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After a recent correction, Ethereum is gradually recovering its momentum, with trading volumes now exceeding $1,700, reflecting a 12.2% increase in the past week. This recovery has attracted the attention of analysts, who appear to be studying whether the asset’s movement has sustained power or signs of renewed volatility.
Despite short-term growth, ETH is about 63% higher than its all-time high of $4,878 in 2021, highlighting a broad recession in the Ethereum market since the end of 2021.
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Exchange inflow of ether element derivatives points to potential volatility
Recent on-chain data and exchange processes suggest that Ethereum’s price trajectory may be affected by a wider range of macro factors and strategic trading behavior. The latest observation is that there is a significant surge in ETH sent to derivatives exchanges, an indicator related to increased speculative activity or changes in trader positioning.
This trend, coupled with major political developments in the United States, raises new questions about the next steps in Ethereum and the broader crypto market.
According to analysis by Amr Taha, contributor to CryptoQuant’s QuickTake platform, Ethereum has recorded unusually large inflows into derivative exchanges over the past 48 hours, with one spike exceeding 80,000 ETH.
Historically, such inflows have increased early as traders transfer assets to exploit positions or hedge expected price changes. Although this is not a deterministic predictor of direction, this behavior indicates rising expectations for short-term market activity.
Taha’s analysis noted that the inflow coincides with recent political statements by U.S. President Donald Trump, who confirmed he has no intention of stepping down as Fed Chairman Jerome Powell.
The announcement was interpreted by the market as a signal that the Fed will continue to operate independently, thus alleviating concerns about political interference in monetary policy.
Taha noted that given how the crypto market responds to central bank tone and economic indicators, this development adds a layer of macro stability to markets that already respond to technical signals.
BTC whale activity and derivatives data indicate tactical shift
While Ethereum-specific data remains the main focus, Taha also highlights key movements in the Bitcoin market that may have an indirect impact on ETH. On April 23, over $600 million of BTC was transferred from the Whale Wallet to the exchange, marking the largest single-day BTC inflow in a few weeks.
This happened after the BTC/GBP pair breakout, which triggered a lot of short liquidation. According to Taha, large BTC transfers may reflect the setup, and later long-term entries may face downside risks if sales pressures increase.
For Ethereum, this background increases the likelihood of short-term pullbacks, especially in the event of related sales occurring between major digital assets.
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The longer position is below the current price level, coupled with the newly added exchange supply, introduces the liquidity area that the market may test. As a result, both BTC and ETH can see an increase in volatility in the short term, driven by stopping loss or profitable activity.
Feature images created with DALL-E, TradingView’s chart
