Amid industry-wide headwinds, Ethereum (ETH) bulls managed to defend the $1,600 support territory this week. With recent media reports mooting a potential Ethereum Futures ETF approval, how will ETH price react in the short term? 

Ethereum’s (ETH) price instantly rebounded towards $1,700 after a Bloomberg report citing anonymous sources stated that the US SEC was set to greenlight several ETH Futures ETF applications. Applications from Wall Street bigwigs like ProShares, Volatility Shares, Bitwise, and Roundhill were among those identified in the report. 

However, critical on-chain analysis examines how ETH prices will react in the coming weeks. 

Price-Savvy Whales are Still Dumping ETH on the Market

On-chain data shows that Ethereum whales have not bought into the recent bullish Bloomberg report. In fact, they have continued to dump their holdings despite the mild price bounce recorded on Friday after a strong sell-off.  

As shown below, the cluster of Ethereum whales holding 10,000 to 100,000 coins have been dumping on the market since mid-July. Evidently so, between July 14 and August 18, they depleted their ETH holdings by 1.12 million coins. 

With ETH currently trading around $1,660, the 1.12 million coins dumped by the whales are worth $1.86 billion. Notably, the rec

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Author: Ibrahim Ajibade

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