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 <li> 1 <a>Ethereum (ETH) futures ETFs are also picking up pace amid the conversations around Bitcoin (BTC) ETFs.&nbsp;</a> </li> 
 <li> 2 <a>Recently, Ethereum’s price saw an upward movement after the hint of potential ETH futures ETF approval.&nbsp;</a> </li> 
</ul> 
The exchange-traded funds (ETF) became the talk of the town since the major TradFi players gave hints to venture into the space. Bitcoin (BTC) spot ETF had the major chunk of these conversations until Ethereum ETF made the entry. Recently it was reported that the US regulator SEC is looking to approve ETH Futures ETF applications.&nbsp; 
Bloomberg reported on August 18 2023 that prominent institutions including ProShares, Bitwise, Volatility Shares, and Roundhill, etc. put forward applications for ETH futures ETF to the Securities and Exchange Commission (SEC). It was reported citing an unknown source that the regulator might give a green signal to some of the ETF applications.&nbsp; 
Following the news surfaced, Ethereum’s (ETH) price was seen to make an effort to attain $1,700. Currently, ETH is trading at $1,669 losing up to 10% in the last week. Though the price seems to try an upswing, the on-chain analysis brings the close possibility of the Ethereum price ahead.&nbsp; 
<h2 class="wp-block-heading" id="strong-ethereum-whales-did-not-show-interest-in-etf-news-strong">Ethereum Whales Did Not Show Interest in ETF News</h2> 
Data from on-chain sources indicates that Ethereum whales have not aligned with the recent optimistic report from Bloomberg. Surprisingly, these large holders have persisted in selling off their holdings, even in the face of a minor price rebound observed on Friday, following a significant sell-off. 
Since mid-July, 2023, a noteworthy group of Ethereum whales, owning between 10,000 and 100,000 coins, has been consistently offloading their holdings onto the market. This trend is evident through data analysis, revealing that within the timeframe spanning July 14 to August 18, these whales reduced their ETH holdings by a substantial 1.12 million coins. 
Given the current trading value of ETH at approximately $1,660, the 1.12 Million coins sold by these whales equate to a substantial sum of $1.86 Billion. It’s worth highlighting that the trading behaviors of this particular group of whales have shown a significant correlation with the movements of ETH’s price in recent times. 
As expected, there’s a clear parallel between the actions of these whales, who reduced their holdings by 4%, and the subsequent 18% drop in the<a href="https://www.thecoinrepublic.com/2023/08/15/ethereum-price-prediction-bulls-in-fear-will-eth-revisit-900/" target="_blank" rel="noopener noreferrer nofollow"> price of ETH</a> between July 14 and August 18, 2023. This illustrates the connection between the actions of major holders and the overall price movement of Ethereum during that period. 
<h3 class="wp-block-heading" id="strong-official-confirmation-of-eth-etf-is-likely-to-move-mountains-strong">Official Confirmation of ETH ETF is Likely to Move Mountains</h3> 
Certainly, if the SEC were to release an official confirmation aligning with the recent Bloomberg report, it’s possible that this could serve as a catalyst to persuade these whales to cease their current selling spree. Such a regulatory endorsement might influence their trading behavior and potentially contribute to a change in the market dynamics. 
After enduring a month-long period of extensive selling by whales, Ethereum seems to have entered the oversold region. As indicated by relative strength index (RSI) data, Ethereum’s daily RSI closed at 14 on August 18. To put it plainly, this signifies that 86% of ETH’s daily price changes over the past two weeks have exhibited a downward trend. 
The relative strength index (RSI) data is a tool used to assess the strength and momentum of an asset’s ongoing price trend. When the RSI drops below the 30 level after previously being higher, it indicates that the asset has become oversold.&nbsp; 
This situation might indicate the potential for a bullish reversal, implying that the asset’s price could be poised to increase following the recent downward movement.

Are Investors Even Looking Towards Ethereum (ETH) Futures ETF?

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Thecoinrepublic.com

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