Pepe price is up nearly 30% in the last 24 hours, outperforming most top cryptocurrencies and hinting at further upside potential. Derivatives data suggest a short squeeze of more than $2 million during the same period, forcing traders to buy back positions in the meme coin. The technical outlook for PEPE indicates an upside bias as bullish momentum strengthens.

Ethereum climbed above $2,700 on Monday after investors defended the realized price level despite negative sentiment over the Clarity Act's failure and the Federal Reserve rate hike. After the Clarity Act failed to advance in the Senate, ETH dipped below $2,400 last week. But right below that price is the top altcoin's realized price, or average on-chain cost basis, at $2,310.