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.
Wrapping up his analysis with crypto king Bitcoin (BTC), Martinez says he remains bullish on the top digital asset as long it stays above its immediate support level.
“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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