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Ethereum has faced lackluster price action over the past year, significantly underperforming compared to Bitcoin and many altcoins that have surged during the ongoing market cycle. Once seen as the leader of innovation and growth in the crypto space, Ethereum’s slow movement has left many investors frustrated and questioning its short-term potential. However, signs suggest that this period of underperformance could be coming to an end. Related Reading: XRP Forms A Bullish Pattern In 4-Hour Chart – Analyst Expects $4.20 After Breakout Recent data from on-chain analytics firm Santiment has revealed a bullish development for Ethereum. According to their insights, whales—large holders of cryptocurrency—have accumulated over 1.14 million Ethereum in the last 48 hours. This surge in accumulation signals growing confidence among institutional players and high-net-worth investors, who are positioning themselves for a potential bullish breakout. This significant whale activity often precedes large price movements, as it demonstrates strong interest from those with the resources to influence market trends. With Ethereum’s fundamentals still solid and the adoption of its blockchain ecosystem steadily growing, the recent whale activity could be the catalyst for a reversal in Ethereum’s fortunes. Ethereum Investors Waiting For A Breakout Ethereum has been under significant selling pressure, facing heightened volatility over the past two weeks and extending through several months. This prolonged downtrend has tested the resolve of many investors, leading some to capitulate as Ethereum continues to underperform relative to Bitcoin and other altcoins. However, a growing number of market participants remain optimistic, convinced that ETH still holds significant potential for a major recovery this year. Among the bullish voices is top analyst Ali Martinez, who recently shared compelling data highlighting a surge in whale activity. According to Martinez, whales have accumulated over 1.14 million Ethereum in the past 48 hours, signaling renewed confidence in ETH’s long-term prospects. Such large-scale accumulation by high-net-worth investors often indicates a belief in an impending price rebound, as whales are known to position themselves ahead of major market moves. This whale activity aligns with the broader bullish outlook many analysts have set for Ethereum this year. With its robust ecosystem, growing adoption, and significant upgrades like the recent Ethereum Merge enhancing its efficiency, Ethereum continues to solidify its role as a leading blockchain. Related Reading: Hedera Successfully Retests Key Demand Level – Expert Says The Next Stop Could Be $0.52 The coming weeks will be critical for ETH as it navigates these volatile conditions. Whether Ethereum can capitalize on the bullish momentum created by whale accumulation remains to be seen. Still, the potential for a significant turnaround is evident, and the current market dynamics suggest that Ethereum is far from being counted out. Investors and analysts alike are keeping a close eye on ETH, anticipating whether it can overcome selling pressure and reignite its upward trajectory in the months ahead. ETH Price Action: Testing Key Levels  Ethereum (ETH) is currently trading at $3,305, holding above key demand levels despite a modest 4% drop since yesterday. The ability to maintain support around $3,300 is crucial for Ethereum to sustain its momentum and avoid further downside pressure. As the market remains uncertain, this level serves as a pivotal point for both bulls and bears. For ETH to confirm a new bullish trend, the price must push above local highs near $3,525. Breaking this resistance would signal renewed buying interest and could set the stage for further upward momentum, potentially reversing the recent underperformance compared to other assets. A decisive move above $3,525 would strengthen the bullish narrative and attract additional investor confidence. On the downside, losing the $3,200 support level in the coming days would likely signal weakness and could lead to a prolonged consolidation or even a deeper correction. Such a move might test lower demand zones, delaying Ethereum’s potential recovery. Related Reading: Solana Compresses Near Previous ATH – Gearing Up For The Next Leg Higher? As ETH navigates this critical juncture, traders are closely watching these key levels to determine the asset’s next move. Whether Ethereum holds its ground or faces additional selling pressure, the outcome will likely shape its trajectory in the near term. Featured image from Dall-E, chart from TradingView