A widely followed crypto analyst says investors with deep pockets are accumulating billions of dollars worth of Ethereum (ETH) as the leading smart contract platform shows a bullish signal on its daily chart.
In a new thread, crypto strategist Ali Martinez tells are 65,400 followers on the social media platform X that Ethereum whales have been busy gobbling up the leading altcoin in recent weeks.
“Ethereum whales have purchased over 700,000 ETH in the last three weeks, for a total of approximately $2.45 billion!”
The accumulation of whales comes as Martinez says Ethereum is to display a bullish signal on the daily chart. The trader says the Tom DeMark (TD) sequential indicator – which is used to determine potential turning points for an asset – stilt There is a rebound in sight for Ethereum.
“The TD Sequential has issued a buy signal on the Ethereum daily chart, predicting a recovery of one to four daily candlesticks for ETH!”
Ethereum is trading at $3,575 at the time of writing, up fractionally over the past 24 hours.
We continue with Ethereum rival Solana (SOL), Martinez say that the TD Sequential also displays a bounce signal on the daily chart.
“Solana has reached a key support level at $141, with the TD Sequential showing a buy signal on the SOL daily chart! If this support holds, SOL could recover for one to four daily candlesticks.”
Solana is trading at $148.91 at the time of writing, a gain of 3.48% over the last day.
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Generated image: Midjourney