Recent data from cryptocurrency analytics platform Santiment reveals a substantial uptick in Ethereum whale activity, with these large holders accumulating over 700,000 ETH tokens, amounting to approximately $2.45 billion, over the past three weeks.

Despite this significant buying spree by Ethereum whales, the cryptocurrency has been grappling with challenges to regain bullish momentum. Currently trading at $3,562 on the Bitstamp exchange, Ethereum saw an intraday low of $3,360 on June 14. Analysts, including CryptoQuant's ShayanBTC, have noted a bearish sentiment prevailing in the market, exacerbated by aggressive selling from futures traders.

The broader cryptocurrency market has also experienced retracement alongside other risk assets following hawkish remarks from Federal Reserve Chair Jerome Powell, casting doubt on the likelihood of multiple rate cuts this year.

Looking ahead, attention is turning to the potential impact of Ethereum exchange-traded funds (ETFs) as a bullish catalyst. The U.S. Securities and Exchange Commission (SEC) recently approved several 19b-4 forms for Ethereum ETFs in a surprise move last month, triggering a notable market rally. However, enthusiasm tempered when it became clear that the approval of S-1 registration forms, necessary for these ETFs to commence trading, was still pending.

SEC Chair Gary Gensler indicated during a congressional hearing that final approval for Ethereum ETFs is expected sometime this summer. Despite this positive outlook, JPMorgan has tempered expectations, predicting only modest inflows into Ethereum ETFs once they are approved.

The Ethereum market remains dynamic as investors await further regulatory developments and navigate market sentiment influenced by both macroeconomic factors and regulatory decisions.