Crypto Whales Accumulate $815M in Ethereum Amid Market Correction

Crypto whales have been actively accumulating Ethereum (ETH) over the past five days, with a total of $815,514,345 worth of ETH purchased. This significant accumulation was highlighted by a crypto analyst, who noted that whales had acquired more than 420,000 ETH during this period. The analyst, Ali Martinez, shared this information with his followers on the social media platform X, emphasizing the substantial interest from large investors in the top layer-1 platform despite the ongoing market correction.

The analyst also provided insights into Ethereum’s In/Out of the Money Around Price (IOMAP) metric, which helps determine support and resistance levels for ETH. According to Martinez, ETH is currently trading within a narrow range, with $1,870 identified as the strongest support level and $2,050 as the toughest resistance level. At the time of writing, ETH was trading at $1,941, indicating a delicate balance between support and resistance zones.

In addition to Ethereum, the analyst also commented on Bitcoin (BTC) and Cardano (ADA). For Bitcoin, Martinez predicted tactical rallies after the crypto king breached the horizontal resistance of an ascending triangle pattern. He set a target of $90,000 for BTC, provided that the $84,000 support level holds. At the time of writing, Bitcoin was trading at $84,288. For Cardano, the analyst anticipated rallies if ADA surpasses the diagonal resistance of a triangle pattern at around $0.75, which could trigger a 15% price move. At the time of writing, ADA was valued at $0.744.

This accumulation by crypto whales suggests a bullish sentiment towards Ethereum, despite the broader market correction. The significant investment by large investors indicates confidence in the long-term potential of ETH, which could influence market dynamics in the coming days. The analyst’s observations on support and resistance levels provide valuable insights for traders and investors, highlighting key price points to monitor for potential market movements.