Ethereum Whales Accumulate 420K ETH in 5 Days—What’s Behind the Surge?

Ethereum’s Key Support and Resistance Levels

Martinez also highlighted Ethereum’s on-chain support and resistance levels, utilizing the In/Out of the Money Around Price (IOMAP) metric. According to his analysis, the key levels for Ethereum are:

• $1,870 – The strongest support zone.
• $2,050 – The major resistance level.

At the time of writing, ETH is trading at $1,941, sitting between these critical price levels. If ETH manages to break through the $2,050 resistance, it could pave the way for a bullish rally.

Bitcoin and Cardano Also Show Bullish Patterns

Martinez also provided insights into other major cryptocurrencies, including Bitcoin (BTC) and Cardano (ADA). Here’s a quick summary of his predictions:

• Bitcoin (BTC): Martinez notes that Bitcoin has broken out of an ascending triangle pattern, a historically bullish structure. He predicts BTC could rally to $90,000, provided support at $84,000 holds. As of now, BTC is trading at $84,288.
• Cardano (ADA): Cardano is also on the verge of a key breakout. If ADA can break through the diagonal resistance at $0.75, Martinez expects a 15% price surge. Currently, ADA is priced at $0.744.

What This Means for the Crypto Market

The large-scale accumulation of Ethereum by whales signals growing institutional confidence in ETH’s long-term value. Historically, whale accumulation has preceded significant price movements, suggesting that ETH may be poised for an uptrend if it breaks through key resistance levels. This is a trend many traders will be watching closely.

Similarly, Bitcoin’s breakout and Cardano’s potential surge indicate that a growing bullish sentiment is building across the broader crypto market. If Ethereum manages to break through its $2,050 resistance and Bitcoin maintains its support at $84,000, both cryptocurrencies could experience significant price action in the near future.

As whale activity increases, traders and investors alike will be closely monitoring Ethereum’s $2,050 resistance and Bitcoin’s $84,000 support levels for further confirmation of an upcoming rally.