Crypto trader and analyst Ali Martinez believes Ethereum (ETH) 
$3,310 is poised for a significant breakout due to recent whale activities. He highlighted that major investors are heavily accumulating Ethereum, which could push its current value higher.
Whale Accumulation of Ethereum
Martinez shared with his 114,500 followers on social media that crypto whales have invested massively in Ethereum, which may lead to an increase in its market price. He noted that in just one week, these whales purchased over 330,000 ETH, valued at more than $1 billion.
Martinez stated, “This buying pressure is creating momentum. Ethereum is currently forming a bullish chart.”
He further emphasized that this buying spree indicates a potential upward price trend, with significant opportunities for investors within the $2,700 to $2,900 range. A sustained close above $4,000 could lead to a rise toward $7,000.
Current Status of Ethereum
According to Martinez’s chart, Ethereum is on the verge of completing a bullish formation, currently trading at $3,486, reflecting a 5.4% increase over the last 24 hours. He pointed out that ETH experienced 37 days of consolidation around the $2,800 mark in mid-April, suggesting a similar pattern may be forming now.
The current performance of Ethereum, alongside whale investments, bolsters analysts’ positive market outlooks. Traders believe that, based on technical analysis indicators, Ethereum may experience a significant price increase in the near future.
These developments in the Ethereum market present significant opportunities for investors. The intensive buying by whales and favorable technical analysis signals indicate that ETH may be entering a potential upward trend. However, given the volatile nature of crypto markets, investors are advised to make informed and cautious decisions.
