On-Chain Chain Signal Reveals Ethereum's Turning Point, Is XRP Ready to Break Through?

Recent data from the blockchain paints an interesting picture of the actions of large investors on the two leading cryptocurrencies. While the overall market capital flow still primarily goes into Bitcoin, the activity of Ethereum whales (ETH) is sending very notable signals, while XRP is currently testing an important resistance zone after several months.

Ethereum: From Caution to Strong Accumulation

After Ethereum’s dominance share dropped to 11.5% at the end of November, the coin quickly recovered to 11.61% according to the latest updated data. Notably, during this period, ETH’s price fluctuated within the $3,000 – $3,500 range, with the current price around $3,150 (up 1.94% in 24 hours).

On-chain data reveals a calculated accumulation trend: Since November 21, Ethereum whales have continuously accumulated about 4.8 million ETH (equivalent to 4% of the circulating supply), increasing their holdings from 22.4 million to 27.2 million ETH. At the current price, this portfolio has unrealized gains of approximately $4.8 billion.

Specifically, chain data indicates that Ethereum whales are still consistently protecting their average cost around $2,796 – a key price level that has been tested and held multiple times. This steadfastness demonstrates long-term investor confidence in Ethereum’s potential.

Warning About Leverage Risks

However, not all signals are optimistic. The estimated (ELR) leverage ratio for Ethereum has risen to its highest in six months, reaching 2,964. This indicates a significant increase in open leveraged positions on the market.

If the market lacks support from positive macro developments, even a small correction could trigger a wave of panic selling among leveraged traders. Therefore, the $2,796 level is not just the whales’ cost basis – it is also a crucial support zone to monitor closely.

XRP: Forming a Higher Low at a Key Technical Zone

While Ethereum is experiencing strong accumulation activity, XRP is also undergoing a notable transition phase. In recent weeks, XRP has fought hard just below the $2 mark, with the current price at $2.07 (down 0.81% in 24 hours).

The price zone of $1.95 – $2.00 has acted as a strong resistance area, leading to repeated corrections each time it is tested. However, buying interest has started to emerge around the $1.80 level, limiting downward pressure. Analysts’ comments suggest that the reaction from this zone has created a higher low on the chart – a pattern similar to those seen before XRP’s past strong rallies.

In particular, the most recent correction stopped near the previous low of about $1.82, indicating that investors have entered earlier. This situation suggests that the selling pressure pushing prices down is weakening.

The Imminent Turning Point

All eyes are now on whether XRP can break through the $1.95 – $2.00 zone sustainably. If this happens, it will clearly confirm a trend reversal to the upside in the market structure.

Additionally, the increasing interest from institutions in US-based spot Ethereum ETF funds is a closely watched factor, potentially supporting ETH demand in the medium term through net capital inflows into these funds.

The cryptocurrency market is currently in a balancing phase, where on-chain signals from major whales could direct the next trend. Investors should carefully monitor the key levels mentioned and be ready to adjust their positions as chain data changes.