We may see a slow grind for a bit but it's all just waiting on the inevitable.  With the halving quickly approaching at some point the mood will flip and people will go into heavy accumulation mode.  The amount of demand the market is seeing now even without an ETF is enough to overwhelm sellers once the halving hits.  If an ETF spikes demand on top of that, we're going to see another bubble.  I don't even think the mtgox coins will be enough to hold it down, although that is the last real concern the market has before the perfect storm arrives.