In recent weeks, the price of Pepe Coin has once again captured the attention of traders. This meme coin has risen due to its strong correlation with Ethereum 
$3,369. PEPE has been following Ethereum’s price movements closely for some time.
Increase in Ether Burn Rates
According to LookonChain data, the daily Ether burn rate has significantly increased in the past week. This surge may also contribute to the rise in Ethereum’s price. LookonChain reports that daily ETH burn has increased by 163% over the last week. If the network remains inflationary due to a decline in transaction fees but revives activity and continues to see burns, it may become deflationary again.
PEPE Coin Price Analysis
Data from IntoTheBlock shows that PEPE’s 60-day correlation with ETH stands at 0.92, which is higher than its correlation with Bitcoin 
$95,731. The price of PEPE shows recovery signals as it breaks out of a rising triangle formation, with potential to rise to $0.00001250. Additionally, PEPE may find support at levels of $0.00000080 and $0.00000070, but a drop below these levels may signal weakness for bulls.
At the time of writing, Bitcoin is attempting to surpass the $65,800 mark and destroy strong selling liquidity, which is positive for PEPE Coin. With ETH starting to close above $2,650, BTC is trying to establish $65,500 as support. If PEPE Coin experiences double-digit gains, it could open the door to all-time high attempts similar to those seen in previous months.
As noted in earlier market assessments, strong expectations from traders in bull markets have led to higher consolidation levels for assets like PEPE Coin and FLOKI. This offers them the potential for better performance in similar rising environments.
In light of this information, closely monitoring developments in the Pepe Coin and Ethereum markets could provide an advantage for traders. The dynamic nature of both assets can vary based on market conditions.
