JPMorgan’s Ethereum Push Meets a Critical Chart Test — Rebound or Breakdown?

Core Viewpoint - Ethereum has experienced significant price declines amid macroeconomic pressures, but JPMorgan's launch of a tokenized money market fund on Ethereum may provide long-term support for the asset [1][2]. Group 1: Market Performance - The ETH price has dropped over 6% in the last 24 hours, leading to a total weekly loss of approximately 9% [1]. - Ethereum is facing technical pressure, with a potential bearish EMA crossover on the daily chart, indicating weakening momentum [2][3]. Group 2: Institutional Developments - JPMorgan is launching a tokenized money market fund named MONY on Ethereum, starting with an initial allocation of $100 million [2]. - This move enhances Ethereum's credibility as an institutional settlement infrastructure, potentially attracting more traditional finance interest [2]. Group 3: Technical Analysis - The ETH price is struggling to maintain the $2,910 support level, which highlights the technical weakness in the market [4]. - A bearish EMA crossover is forming, suggesting that even positive news may not lead to a sustained price rebound unless key resistance levels are cleared [4]. Group 4: On-Chain Signals - On-chain data indicates a significant drop in the percentage of Ethereum addresses in profit, reaching its lowest level since early December, which could signal a potential rebound if support holds [5]. - Historical data shows that similar local lows have previously preceded short-term price rebounds, indicating a possible recovery scenario if the current support level remains intact [6]. Group 5: Selling Pressure - Current selling pressure has reached levels where buyers have previously stepped in, suggesting that sellers might be losing their grip on the market [7].