As Institutional Investors Stack Into ETH Futures, Ethereum Price Rallies Over $3k.

As Institutional Investors Stack Into ETH Futures, Ethereum Price Rallies Over $3k.

2021-09-27 | Selina Mathew

As Institutional Investors Stack Into ETH Futures, Ethereum Price Rallies Over $3k.

Ethereum blockchain native token Ether (ETH) produced a recovery on September 26 after an enormous decline earlier this week that saw its prices diving to $2,651 as the low point. The leading ETH/USD exchange rate stood 10.03% up to reach an intraday high of $3,140. The upside movement added to a 15.3% upside track from the pair's week-to-date low at $2,651, showing that traders aimed to hold on to their bullish bias despite likely crosswinds ahead. Last week, Ether prices fell due to a swirl of issues appearing from China. On Monday, after an uproar in China's largely indebted property market induced a selloff across global stock markets, traders discarded crypto assets in large quantities. A recovery move was made certain later in the week but met with another selloff on Friday after People's Bank of China repeated that crypto transactions are illegal. However, Ethereum bulls maintained their center and pushed prices over $3,000, a psychological resistance point. Price charts The sentiments were alike over few top crypto assets, with the benchmark cryptocurrency Bitcoin reaching an intraday high of $43,770 after a 2.59% upside movement. Also, Uniswap exchange's native asset UNI proceeded better by more than 19%, becoming the top-performing crypto asset at the minimum in the previous 24 hours. At the same time, Ethereum's top rivals Cardano (ADA) and Solana (SOL) performed underwhelmingly, with ADA/USD shedding more than 5% and SOL/USD dropping over 3% on a 24-hour modified timeframe. Institutional demand Ethereum gains also lead to a bullish report from JPMorgan & Chase. The study noted that institutional investors have begun to increase their exposure in Ethereum markets. Analysts at JPMorgan credited the continuing popularity in the decentralized finance (DeFi) and nonfungible token (NFT) sector as the primary motive behind investors' interest in Ethereum. They attached that the 21-day average Ethereum Futures premium reached 1% over spot ETH prices, pointing to the Chicago Mercantile Exchange (CME) data recorded since August.

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