The cryptocurrency market has been abuzz with excitement as Pepe coin (PEPE) has begun to rally, fueled by the news of a potential spot Ethereum ETF approval by the end of summer. This development has led to a significant increase in PEPE's price, with strong buy signals emerging. According to analysts, PEPE may surge by 63% to reach a new all-time high of $0.00001948.

The recent price movement of PEPE has been nothing short of remarkable, with the coin breaking out of an ascending triangle on May 21 and establishing a new all-time high. However, as investors took profits, the price began to retrace, reaching a critical resistance-turned-support level. This level has historically offered decent support for the price to bounce back, and PEPE's current price coincides with the 0.786 Fibonacci retracement level.

The future outlook for PEPE looks promising, with the coin's price historically moving in tandem with Ethereum's. As Ethereum investors turn bullish on the news of potential ETF approval, PEPE bulls are also expected to follow suit. On-chain data from Santiment, an on-chain analysis firm, reveals that PEPE holders are at an all-time high, with the number of whale investors holding $100,000 – $1,000,000 worth of PEPE reducing. This suggests supply redistribution among small investors, a metric that bodes well for the project's long-term sustainability.

In conclusion, the recent price movement of PEPE and the emerging buy signals suggest a bullish resurgence for the coin. As the cryptocurrency market continues to evolve, it is likely that PEPE will lead the charge for ERC20 meme coins, driven by its strong on-chain metrics and historical price movement correlation with Ethereum. With a potential 63% surge on the horizon, PEPE is certainly a coin to watch in the coming weeks.