According to a prominent trader, there is evidence of prominent crypto whales actively accumulating Ethereum (ETH), the leading smart contract platform.
Ali Martinez, an analyst with a follower count of 39,700 on X social media platform, has reported that in the past month, deep-pocketed crypto traders have acquired 410,000 ETH, which translates to approximately $1 billion.
According to the trader, there has been a consistent increase in the amount of Ethereum held in wallets containing one million to 10 million ETH since the beginning of December, as indicated by a shared chart.
As of the time of writing, the current trading price of Ethereum is $2,219, representing a slight increase from earlier in the day.
When discussing the layer-2 scaling solution Polygon (MATIC), Martinez highlights that the Tom DeMark (TD) Sequential indicator, designed to detect market turning points with a value of nine indicating a potential reversal, is currently indicating 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.
Concluding the analysis with Bitcoin (BTC), Martinez expresses a bullish sentiment towards the leading cryptocurrency as long as 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.”
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