A crypto analyst says deep-pocketed investors are snapping up the top layer-1 platform Ethereum (ETH) amid the marketwide digital asset correction.

Trader Ali Martinez tells his 132,900 followers on the social media platform X that whales gobbled up more than $815.514 million worth of ETH in less than a week.

“Whales have bought more than 420,000 Ethereum ETH in [five days]!”

Martinez is also keeping a close watch on Ethereum’s In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ETH.

According to Martinez, ETH is currently trading in a narrow range between stiff support and resistance zones.

“Ethereum ETH key levels to watch! On-chain data reveals $1,870 as the strongest support and $2,050 as its toughest resistance!”

At time of writing, ETH is trading for $1,941.

Turning to Bitcoin (BTC), the trader believes that the crypto king is poised to witness tactical rallies after breaching the horizontal resistance of an ascending triangle pattern.

“Bitcoin BTC is breaking out! The target is $90,000 as long as the $84,000 support holds.”

An ascending triangle pattern may be considered a bullish reversal structure if the asset soars above its horizontal resistance.

At time of writing, Bitcoin is trading for $84,288.

Turning to Ethereum rival Cardano, the analyst predicts rallies for ADA if the altcoin takes out the diagonal resistance of a triangle pattern at around $0.75.

“Cardano ADA is about to break free! Busting out of this triangle will trigger a 15% price move.”

A triangle is typically viewed as a consolidation pattern as it signals a potential breakout in either direction. The asset is considered bullish if the price moves above the diagonal resistance and bearish if it tumbles below the diagonal trend line.

At time of writing, ADA is worth $0.744.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A popular crypto analyst thinks Ethereum (ETH) will have to endure some “pain” before rebounding.

In a new YouTube video, Benjamin Cowen tells his 886,000 subscribers that there probably needs to be a change in monetary policy in order for ETH’s chart against Bitcoin (BTC) to bottom.

“But in order to have a change in monetary policy, you have to have pain. Welcome to the pain. This is the pain that you ultimately need. Remember last cycle [in 2019], ETH/Bitcoin bottomed after ETH/USD broke support.” 

Cowen notes that ETH fell below its support level against the US dollar in 2019 right before the Federal Reserve ended quantitative tightening.

The analyst says that everything that happened in the previous cycle is “basically happening this cycle, it’s just taking place on a longer timeframe.” Cowen also notes that most of the price points of the current cycle are roughly 10x what they were in the 2019 market.

“The reason why people are having a hard time navigating this cycle and why it feels so different is because monetary policy never changed this cycle. In the last cycle, we saw a change in monetary policy in the pre-halving year. We’re now in the post-halving year and we still haven’t seen a change to the quantitative tightening. We’ve seen them taper it a little bit. They’ve slowed it down, but they’ve never actually stopped it.”   

ETH is trading at $1,907 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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