Ethereum price rises to $3,000 mark. Analysts at JPMorgan Chase wait for further upside
ETH price recovered by the end of September amid a market-wide upside correction while receiving an additional upside boost from a bullish JPMorgan Chase report.
ETH gains momentum above $3,000 mark. Will it be able to maintain great returns in Q4 2021?
A few days ago, the price of Ethereum returned to the important $3,000 mark after falling to a local low of $2,651 on the Coinbase exchange. Over the past week, the altcoin is still showing negative returns, but its price strengthening above the support level mentioned above may give confidence to the bulls. As a reminder, earlier ETH price drop was triggered by another ban on cryptocurrency activity in China.
At the moment, the price of Ethereum is balancing on several moving average lines on the chart below. Quite a long consolidation of the asset in these boundaries may end with another wave of growth, given the fact that the negative news from China has not made too much impression on the market players.
The increase in the price of ETH was accompanied by the publication of the report of analysts at JPMorgan Chase, which noted the increased interest of institutional investors in cryptocurrency. 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 ETH. In addition, the experts highlighted a premium in altcoin prices on the spot and futures markets, indicating investors’ optimistic expectations.
Another bullish report was published by the CryptoQuant platform. It talks about the developing trend of falling cryptocurrency reserves of ETH on exchanges — this figure just recently fell to a record low of 23.94 million ETH.
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