Ethereum prices recovered on Sunday amid a market-wide upside correction while receiving an additional upside boost from a bullish JPMorgan & Chase report.
Ethereum’s native token Ether (ETH) staged a rebound on Sept. 26 following a massive decline earlier this week that saw its prices plunging to as low as $2,651 на Coinbase.
The ETH/USD exchange rate rose 3.63% to hit an intraday high of $3,030. The upside move amounted to a 14.3% upside retracement from the pair’s week-to-date low at $2,651, showing that traders attempted to retain their bullish bias despite potential headwinds ahead.
На прошлой неделе, Ether prices fell due to a flurry of issues arising from China. В понедельник, traders dumped crypto assets en masse after a tumult in China’s heavily indebted property market prompted a selloff across global stock markets.
A rebound move ensued later in the week but met with another selloff on Friday after People’s Bank of China reiterated that crypto transactions are illegal. Тем не менее, Ethereum bulls maintained their foothold and pushed prices back above $3,000, a psychological resistance level.
The sentiments were similar across some top crypto assets, with the benchmark cryptocurrency Bitcoin hitting an intraday high of $43,767 on Coinbase following a 2.49% upside move. Между тем, Uniswap exchange’s native asset UNI also fared higher by more than 19%, becoming the top-performing crypto asset at least in the previous 24 часы.
В то же время, Ethereum’s top rivals Cardano (ЕСТЬ) и Солана (СОЛЬ) performed poorly, with ADA/USD dropping more than 5% and SOL/USD losing over 3% on a 24-hour adjusted timeframe.
Ethereum gains also followed a bullish report thifrom JPMorgan & гнаться. The study noted that institutional investors have started increasing their exposure in Ethereum markets.
Analysts at JPMorgan credited the ongoing craze in the decentralized finance (DeFi) и невзаимозаменяемый токен (NFT) sector as the primary driver behind investors’ interest in Ethereum. They added that the 21-day average Ethereum Futures premium climbed to 1% over spot ETH prices, citing the Chicago Mercantile Exchange (CME) data recorded since August.
The JPMorgan report coincided with a record amount of Ether tokens getting withdrawn out of all crypto exchanges, as per data provided by CryptoQuant. Во время печати, the net ETH reserves on trading platforms had dropped to 18.44 million ETH compared to 23.94 million ETH a year ago.
Связанный: Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low
Independent analyst PostyXBT also anticipates a potential further price rebound in Ethereum markets, noting that the cryptocurrency’s latest declines had pushed it inside a classic accumulation range, как показано в таблице ниже.
“Weekly close equally as important for ETH today as price tests the previous range highs as support,” the analyst noted.
“Seems like a logical area to make a higher low and I have bought more here for long-term bags/swing trade. RR looks favorable after a 33% correction from the local top.”
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