Although the cryptocurrency market cannot achieve bull momentum, it is also resistant to the pressure of the bears. For now, Ethereum has lost the momentum it gained after the SEC gave the green light to spot Ethereum ETFs. However, analysts are hopeful for the future of the leading altcoin. A popular crypto analyst says the leading smart contract platform is showing a bullish signal on its daily chart. He also notes that deep-pocketed investors have accumulated billions of dollars worth of Ethereum. The analyst also expects a bounce for an Ethereum rival altcoin.
“Whales are swallowing, TDS has issued a ‘buy’ signal for the leading altcoin!”
cryptokoin.comAs you follow from , there is silence in the market for now, with some exceptions. It is unclear whether this is the calm before the storm or a sign of a rupture. However, popular crypto analyst Ali Martinez says that amidst this silence, Ethereum whales are busy gobbling up the leading altcoin. In this context, the analyst said, “Ethereum whales purchased more than 700,000 ETH in the last three weeks, worth approximately $2.45 billion in total!” makes his statement.
The whale accumulation comes as Martinez said Ethereum is showing a bull signal on its daily chart. The analyst is looking at the Tom DeMark (TD) Sequential indicator, which is used to identify potential reversal points for an asset. In conclusion, he says, this indicator shows a bounce for Ethereum. The analyst said, “TD Sequential issued a buy signal on the Ethereum daily chart. “He also predicts a one to four-day candlestick recovery for ETH!”
Meanwhile, Ethereum was trading at $3,566 at the time of writing, down 0.6% over the last 24 hours. The leading altcoin saw a 3.5% decrease on its weekly chart. However, it has gained over 16% in the last 30 days.
Analyst: TDS showed a bounce signal for Solana too!
After Ethereum, the analyst looks at its strong rival Solana (SOL). Martinez says TD Sequential is also showing a bounce signal on its daily chart for SOL. In this regard, the analyst shares the following assessment:
Solana reached a key support level at $141 as TD Sequential showed a buy signal on the SOL daily chart! If this support holds, SOL could rally over the course of one to four day candlesticks.
Meanwhile, Solana was changing hands at $146 at the time of writing, losing 1% on a daily basis. In addition, the altcoin has lost more than 10% in the last week. Additionally, it lost around 13% on its monthly chart.
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