In the cryptocurrency market, Bitcoin (BTC) has shown strong performance recently, but major altcoins and memecoins are still struggling to gain bullish momentum. Ethereum (ETH), in particular, has yet to establish a clear upside move, recording a 15% decline in the past 60 days.
As a result, two Ethereum-based memecoins—Pepe (PEPE) and Mog Coin (MOG)—have also faced significant downturns, dropping 37% and 52%, respectively in the past 60 days..
However, despite this decline, Ethereum’s price action is drawing significant attention, with analysts pointing to a potentially bullish setup that could trigger new all-time highs (ATHs) for these memecoins.
PEPE and MOG Correlation With ETH
According to recent analysis by crypto trader @Plazma0x, every time ETH touches $4K, PEPE and MOG hit new all-time highs.
The chart analysis shows that since 2024, ETH has reached the $4K price level three times, and each time, both memecoins recorded new ATHs.
Historical ATHs for PEPE and MOG:
- March: ETH hit $4K, PEPE peaked at $0.0000108, and MOG reached $0.0000012.
- May: ETH hit $4K, PEPE surged to $0.000017, and MOG climbed to $0.0000015.
- December: ETH hit $4K, PEPE made a new ATH of $0.000026, and MOG reached $0.000038.
This pattern suggests that if ETH breaks $4K again—or even surpasses $5K—PEPE and MOG could be poised for another major rally. The historical correlation between these assets indicates that a bullish Ethereum breakout could serve as a key catalyst for these memecoins.
Ethereum (ETH) Outlook
A recent Ethereum (ETH) analysis by prominent crypto analyst @EtherNasyonaL highlights a key inverted head and shoulders pattern—a classic bullish reversal structure.
Key levels to watch:
- Support: ETH must hold above $2,923 for the pattern to remain intact. If the price falls below this level on a daily close, downside risks could emerge.
- Breakout Confirmation: If ETH closes above $4,090, it could trigger a parabolic uptrend, potentially leading to new highs beyond $4K.
This aligns with the PEPE and MOG correlation, reinforcing the idea that a confirmed ETH breakout could ignite another massive memecoin rally.
Final Thoughts
Both PEPE and MOG have demonstrated a strong historical correlation with ETH’s price action, consistently reaching new highs whenever ETH touches $4K. As Ethereum nears this crucial level again, traders are closely watching whether it will break out and push memecoins to new ATHs.
With Ethereum forming a bullish structure and approaching key resistance, the next few weeks could be pivotal for the entire altcoin and memecoin market. If ETH surpasses $4K–$5K, we could witness another explosive rally for PEPE and MOG.
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