Cryptocurrency trader and analyst Ali Martinez, Ethereum $3,267.2He believes that (ETH) may experience a big breakout due to an important factor.
Ethereum Purchases from Whales
In a statement to his 114,500 followers on the social media platform, Martinez stated that crypto whales are investing heavily in Ethereum, which could cause the altcoin to rise above its current value.
“Whales purchased more than 330,000 ETH in the last week, worth over $1 billion!” Martinez said. he said.
The analyst stated that on-chain data shows that whales purchased over $1 billion in ETH in total in the last seven days alone. He noted that this buying pressure is building momentum and Ethereum is currently forming a chart.
“This buying pressure is building momentum. Ethereum is currently building a chart side. “While the $2,700 to $2,900 range presents a buying opportunity, a sustained close above the neckline at $4,000 could result in a rally to $7,000.”
Current Status of Ethereum
According to Trader’s chart, Ethereum is nearing completion of its opposite pattern on the daily chart, which indicates an uptrend. ETH is currently trading at $3,486 and has increased by 5.4% in the last 24 hours.
“When you examine the formation of the left shoulder, you see that ETH rose after 37 days of consolidation around $2,800 in mid-April,” Martinez said. “While a similar consolidation may occur now, the right shoulder of this chart pattern is developing,” he said.
Ethereum’s current performance and whales’ investments support analysts’ positive expectations of the market. Investors comment that Ethereum may experience a significant price increase in the near future in the light of technical analysis indicators.
These developments in the Ethereum market may create significant opportunities for investors. Heavy buying by whales and technical analysis indicators indicate that ETH has entered a potential uptrend. However, considering the volatile nature of crypto markets, investors are advised to make careful and informed decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
