Ethereum starts catching up – November 21, 2024

The second largest cryptocurrency started its race to catch up on the crypto market with a sharp increase this Thursday afternoon. The price rose by 9.49 percent within 11 hours to a value of 3,347 US dollars. After a slight correction, Ethereum is currently trading at $3,305, which is still 6.2 percent higher than the previous day.

The question now arises as to whether this was the starting signal for the second-largest cryptocurrency by market capitalization to catch up. In the last few days, Ethereum has not been able to record any significant increases and has been languishing in the $3,000 range.

Technical analysis positive

In any case, the technical analysis from CoinCodex is positive. The platform expects the bullish sentiment on Ethereum to continue and greed to prevail in the market. With trading price above the 50- and 200-day SMA (at around $2,899), the platform predicts further potential for price appreciation.

Ethereum technical data, source: https://coincodex.com/crypto/ethereum/price-prediction/

Stabilization in the $3,300 area is expected over the next few weeks. Nevertheless, CoinCodex believes Ethereum could reach $4,460 as early as the end of February. The platform sees great opportunities for Ethereum in 2025, with a price range between $3,300 and $7,253.

Options are expiring

A huge volume of Bitcoin and Ethereum options are expiring on Friday, and that could bring a lot of movement to the market. In total, around $3.17 billion is due. Bitcoin options account for the largest share at $2.67 billion. The put/call ratio is 1.05 and the max pain point is expected at $85,000. For Ethereum it is $499.5 million, a put/call ratio of 0.63 and a max pain point of $3,000. Such sums could cause short-term volatility, but market sentiment remains optimistic.

Bitcoin continues to set an all-time high against the rest, and it looks like the momentum will continue unabated – even with these massive options expirations on its back.

Ethereum under competitive pressure

Nevertheless, the second largest cryptocurrency is still under considerable competitive pressure. Due to the large number of meme coins that are currently being launched on blockchains such as Solana, there is increasing migration from the popular Ethereum blockchain. To counteract this trend, the Dencun upgrade was launched in the spring, which has significantly improved the scalability of transactions in the Layer 2 area.

While the Ethereum mainchain will likely have to wait a few more years for this speed advantage, Layer 2 blockchains such as Arbitrum ($ARB), Polygon ($MATIC) and Pepe Unchained ($PEPU) are currently benefiting. Pepe Unchained in particular has collected enormous sums in its pre-sales in the past few days and is now approaching the $50 million mark in pre-sales.

Here to Pepe Unchained.

Pepe Unchained will launch its own Layer 2 blockchain to improve the efficiency and scalability of transactions in the memecoin space. Unlike many traditional meme coins that are based on existing blockchains such as Ethereum and often struggle with high transaction fees and slow confirmation times, Pepe Unchained offers a tailored solution to these challenges.

Pepe Unchained Layer 2 Blockchain

Pepe Unchained’s Layer 2 blockchain is specifically designed to process transactions faster and more cost-effectively. By pooling and processing transactions in parallel outside of the main blockchain, they are made more efficient before being transferred back to the Ethereum blockchain. This technology makes it possible to increase scalability and reduce fees for users. According to information on the official Pepe Unchained website, the Layer 2 blockchain is optimized for speed, security, and low fees.

To create a vibrant and dynamic ecosystem, Pepe Unchained provides developers with various software tools. When it launches in December, the publishers will provide their own blockchain explorer, a decentralized exchange, a bridge to Ethereum and their own launchpad. The blockchain should always keep its finger on the pulse, which is why developers can receive bonuses for introducing innovative ideas.

Layer 2 functions, source: https://pepeunchained.com/en#layer2

These tools facilitate the creation and integration of applications on the platform and encourage the development of new projects within the Pepe Unchained ecosystem. Providing these resources strengthens the community and promotes innovation.

Staking options

A central feature of Pepe Unchained is staking of the native token $PEPU. Investors have the opportunity to stake their $PEPU tokens and receive attractive rewards. Staking not only contributes to the security and stability of the network, but also offers participants the chance to earn passive income, currently with an interest rate of 70 percent APY. All you have to do is select “Buy and Stake” when purchasing. Of course, you can also start staking later via the staking dashboard.

Overall, Pepe Unchained combines the cultural appeal of meme coins with technological advances to create a unique and efficient ecosystem. By incorporating its own Layer 2 blockchain, providing developer tools and attractive staking options, Pepe Unchained positions itself as a potential x100 coin for the crypto space of tomorrow.

Get the last Pepe Unchained tokens from the presale here.

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