Ethereum, the second-largest cryptocurrency by market capitalization, has generated significant market optimism today, April 24, due to a substantial price rebound and heightened whale activity.

The TRON founder, Justin Sun, has been actively accumulating ETH, with the latest on-chain data showing a withdrawal of 15,389 ETH, worth $49.78 million, from Binance. This massive acquisition indicates a strong confidence in the asset's potential, sparking immediate bullish sentiments for ETH's price trajectory.

In addition to Sun's accumulation, several other whales have been buying ETH, as reported by CoinGape Media. Yesterday, Sun invested a staggering $1 billion in Ethereum, further highlighting his confidence in the asset. This, combined with the rising whale accumulations, suggests a highly bullish outlook for ETH's price action.

As of writing, Ethereum's price has increased by 1.67% in the past 24 hours, currently trading at $3,242. The token's market capitalization has also risen by 1.58%, accompanied by a 2.16% increase in 24-hour trading volume.

However, derivatives data for ETH indicates reduced investor interest and market activity, which could signal a potential downtrend for the token. Coinglass reported a 0.39% dip in the token's open interest and a 2.88% fall in derivatives volume.

Despite this uncertainty, Ethereum's price rebound and significant whale accumulations have caught the attention of crypto market enthusiasts, who are hopeful for a rising price action ahead. The post-BTC halving optimism and whale accumulations have kept the market buzzing with optimism for Ethereum's future.