A closely followed analyst says that crypto whales have gobbled up hundreds of millions of dollars worth of top altcoin Ethereum (ETH) during the last seven days.
In a new thread, crypto strategist Ali Martinez tells his 36,100 followers on the social media platform X that deep-pocketed traders have accumulated tens of thousands of ETH over the past week.
“Some of the largest Ethereum whales have been on a buying spree, scooping up over 100,000 ETH in just the past week – that’s a whopping $230 million!”
Ethereum is trading for $2,171 at time of writing.
Moving on to dog-themed meme asset Shiba Inu (SHIB), Martinez notes that the Dogecoin (DOGE) rival appears to be on the cusp of a rally to the upside after breaking above its diagonal resistance.
“Shiba Inu is showing signs of breakout! If SHIB maintains the crucial support level at $0.0000103, the next stop for SHIB could be $0.0000140.”
SHIB is trading for $0.0000109 at time of writing.
Wrapping up his analysis with the smart contract protocol Fantom (FTM), Martinez says that the altcoin is flashing a bullish signal as an uptrend in its network growth points toward higher demand for the token.
“The Fantom network is witnessing a bullish sign with a steady rise in new addresses, consistently making higher highs and higher lows. This uptrend in network growth suggests a surging demand for FTM. Such a spike in user interest could soon start reflecting in FTM’s price.”
Fantom is trading for $0.39 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney