Ethereum (ETH) has seen a significant surge in whale activity, with deep-pocketed investors acquiring 190,000 ETH worth $422,123,359 in just 24 hours, according to data from crypto analytics firm Santiment.
Renowned crypto analyst Ali Martinez shared this update on X (formerly Twitter), highlighting the aggressive accumulation of ETH by whales. This buying spree suggests growing confidence in Ethereum’s future, possibly ahead of Ethereum ETF approvals or network upgrades.
Bitcoin Faces Strong Resistance at $97,828, Analyst Notes
Bitcoin (BTC) continues to consolidate, with Martinez pinpointing key resistance at $97,828.56, where 360,470 BTC were previously accumulated. This level is now a significant hurdle for the crypto king.
Meanwhile, Bitcoin’s strongest support sits at $64,078.53, backed by 194,530 BTC. As BTC trades around $86,356, investors are closely watching whether the price can break past resistance or test the lower support.
Read Also: Ethereum Foundation Forms Advisory Group to Uphold Core Network Values
Dogecoin Holds Strong While XRP Risks a Drop to $1.65
The popular memecoin Dogecoin (DOGE) is maintaining stability above a key support level of $0.185, according to Martinez. At the time of writing, DOGE is trading at $0.206, showing resilience amid broader market fluctuations.
On the other hand, XRP, the fourth-largest cryptocurrency by market cap, is currently trading at $2.24 but risks a potential drop to $1.65 if it continues to respect its ascending channel pattern. This suggests a possible retracement before another leg up, as XRP follows the diagonal support and resistance structure.
Market Outlook
With Ethereum whales accumulating aggressively and Bitcoin facing key resistance, investors should watch these levels closely. If BTC breaks $97,828, a new rally could unfold, while Ethereum’s whale movements may indicate upcoming bullish developments.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and involve risks. Always conduct your own research before making investment decisions.
