Ethereum's price has shown a remarkable recovery, rising above $3,150, following a significant increase in whale activity after a dip below $3,000 due to the Israel-Iran conflict escalation.

A notable withdrawal of Ethereum (ETH) from Binance, totaling 16,300 ETH or $51.1 million, was observed by Lookonchain, an on-chain data provider, within the last 20 minutes. This transaction is linked to a wallet associated with Matrixport, indicating substantial withdrawals from exchanges as whales buy the dips.

Matrixport's consistent withdrawal of Ethereum from exchanges since March 29, totaling 67,286 ETH or $228.33 million, suggests strategic maneuvers in the cryptocurrency market. Another whale, with the address 0xE3477C73E4733D48306A955044E1fAefC649C08F, acquired 1,000 ETH or $3.15 million from Binance during the market downturn, increasing their total accumulation to 8,300 ETH or $25.12 million.

Long-term Ethereum holders sold more than 55,368 ETH or $204 million during the initial price retracement from the monthly peak of $3,700 on April 8. However, during the market dip on Friday, April 11, the dormant supply in circulation (180d) was only 31,165 ETH or approximately $101.4 million, indicating a decrease in selling pressure by $104 million between the two weekly extremes.

This reduction in selling pressure may positively impact Ethereum's price dynamics in the coming days. Investors should closely monitor the recent price bounce-back, with bulls aiming to push the ETH price to $3,200 and higher to confirm the uptrend.

There are rumors that Hong Kong may approve the spot Ethereum ETF today, April 15, which could potentially drive the ETH price higher, but official confirmation is still pending.