Ethereum traded at $2,407.30, up 1.16% over the past 24 hours and holding support above $2,390, as the broader cryptocurrency market recovered. The global crypto market capitalization rose 1.2% to $2.74 trillion, while Bitcoin traded near $81,917, according to the supplied report.
The move came as JPMorgan Chase expanded JPM Coin to the Ethereum mainnet, allowing approved institutional clients to transfer and settle tokenized dollar deposits around the clock. The bank-backed token operates through JPMorgan's Kinexys platform, enabling near-instant transactions. JPM Coin was initially introduced on Base in 2025 and now extends its institutional payment infrastructure to Ethereum; unlike conventional stablecoins, it remains restricted to authorized financial institutions. The report states that the expansion highlights Ethereum's growing role in traditional finance, particularly institutional payments, tokenized assets and blockchain-based settlement.
On institutional accumulation, Tom Lee's BitMine announced on October 19 the purchase of 12,535 ETH, valued at approximately $30.3 million, bringing the company closer to its goal of controlling 5% of Ethereum's circulating supply, the report said.
Technically, Ethereum faces immediate resistance at $2,500. The four-hour chart suggests bearish momentum is weakening, though buyers have yet to establish a decisive breakout, according to the report. The Relative Strength Index stood at 46, and the MACD line at -13.04 remained above its signal line at -15.29 with a positive histogram of 2.25. The report added that a sustained move above $2,400 could strengthen Ethereum's recovery toward $2,500 and that breaking that resistance may open the door to further gains. The report noted that investors are awaiting the Federal Reserve's upcoming interest rate decision.