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According to data provided by cryptocurrency analytics platform Santiment, Ethereum whales have scooped up more than 700,000 ETH tokens (roughly $2.45 billion) over the past three weeks.

Despite this buying spree, Ethereum is struggling to regain its bullish momentum. The flagship altcoin is currently trading at $3,562 on the Bitstamp exchange after reaching an intraday low of $3,360 on June 14. 

Earlier this week, CryptoQuant analyst ShayanBTC noted that Ethereum's bearishness might persist in the near future due to aggressive selling by futures traders. 

It surged in tandem with Bitcoin on Wednesday due to better-than-anticipated U.S. inflation data.

However, cryptocurrencies retraced together with other risk assets after some hawkish comments made by Federal Reserve Chair Jerome Powell called into question the possibility of several rate cuts this year. 

Will Ethereum ETFs be bullish catalyst?

Last month, the U.S. Securities and Exchange Commission unexpectedly approved several 19b-4 forms for Ethereum exchange-traded funds (ETF), triggering a major rally. On May 27, Ethereum came close to reclaiming the $4,000 level due to investor exuberance. However, this excitement quickly dissipated as soon as market participants realized that the SEC was yet to approve S-1 registration forms that would make it possible for these products to start trading.

As reported by U.Today, SEC Chair Gary Gensler said that the final approval of Ethereum ETFs would take place over the course of this summer during a recent congressional hearing.

That said, banking giant JPMorgan recently poured cold water on Ethereum ETFs, predicting that they would attract only modest inflows.