Ethereum price is returning to $3,000 as institutional investors focus on ETH futures. Popular altcoin Ethereum prices rallied on Sunday amid a market-wide upside correction, while the uptrend received additional upside support from the JPMorgan & Chase report. Details cryptocoin.com‘in.
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Popular altcoin Ethereum returns
Ether (ETH), the native token of the popular altcoin Ethereum, made a rebound on Sept. The ETH/USD pair rose 3.63% to reach an intraday high of $3,030. The upside move reached a 14.3% upside retracement from the pair’s all-week low at $2,651. Last week, Ether prices fell due to a series of issues stemming from China. On Monday, traders dumped cryptocurrencies en masse after a turmoil in China’s heavily indebted real estate market led to a sell-off on global stock markets. There was a rallying move later in the week, but it faced another sell-off on Friday after the People’s Bank of China reiterated that crypto transactions are illegal. However, Ethereum bulls held their ground and pushed prices above the psychological resistance level of $3,000.
What about other cryptos?
Emotions were similar across some of the leading cryptocurrencies, with leading crypto Bitcoin hitting an intraday high of $43,767 on Coinbase after a 2.49% upward move. Meanwhile, Uniswap exchange’s local asset UNI also rose more than 19%, making it the best-performing coin in at least the last 24 hours. At the same time, Ethereum’s biggest rivals Cardano (ADA) and Solana (SOL) performed poorly with ADA/USD falling more than 5% and SOL/USD falling over 3% in a 24-hour adjusted time frame. showed.
Institutional demand
Ethereum gains also followed a bullish report from JPMorgan & Chase. The study noted that institutional investors are starting to increase their exposure in Ethereum markets. Analysts at JPMorgan rated the ongoing craze in the decentralized finance (DeFi) and NFT sector as the main driving force behind investors’ interest in Ethereum. Citing data from the Chicago Mercantile Exchange (CME) recorded since August, they added that the 21-day average Ethereum Futures premium has risen to 1% relative to spot ETH prices.
The JPMorgan report coincided with a record amount of Ether tokens withdrawn from all crypto exchanges. At the time of writing, net ETH reserves on trading platforms have dropped to 18.44 million ETH compared to 23.94 million ETH a year ago. Independent analyst PostyXBT also predicts a potential price surge in the Ethereum markets, noting that recent dips in the cryptocurrency have pushed it into a classic accumulation range, as illustrated in the chart below.
Analyst says:
The weekly close is equally important for ETH today as price tests are just as important as support to the previous range highs. Seems like a logical area to make a higher bottom and I bought more for long term swing trading here. RR looks positive after a 33% correction from the local top.
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