A widely followed crypto analyst says that deep-pocketed investors are accumulating billions of dollars worth of Ethereum (ETH) as the leading smart contract platform flashes a bullish signal on its daily chart.
In a new thread, crypto strategist Ali Martinez tells his 65,400 followers on the social media platform X that in the past weeks, Ethereum whales have been busy gobbling up the leading altcoin.
“Ethereum whales have bought over 700,000 ETH in the past three weeks, totaling approximately $2.45 billion!”
The whale accumulation comes as Martinez says that Ethereum is displaying a bullish signal on its daily chart. The trader says the Tom DeMark (TD) Sequential indicator – which is used to determine potential points of reversal for an asset – suggests that a bounce is in sight for Ethereum.
“The TD Sequential has issued a buy signal on the Ethereum daily chart, predicting a rebound of one to four daily candlesticks for ETH!”
Ethereum is trading for $3,575 at time of writing, a fractional increase during the last 24 hours.
Moving on to Ethereum rival Solana (SOL), Martinez says that its TD Sequential is also displaying a bounce signal on its daily chart.
“Solana has hit 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 rebound for one to four daily candlesticks.”
Solana is trading for $148.91 at time of writing, a 3.48% gain during the last day.
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