The Ethereum (ETH) price has decoupled from the rest of the crypto market, rising over 3.56% in the last 24 hours and eyeing a move above $2,000 levels. This development comes as active deposits on the Ethereum blockchain network shoot to a 1.5-year high, with a large number of crypto traders converting their PEPE profits into ETH. The daily median gas fee on the Ethereum blockchain has touched a new 12-month high of 87 gwei due to the frenzy surrounding the memecoin PEPE, which has been on an unstoppable price rally. However, investors must stay cautious as Vitalik Buterin and the Ethereum Foundation recently dumped over 15,000 ETH, and the current momentum may spiral into a major sell order for Ethereum anytime soon.

(By Bhushan Akolkar)