Leading cryptocurrencies by market, Ether (ETH) and Tron (TRX) are gearing up for their next leg up, on-chain data suggests. While ETH is seeing heightened interest from whales, the Tron network’s active sending addresses recently hit a new record high of 3.1 million.
ETH, TRX on the cusp of a rally?
Recent analysis indicates that the current ETH price is in an attractive range for whales, suggesting that the digital asset may be on the verge of a new rally to the upside. Specifically, the realized price of ETH accumulation addresses is currently at a strong support level.
To explain, realized price is the average price at which all existing ETH coins were last moved or acquired on the blockchain, weighted by their size. The metric is used to assess whether the current market price is above or below the cost basis of holders and helps in identifying potential support or resistance levels.
Notably, ETH has only reached this price level once in its history, and the current price level is extremely close to the range. In simple words, ETH whales’ purchase price is not too different from the cryptocurrency’s current price.
However, the whale addresses continue to accumulate ETH, indicating high investor confidence in the digital asset. It confirms that the accumulation addresses are expecting some degree of upside potential in ETH in the short to medium term.
Tron network activity flies to new highs
Meanwhile, network activity on the low-cost, high-throughput network Tron is hitting successive new highs. Notably, the 30-day simple moving average (SMA) of Tron-based active sending addresses recently reached an all-time high (ATH) of 3.1 million.
The surge in active sending addresses is a testimony to the heightened demand for the Tron blockchain for facilitating low-cost token movements, mostly stablecoins like USDT and USDC. In a recent development, Tether minted $1 billion worth of USDT on the Tron blockchain.
Although the TRX price is currently consolidating around $0.29, the brewing divergence between the coin’s price and network adoption is hinting that a strong move to the upside may be on the horizon.
