The Ethereum price action has disappointed investors so far in this bull cycle, especially in comparison with Bitcoin.
However, experts are starting to sing a different tune in regards to ETH’s prospects. Analysts believe that the bottom is in for Ethereum and a new all-time high could be next for the largest altcoin.
This is a decidedly bullish scenario for Ethereum meme coins such as Pepe and Floki, which remain amongst the best crypto to buy now. Even new meme coins such as Pepe Unchained are in high demand among investors hunting for 100x returns.
Is The Bottom In For Ethereum?
The ETH/BTC pair has been showing substantial weakness during this bull cycle. The indicator is down 22% over the past 6 months and over 20% year-to-date.
Additionally, the spot Ethereum ETF inflows have been lacklustre as well, seeing a net outflow of nearly $500 million since their launch. JPMorgan has called their performance underwhelming.
However, the tide appears to be shifting. For instance, the ETH ETFs were in the green on August 28th, as opposed to the over $100 million in outflows recorded by their Bitcoin counterparts.
Meanwhile, ETH is also beginning to show strength in comparison to BTC.
Popular crypto trader Bluntz (@Bluntz_Capital) highlights that the ETH/BTC chart is forming a 3-day bullish divergence as Bitfinex whales are pivoting from Bitcoin to Ethereum. A bullish continuation here could result in a 33% ETH rally to over $3400.
More importantly, he is projecting that the bottom is in for Ethereum.
He is also not the only expert calling the bottom for ETH. Analyst CRG (@MacroCRG) is also projecting a “full send” to $3,300. Similarly, Machi Big Brother (@machibigbrother) is calling for a new Ethereum all-time high by the end of the year.
However, the bulls still have their work cut out for them. ETH need to flip its 50-week SMA and EMA to kickstart a push towards new all-time highs. Nevertheless, investors are much more optimistic regarding the largest altcoin from earlier this year.
Best Crypto To Buy Now
An Ethereum bull run will kickstart the highly-anticipated “altseason”. Unsurprisingly, Ethereum meme coins are in high demand.
Indeed, Pepe and Floki have been acting as leveraged ETH during this bull cycle.
If Ethereum hits a new all-time this year, these meme coins can deliver outsized returns, making them some of the best crypto to buy now.
However, smart money investors are also betting heavily on low-cap gems. For instance, experts believe that a new meme coin – Pepe Unchained (PEPU) – could be a beta play on Pepe and offer up to 100x returns.
As such, frog meme coins such as PeiPei, PONKE and APU show a strong correlation with Pepe. However, some smart money investors believe that Pepe Unchained could be the best alternative.
PEPU is launching its own Layer-2 blockchain, offering low trading costs and high staking rewards. This could result in high retail investment, an area where most new Ethereum meme coins are lacklustre, owing to the high congestion on the blockchain.
In fact, PEPU holders are already earning passive income at a high rate, currently at 180% APY.
It’s not without reason that Pepe Unchained has raised over $11 million in its presale and is gearing up for its highly anticipated launch.
