Ethereum (ETH) has staged a strong comeback, reaching levels not seen since mid-February 2025. The recent uptrend has pushed more than 60% of ETH holders into profit, a notable increase from just 32% a month ago.
Fueling this momentum is a wave of large-scale withdrawals from centralized exchanges. According to Sentora, formerly known as IntoTheBlock, over $1.2 billion worth of ETH has been pulled from trading platforms in just the past week. This coincides with a 52% price rally, as ETH surged from under $1,800 to nearly $2,730.
Such withdrawal trends typically signal long-term investor confidence, with market participants moving assets off exchanges to hold rather than trade — a strategy common during anticipated bullish phases.
From Dormancy to FOMO as Sentiment Shifts
For much of the current bull cycle, ETH lagged behind, dampening enthusiasm and drawing skepticism from investors. But the recent breakout above a long-standing resistance zone has flipped market sentiment.
As the narrative shifts from fear and doubt to a growing fear of missing out, traders are quickly re-entering the market. With buying pressure intensifying and fewer tokens available on exchanges, ETH appears well-positioned for further gains.
Still, analysts remain divided on short-term expectations. Some believe the recent price surge is more than a temporary squeeze, while others expect a consolidation phase between $2,400 and $2,700.
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