Will Ethereum rise? ETH Whales Accumulate Nearly $1 Billion in One Month, Trader Reveals

In a recent development in the cryptocurrency world, a widely followed trader has drawn attention to the aggressive accumulation behavior of Ethereum whales. Analyst Ali Martinez, with a follower base of 39,700 people on social media platform X, highlighted that large-scale investors acquired 410,000 ETH, valued at approximately $1 billion, in the last month alone.

This information, accompanied by a graph, indicates a steady increase in Ethereum in wallets containing one million to ten million ETH since the beginning of December.

In the past month, #Ethereum whales bought over 410,000 $ETHworth nearly $1 billion! pic.twitter.com/1gGguoEypx

— Ali (@ali_charts) January 6, 2024

At the time of writing this article, Ethereum is trading at US$2,313.04, up 6% in the last 24 hours. This news can be seen as a sign of confidence in Ethereum’s long-term value from large-scale investors.

Concluding his analysis, Martinez addressed Bitcoin (BTC), the main cryptocurrency on the market. He remains bullish on Bitcoin as long as it sustains above a crucial support level.

Martinez stated: “As long as Bitcoin maintains its position above $41,800, the outlook will remain bullish. This crucial level is reinforced by 2.41 million addresses holding over a million BTC, forming a substantial support zone. Furthermore, future resistance appears relatively small, further strengthening the potential for stable or rising prices.”

This analysis brings valuable insights to a varied audience, from beginners to more experienced investors in the world of cryptocurrencies. As whales continue to accumulate Ethereum, positive signs in Bitcoin suggest an optimistic outlook for the crypto market.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.