In a recent development in the world of cryptocurrency, a prominent analyst has indicated that wealthy investors are stashing considerable amounts of money in Ethereum (ETH), the dominant smart contract platform. According to the data sourced from Santiment, a widely recognized crypto analytics firm, Ali Martinez, a renowned trader, revealed to his substantial following of 129,100 on social media platform X that Ethereum whales have amassed over $422 million worth of ETH in a mere 24 hours.
“Whales bought another 190,000 Ethereum ETH in the last 24 hours, shows data from Santiment!” remarked Martinez on his X account. As of the time of writing this article, the value of ETH stands at $2,221.
Shifting focus to Bitcoin (BTC), the cryptocurrency market leader, Martinez outlined the critical support and resistance levels for Bitcoin based on investor cost basis. “The strongest resistance for Bitcoin BTC sits at $97,828.56, where 360,470 BTC were accumulated. Meanwhile, the biggest support is at $64,078.53, backed by 194,530 BTC,” he observed. Bitcoin is currently valued at $86,356.
Moving on to Dogecoin (DOGE), the viral memecoin, the analyst pointed out that the altcoin remains above a crucial support level at $0.185. “Dogecoin DOGE holds above a critical support level!” he exclaimed. At the time of writing, DOGE is valued at $0.206.
Turning to the payments altcoin XRP, the crypto strategist warned that the fourth-largest coin by market cap might see its value drop to as low as $1.65 as it trades within an ascending channel. An ascending channel denotes a pattern that suggests an asset is in an uptrend as it respects the diagonal support and resistance levels of the structure. As it stands now, XRP is trading at $2.24.
This latest information is crucial for investors, offering them the necessary insight into the ever-fluctuating world of cryptocurrencies. It remains to be seen how these predictions pan out, given the volatile nature of the market. However, one thing is clear – the popularity and widespread adoption of cryptocurrencies continue to grow, with whales showing increasing interest in Ethereum, which is a positive sign for the platform’s future prospects.
