Crypto Analyst Reports Surge in Ethereum Investments Amid Market Correction
A prominent crypto analyst has revealed that wealthy investors are showing a strong interest in acquiring Ethereum (ETH), a leading layer-1 blockchain platform, amidst a broader downturn in the digital asset market.
According to trader Ali Martinez, who shared his insights with over 132,900 followers on the social media platform X, whales have recently purchased over $815.514 million worth of ETH within a span of less than a week.
Martinez is closely monitoring Ethereum’s In/Out of the Money Around Price (IOMAP) metric, which categorizes crypto addresses based on their profit or loss status, to identify key support and resistance levels for ETH.
As per Martinez’s analysis, ETH is currently trading within a narrow range, with $1,870 as a robust support level and $2,050 as a significant resistance barrier.
At the time of writing, Ethereum is trading at $1,941.
Bitcoin and Cardano Analysis
Shifting focus to Bitcoin (BTC), Martinez believes that the flagship cryptocurrency is on the brink of witnessing strategic rallies following a breakthrough of the horizontal resistance within an ascending triangle pattern.
Bitcoin is currently priced at $84,288 and could potentially target $90,000 if the $84,000 support level remains intact.
Regarding Ethereum competitor Cardano (ADA), the analyst predicts potential price surges for ADA if the altcoin manages to breach the diagonal resistance level within a triangle pattern around $0.75.
A triangle pattern typically indicates a period of consolidation before a potential breakout, with a bullish outcome if the price surpasses the diagonal resistance.
At present, ADA is valued at $0.744.
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