Crypto analyst Ali Martinez has reported that wealthy investors are amassing billions of dollars in Ethereum (ETH) due to its bullish signal on its daily chart.

Over the past three weeks, Ethereum whales have purchased over 700,000 ETH, totaling around $2.45 billion. Martinez suggests that the Tom DeMark (TD) Sequential indicator, which identifies probable points of reversal for an asset, indicates a bounce for Ethereum.

The TD Sequential has issued a buy signal, forecasting a one to four daily candlestick rebound for ETH. Currently, Ethereum’s price is $3,575, reflecting a slight increase over the past 24 hours.

Martinez also reports that Solana (SOL), a competitor to Ethereum, also shows a buy signal on its daily chart, indicating a significant support level at $141. If current support continues, SOL may rebound for one to four daily candlesticks if current support remains.

Last week, Ethereum co-founder Vitalik Buterin has defended meme coins, citing seven practical uses they could integrate into everyday life. Despite skepticism from the crypto community, Buterin believes meme coins can make positive contributions beyond entertainment and speculation.

Critics argue they lack substantial impact and should not dominate the crypto conversation, while founder Matthew Gould compares meme coins to ICOs.