The Effective Volume analysis on ETF may not be interpreted the same way as it is done for stocks. Indeed, it is not because large players buy for of a given ETF that its value is due to increase.
The value of an ETF is mainly dependent on the value of the underlying index it is tracking. Therefore, usually, the Effective Volume analysis will closely follow the price trend of the ETF. When they diverge, it means that large players are entering into speculation regarding to the future direction of the ETF.
It does not mean that they are correct in their speculation. Large players may just be entering hedges against other positions that may have been taken.