JPMorgan’s Ethereum Push Meets a Critical Chart Test — Rebound or Breakdown?
Ethereum faces a technical test amid market selloff, despite JPMorgan launching a $100M tokenized fund on the network.Summary
Ethereum (ETH) is experiencing significant price pressure, down over 6% in 24 hours, but a new institutional development from JPMorgan is drawing attention. JPMorgan has launched its first tokenized money market fund, MONY, seeded with $100 million on the Ethereum network, reinforcing ETH's role in institutional infrastructure.
Technically, ETH is approaching a bearish EMA crossover on the daily chart, signaling weakening momentum, and is struggling to hold the $2,910 support level. However, on-chain data suggests selling pressure is easing, as the percentage of addresses in profit has hit a local low, historically preceding short-term rebounds.
The immediate future hinges on key price levels: a daily close below $2,910 suggests a breakdown toward $2,710, while reclaiming $3,240 is necessary to confirm a sustained rebound toward $3,440.
(Source：BeInCrypto)