Just a fortnight ago, a Whale saw an opportunity in the ETH dip and decide to buy over a 100k ETH and stake them all at $4.1k; another sold his BTC and opened a long position for ETH on an exchange. Then suddenly the floodgates opened and more Whales began "dumping" to buy more ETH. Any obvious reason for the flow of liquidity into ETH? Be my guess!
I think it's a very bold move to bet on Ether in such a risky way, especially when there are whales capable of moving the market with a significant amount of investment. Ether is performing well, but it's by no means guaranteed given its overall market position, and it's normal for it to attract smaller traders. However, whales were expected to perform more wisely.
I think others were not busy analysing the market but just wait for the right time to act. Also whales had surely made analysis before acting. The difference that whales take fast time to analysis then move fast to act considering the major risks if the market crashes for a reason or another.