Ethereum (ETH) price spiked higher to well over $2000, its highest price in 40 days.

Ethereum rebounded after hitting support at around $1780, rising by almost 13.5% within a day with the help of large-volume buying.

Ethereum price spiked higher to well over $2,000 on May 8, its highest price in 41 days. The cryptocurrency rebounded after hitting support at around $1,780, rising by almost 13.5% within a day with the help of large-volume buying.

The rally indicates increased optimism after several weeks of sideways price movement. It is also a bullish signal for the rest of the cryptocurrency space, which includes upstart projects.

The price had faced resistance at $1,850, where whales bought about 5.58 million ETH. Ethereum broke past this hurdle, taking its price to current levels well over $2,000. Support remains strong around $1,750, reducing downside risk in case of a pullback.

#Ethereum $ETH moved past resistance. Send it! 🚀

Institutional demand is building as well. A whale recently opened a 2x-leveraged, $13.92 million long Ethereum position, already turning in profit as ETH continues to rise. This indicates large players are expecting further price increases.

In the past 24 hours, a whale deposited $13.92M $USDC into #Hyperliquid and opened an $ETH long position with 2x leverage.

Currently, having a floating profit of over $500K. pic.twitter.com/3371mNaE3g

Other factors on the Ethereum blockchain also helped. Pectra upgrade on May 7 introduced many new investors. Innovative projects are valued by traders and the cryptocurrency community, boosting meme coins and new tokens linked to prominent cryptocurrency assets.

Bitcoin Pepe (BPEP): A Rising Meme Coin Riding Ethereum’s Momentum

Ethereum’s recent performance is also good news for emerging projects like Bitcoin Pepe (BPEP), which is catching on with meme coin followers.

Built on the security of Bitcoin with a quick layer 2 network, BPEP has already raised over $8 million during its presale. At a current price of $0.031 per token, it provides early adopters with the opportunity to jump on board ahead of potential price growth.

In contrast to other meme coins, Bitcoin Pepe has adopted the PEP-20 token standard. This allows for smart contracts and staking rewards on the Bitcoin blockchain directly. The project aims to launch a decentralized exchange and NFT marketplace for meme coins.

With a limited supply of 2.1 billion tokens, and half distributed to presale buyers, BPEP follows the scarcity model of Bitcoin. Its staking mechanism burns unsold tokens, assisting with price stability. An exchange listing and mainnet launch scheduled for Q2 2025 may expand liquidity and adoption. Bitcoin Pepe unites Bitcoin’s security with meme culture excitement, offering a new alternative for investors.