A crypto analyst says deep-pocketed investors are snapping up the top layer-1 platform Ethereum (ETH) amid the marketwide digital asset correction.
Trader Ali Martinez tells his 132,900 followers on the social media platform X that whales gobbled up more than $815.514 million worth of ETH in less than a week.
“Whales have bought more than 420,000 Ethereum ETH in [five days]!”
Martinez is also keeping a close watch on Ethereum’s In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ETH.
According to Martinez, ETH is currently trading in a narrow range between stiff support and resistance zones.
“Ethereum ETH key levels to watch! On-chain data reveals $1,870 as the strongest support and $2,050 as its toughest resistance!”
At time of writing, ETH is trading for $1,941.
Turning to Bitcoin (BTC), the trader believes that the crypto king is poised to witness tactical rallies after breaching the horizontal resistance of an ascending triangle pattern.
“Bitcoin BTC is breaking out! The target is $90,000 as long as the $84,000 support holds.”
An ascending triangle pattern may be considered a bullish reversal structure if the asset soars above its horizontal resistance.
At time of writing, Bitcoin is trading for $84,288.
Turning to Ethereum rival Cardano, the analyst predicts rallies for ADA if the altcoin takes out the diagonal resistance of a triangle pattern at around $0.75.
“Cardano ADA is about to break free! Busting out of this triangle will trigger a 15% price move.”
A triangle is typically viewed as a consolidation pattern as it signals a potential breakout in either direction. The asset is considered bullish if the price moves above the diagonal resistance and bearish if it tumbles below the diagonal trend line.
At time of writing, ADA is worth $0.744.
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Generated Image: Midjourney
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