Whale accumulation is officially underway, and Ethereum is displaying encouraging signs of recovery, which are confirmed by on-chain activity. A significant whale has taken out 3,844 ETH in total over the last two weeks (approximately $6.51 million) from Bitget, a centralized exchange. The most recent withdrawal was 1,897 ETH, or about $3 million, 10 hours ago. These significant fluctuations imply that powerful investors are lining up for a possible Ethereum rally.
From a technical perspective, Ethereum is now trading above $1,700, indicating a robust daily gain of almost 4%. Recently the asset exited a short-term bullish pennant, which is a continuation pattern that frequently indicates additional upward movement. The breakout supports the notion that a local trend reversal is gaining momentum, especially when combined with a discernible increase in trading volume.
Whales continue to accumulate $ETH!
A whale withdrew another 1,897 $ETH($3M) from #Bitget 10 hours ago.
This whale has withdrawn 3,844 $ETH($6.51M) from #Bitget since April 3.https://t.co/HZN9KLPt6M pic.twitter.com/0HCPswZx8w
— Lookonchain (@lookonchain) April 21, 2025
Now at about $1,880, ETH is making an effort to retake the 50-day EMA, which has served as the asset’s consistent ceiling over the previous month. In addition to possibly opening a route toward the $2,200-$2,300 resistance zone, regaining this level would probably pique investor interest once more. This level may serve as a medium-term target for bulls and is also in line with the 100-day EMA. At the same time, the RSI has risen out of oversold territory and is now hovering around 39, suggesting that momentum is building without going overboard.
The upward trend coincides with growing on-chain accumulation patterns, particularly by big organizations that have a history of outpacing fluctuations in the market. The ongoing removal of Ethereum from exchanges suggests that there is less short-term sell pressure and that investors are confident in Ethereum’s long-term prospects.
This whale behavior, whether it be for staking, holding or DeFi-related activity, foreshadows marketwide optimism and might be a trigger for Ethereum’s reversal. This is a phase worth closely monitoring because it combines a technical breakout, increasing momentum and whale accumulation – all of which point to Ethereum possibly preparing for a significant recovery.
