A closely followed trader says that crypto whales are rapidly accumulating the leading smart contract platform Ethereum (ETH).
Analyst Ali Martinez tells his 39,700 followers on the social media platform X that deep-pocketed crypto traders have purchased 410,000 ETH, worth about $1 billion, in just the last month.
The trader shares a chart suggesting that the amount of Ethereum held in wallets with one million to 10 million ETH has been steadily rising since early December.
Ethereum is trading for $2,219 at time of writing, a fractional increase on the day.
Moving on to layer-2 scaling solution Polygon (MATIC), Martinez says 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 flashing a bullish signal for the altcoin.
“Polygon: the TD Sequential presents a buy signal on MATIC four-hour chart. A spike in buying pressure around the current levels could see MATIC rebound, potentially toward $0.88, and even as high as $0.96.”
At time of writing, MATIC is worth $0.781.
“As long as Bitcoin maintains its position above $41,800, the outlook remains bullish. This crucial level is bolstered by 2.41 million addresses holding over one million BTC, forming a substantial support zone. Additionally, the resistance ahead appears relatively minor, further strengthening the potential for stable or rising prices.”
Bitcoin is trading for $44,069 at time of writing.
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