A closely watched trader says crypto whales are rapidly accumulating leading smart contract platform Ethereum (ETH).
Analyst Ali Martinez tells According to his 39,700 followers on the social media platform
The trader shares a chart indicating that the amount of Ethereum in wallets holding one to ten million ETH has been steadily increasing since early December.
Ethereum is trading at $2,219 at the time of writing, up fractionally on the day.
We continue with the layer 2 scale solution Polygon (MATIC), Martinez say that the Tom DeMark (TD) Sequential indicator, which aims to identify turning points in a market with a value of nine signaling a possible reversal, is sending a bullish signal for the altcoin.
“Polygon: The TD Sequential presents a buy signal on the MATIC four-hour chart. A spike in buying pressure around current levels could see MATIC recover, possibly towards $0.88, and even as high as $0.96.”
At the time of writing, MATIC is worth $0.781.
He concludes his analysis with crypto king Bitcoin (BTC), Martinez say he remains bullish on the key digital asset as long as it remains above the immediate support level.
“As long as Bitcoin maintains its position above $41,800, the outlook remains bullish. This crucial level is supported by 2.41 million addresses holding over a million BTC, forming a substantial support zone. Furthermore, the resistance ahead appears relatively small, further strengthening the potential for stable or rising prices.”
Bitcoin is trading at $44,069 at the time of writing.
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Generated image: Midjourney