Ethereum ETFs influence whales to continue buying despite declining ETH price

Ethereum whales and major players are accumulating ETH despite recent decline. Grayscale's mini Ethereum trust could send shockwaves across the US crypto ETF market. Ethereum could resume month-long movement in key range. Ethereum's price is down nearly 6% on Monday after Mt. Gox announced it would begin repaying creditors their Bitcoin and Bitcoin Cash. However, ETH whales have pounced on the price decline as an opportunity to purchase ETH before the arrival of spot Ethereum ETFs.

ETH/USDT 4-hour chart Read more:Ethereum ETFs may not cause upward surge in ETH price as many expect ETH breached the key support level of $3,300, entering a key range extending from $2,852 to $3,300. Notably, ETH traded inside this range for over a month after descending from its yearly high of $4,093 in March. A further decline below the 3,029 support level could see ETH sustaining another month-long move inside the key range.

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