Ethereum has increased in value by 1% in the past 24 hours and is once again trading above $2,300.
Major altcoins at one point fell to the $2,200 level as the entire cryptocurrency market recorded losses.
However, technical indicators suggest that: $ETH Further upside is possible in the short term, with the psychological level of $2,500 being a target.
JP Morgan files to launch separate Ethereum-based tokenized Treasury fund
$ETH has risen 1% and is currently trading above $2,300.
The strong performance comes after JPMorgan on Tuesday filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the launch of the JPMorgan On-Chain Liquidity Token Money Market Fund.
The fund will trade under the ticker “JLTXX,” according to the filing.
JPMorgan explained that JLTXX is a tokenized government money market fund on the Ethereum blockchain.
The fund will introduce token class shares, allowing investors to interact with fund shares through blockchain-based transactions while maintaining traditional book-entry ownership records.
JPMorgan said the blockchain technology behind the fund will be managed by its business unit Kinexys Digital Assets.
This latest development is a huge win for Ether, as the Ethereum blockchain is currently the only blockchain used by the fund.
However, JP Morgan plans to expand to other blockchains in the future.
The filing states that the fund invests primarily in short-term U.S. Treasury securities and overnight cash forward contracts that are fully collateralized by U.S. Treasury securities or cash.
The strategy is designed to maintain a stable net asset value of $1.00 per share while generating recurring income and maintaining liquidity.
Ethereum price prediction
Similar to Bitcoin, $ETHThe 4-hour chart of /USD remains bullish as Ether is trading above $2,300 on Wednesday.
The position remains above the 50-day EMA at $2,275, but is capped below the 100-day EMA at $2,340.
However, Ether is capped at the 38.2% Fibonacci retracement of the recent bull market at around $2,380, and the 200-day EMA is also at around $2,574, so the current bull market is also capped.
Momentum indicators suggest that the bulls are regaining control.
The RSI is hovering just below the neutral 50 mark, and the MACD line is below the signal and zero lines, suggesting that upside momentum is fragile.
If the bulls regain control, they will quickly encounter resistance at the 100-day EMA near $2,340 and the next hurdle will be the 38.2% Fibonacci retracement around $2,380.
If the daily candlestick closes above these levels, the near-term focus will be on the 200-day EMA near $2,574.
However, if sellers take control, initial support will re-emerge at the 50-day EMA near $2,275, followed by a structural band around the previous channel top near $2,148.
If these levels are not met, $ETH It falls towards the 23.6% Fibonacci level of approximately $2,138.
A large swing floor around $1,748 will ensure that the overall market trend does not switch to bearish in the medium term.
