A closely followed crypto strategist says investors are heavily accumulating the top layer-1 platform Ethereum (ETH).
Trader Ali Martinez tells his 125,900 followers on the social media platform X that crypto investors have taken out almost 1 million ETH tokens from digital asset exchanges in a little over a week.
“More than 900,000 Ethereum ETH have been withdrawn from exchanges in [10 days], signaling increased accumulation and reduced sell pressure!”
With Ethereum trading at $2,731 at time of writing, the 900,000 ETH tokens are worth over $2.457 billion.
Looking at ETH whale activity, Martinez says the deep-pocketed investors gobbled up over $764.68 million worth of Ethereum in just three days.
“Whales bought 280,000 Ethereum ETH in [72 hours]!”
Amid the heavy accumulation of ETH, Martinez says Ethereum is flashing a bullish technical signal based on the Tom DeMark (TD) Sequential indicator—a metric used to measure potential points of reversal for an asset. The trader also notes that ETH is showing the signal while it hovers close to the diagonal support of an ascending channel, a pattern suggesting that an asset is in an uptrend.
“Each time the TD Sequential indicator flashes a buy signal on the Ethereum ETH weekly chart near the lower boundary of this channel, prices have historically rebounded strongly. A similar setup could be unfolding now!”
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