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Ethereum bulls are gearing up for an uphill march after weeks of negative sentiment. A positive leaning factor for most traders is the influx of whales in short-term acquisitions. This follows the upturn in Bitcoin and the wider crypto market, with holders expecting similar movements. 

On-chain data shows huge ETH purchases in the last 48 hours marking a direct impact of traders sentiments. An Ethereum whale bought 7,100 ETH worth approximately $14.2 million while another withdrew 4,709 ETH worth $9.47 million from Binance alongside other transactions.

Other whales also made similar withdrawals from exchanges, adding to the accumulation spree. Today, a trader withdrew $2.6 million assets from Kraken, while another purchased a larger $5.4 million asset from OKX. The market’s reaction was bullish, with the ETH price gaining ground in hourly trading data.

Traditionally, outflows from centralized exchanges show signs of accumulation, with an intention toward long-term holdings. This builds up market confidence and strengthens retail demand rather than increasing exchange reserves. 

This week, whales purchased 470,000 ETH as bulls set sights on a potential recovery. Institutional optimism for a rebound remained a major morale boost for most traders in the past week. Last year, traditional investors increased their exposure to crypto assets, particularly Bitcoin and Ethereum. 

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As the market prepares to recover, traders project similar demand in Q2 2025 despite the previous dip. ETH institutional volumes have also notched a slight recovery compared to past weeks. Digital asset enthusiast Kim added that increased whale activity could position ETH for a breakout.

“Taking into account Ethereum whale activity, key support levels, and market sentiment, ETH appears poised to breakout. The combination of decreasing exchange reserves, increased whale activity, and technical indicators suggest price momentum.”

Amid rising sentiments, traders are at the crossroads of the ETH bull peak. The general consensus favors a massive recovery after months of losses occasioned by macro and industry-related factors. Ethereum’s price reclaimed the $2k level, with whales increasing their appetite ahead of the projected $2,500 price in April. 

This is a fall-off from the anticipated $4k price last year. However, recent developments and a wider market recovery could spur the assets to new heights. Ethereum remains a key asset for wealth managers’ foray into digital assets, citing its staking and smart contract architecture.