The Pepe coin price has seen a recent boost following SEC Chair's hint at a likely spot Ethereum ETF S-1s approval by summer's end. During European business hours on Monday, PEPE price was at $0.0000118, a 1.4% increase in 24 hours. PEPE bulls may push the price toward the previous all-time high if they hijack the rally.

On May 21, the PEPE price broke out of an ascending triangle and established a new all-time high price. However, as investors began to take profits, the price of PEPE began to retrace and went as low as $0.00001057.

After nearly a month of downside movement, the PEPE price reached a critical resistance-turned-support level. These kinds of support structures are usually strong and can sustain the price up, all factors being constant. Additionally, Pepe’s price is in a falling wedge, a bullish market structure.

The current PEPE price level coincides with the 0.786 Fibonacci retracement level, which usually offers decent support for the price to bounce back. Moreover, the price retracing to the current level is part of a breakout and tests for the three-month ascending triangle Pepe broke out from.

If Pepe’s price breaks out to the upside of the falling wedge, the asset may surge back to its previous all-time high. Considering the 0.27 Fibonacci extension level, PEPE may rise 63% from its current price to hit a new ATH price of $0.00001948. On the other hand, $0.00001057 is expected to hold.

Historically, Pepe’s price has moved in tandem with Ethereum’s, and this time was no different. According to FOX Business journalist Eleanor Terret, Gary Gensler, Chair of the U.S. SEC, said spot ETH ETF S-1s will likely be approved over the course of the summer.

As Ethereum investors turned bullish due to this news, PEPE bulls did as well.

According to Santiment, an on-chain analysis firm, 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 is an important metric as it shows supply re-distributions among small investors. Projects with only whales may not last long, as existing whales usually clear out liquidity from the pools.

As Ethereum buy fever kicks in due to SEC Chair’s statement before Senator Hagerty, ERC20 meme coins are going to begin performing well, with PEPE leading them. This may be a crucial point for PEPE’s price in the long term.