Ethereum's prominent investors are reentering the market, taking advantage of the recent period of market consolidation to accumulate ETH aggressively.

Data from on-chain sources shows an increase in the holdings of large ETH investors, while ETH-based exchange-traded funds (ETFs) have recorded their first weekly net inflow in eight weeks, indicating a noticeable change in market sentiment.

The surge in ETH whale accumulation and ETF inflows suggests a potential upcoming price surge. The data reveals a 2682% spike in the netflow of large ETH holders over the past seven days.

Large holders, considered whale addresses with over 0.1% of the circulating supply, are increasing their accumulation of ETH. This behavior indicates their confidence in the future growth of ETH at current price levels.

Additionally, ETH-backed ETFs saw a net inflow of $157.09 million between April 21 and April 25, signaling a reversal from eight consecutive weeks of outflows exceeding $700 million.

With major players reengaging in the market, there is a possibility of ETH experiencing further upward movement in the short term.

On the technical side, the positive Balance of Power (BoP) for ETH underscores the growing demand for the cryptocurrency. A BoP value of 0.31 suggests more buying pressure outweighing selling pressure, indicating strength in ETH's price movement and potential for further upward momentum. If this trend continues, ETH could rally back above $2,000 to trade at $2,027.

However, if market sentiment becomes negative, ETH might give up recent gains and drop to $1,385.