Ethereum on-chain and derivatives data indicates bullishness despite JP Morgan's bearish ETF prediction

Ethereum accumulating addresses have increased steadily since the beginning of May. JP Morgan analysts predict that spot Ethereum ETFs will see a disappointing launch. Ethereum derivatives data indicates traders are highly bullish. Ethereum maintained a stable price on Friday following on-chain and derivatives data pointing to increased bullishness among investors. Meanwhile, JP Morgan analysts predicted that spot Ethereum ETFs will only command a fraction of Bitcoin flows if they launch.

Also read:Ethereum slightly tilts toward bears, may only see 20% of Bitcoin ETF flows following silver comparison ETH technical analysis: Ethereum derivatives data indicates bullishness Ethereum is trading around $3,740 on Friday, maintaining its horizontal movement. ETH liquidations data also reveals the neutrality among bulls and bears, with $16.66 million of liquidated long positions and $12.12 million of shorts.

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