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!”

Source: Ali Martinez/X

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.”

Source: Ali Martinez/X

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.”

Source: Ali Martinez/X

Fantom is trading for $0.39 at time of writing.

Generated Image: Midjourney

The post Crypto Whales Heavily Loading Up on Ethereum, Accumulate $230,000,000 in ETH in One Week: Trader appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 18, 2023 1:24 pm