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 on 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.
Last week, Ether prices fell due to a flurry of issues arising from China. On Monday, 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. Nonetheless, 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. Meanwhile, 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 hours. At the same time, Ethereum's top rivals Cardano (ADA) and Solana (SOL) 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 & Chase. 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) and nonfungible token (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The JPMorgan report coincided with a record amount of Ether tokens getting withdrawn out of all crypto exchanges, as per data provided by CryptoQuant. At press time, the net ETH reserves on trading platforms had dropped to 18.44 million ETH compared to 23.94 million ETH a year ago.
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, as shown in the chart .
"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."
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||56.8%||88||$16 240.61||-1.80%||1.41%||$312 124 680 527|
|2||ETH||Ethereum predictions||61.6%||86||$1 174.73||-3.19%||4.91%||$143 756 826 010|
|3||USDT||Tether predictions||94.8%||1||$0.999656||0.01%||0.08%||$65 340 189 558|
|4||BNB||Binance Coin predictions||66.4%||66||$296.09||-5.68%||15.44%||$47 366 512 227|
|5||USDC||USD Coin predictions||93.6%||1||$1.000129||0%||-0.01%||$44 316 728 602|
|6||BUSD||Binance USD predictions||91.2%||1||$1.000369||0.01%||-0.06%||$22 395 787 629|
|7||XRP||XRP predictions||61.2%||75||$0.383432||-3.99%||9.04%||$19 286 169 244|
|8||DOGE||Dogecoin predictions||59.2%||89||$0.096021||-0.86%||27.21%||$12 739 192 925|
|9||ADA||Cardano predictions||61.6%||81||$0.306128||-3.70%||0.94%||$10 541 165 942|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||64%||68||$0.822534||-3.82%||3.23%||$7 184 273 125|
|12||DOT||Polkadot predictions||66%||72||$5.18||-3.91%||-0.19%||$5 909 367 523|
|13||DAI||Dai predictions||92.4%||1||$1.000041||-0.01%||0.02%||$5 660 340 456|
|14||WTRX||Wrapped TRON predictions||61.2%||79||$0.052693||-0.83%||5.23%||$5 357 648 670|
|15||LTC||Litecoin predictions||65.2%||70||$72.15||-6.36%||19.41%||$5 174 160 484|
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