While price movements in the cryptocurrency market are showing signals of a re-compression in recent days, two major altcoins are in the focus of investors. While XRP is trading at a technically important threshold, approaching a resistance zone that has not been broken for months; On the Ethereum front, the aggressive purchases of whales attract attention. Although the risk appetite in the market seems to have increased, the fact that capital flows are still unclear indicates that the coming days may be critical.
Rising Lows in XRP Give Hope
The XRP price has been struggling just below the $2 level in recent weeks. This area, which has been tested several times before, worked as a strong selling area and caused the price to pull back. Each attempt below $2 showed that sellers maintained control of the market.
However, the picture started to change in the last pullback. XRP’s strong buying reaction around $1.80 ensured that the downward movement remained limited. According to analyst Niels, the reaction from this region brought about the formation of a higher bottom on the chart. A similar pattern was seen in the past before XRP entered a strong uptrend.
In particular, the fact that the latest correction remained above the previous low around $1.82 shows that buyers stepped in earlier. This situation suggests that the power of sellers to lower the price has weakened. All eyes are now on the $1.95 – $2.00 band. A sustained breach of this zone could confirm a clear bullish transformation in the market structure.
Whales are on the Stage in Ethereum
Although the risk-taking tendency has increased throughout the market, capital rotation still seems to remain predominantly on the Bitcoin side. Despite this, Ethereum’s market dominance remains remarkably strong. ETH dominance, which dropped to 11.5 percent at the end of November, later recovered and headed towards 13 percent.
While the Ethereum price has remained horizontal in the range of $ 3,000 – $ 3,500 during this period, it is thought that this movement is not a coincidence. On-chain data reveals that Ethereum whales are staunchly defending their costs at $2,796. This level, which represents the realized price of long-term investors, has been tested and worked three times.
Since November 21, whales have collected approximately 4.8 million ETH, equivalent to 4 percent of the circulating supply. These purchases increased whale balances from 22.4 million ETH to 27.2 million ETH. At current prices, these investors make a profit of approximately $4.8 billion.
However, the risks have not completely disappeared. Ethereum’s estimated leverage ratio (ELR) hit a six-month high of 2.964. This shows that leveraged positions are increasing rapidly in the market. In the absence of a strong macro catalyst, a possible pullback could trigger a new liquidation wave.
In addition to this picture, the increasing institutional interest in spot Ethereum ETFs in the USA in recent days stands out as another closely watched development in the market. The increase in net inflows on the ETF side is considered an important factor that can support Ethereum demand in the medium term.
