Ethereum price climbed 1.16% over the past 24 hours to $2,407.30, maintaining support above $2,390 as the broader cryptocurrency market recovered. The global crypto market capitalization increased 1.2% to $2.74 trillion, while Bitcoin traded near $81,917.
The recovery comes as JPMorgan expands JPM Coin to the Ethereum blockchain, strengthening institutional adoption. Meanwhile, BitMine continues accumulating ETH, and investors await the Federal Reserve's upcoming interest rate decision.
JPMorgan Chase has expanded JPM Coin to Ethereum mainnet, allowing approved institutional clients to transfer and settle tokenized dollar deposits around the clock. The bank-backed digital token operates through JPMorgan's Kinexys platform, enabling near-instant transactions.
Initially introduced on Base in 2025, JPM Coin now extends its institutional payment infrastructure to Ethereum. Unlike conventional stablecoins, JPM Coin remains restricted to authorized financial institutions.
The expansion highlights Ethereum's growing importance in traditional finance, particularly institutional payments, tokenized assets, and blockchain-based settlement.
Institutional accumulation is also attracting attention. On October 19, Tom Lee's BitMine announced the purchase of 12,535 ETH, valued at approximately $30.3 million. The acquisition brings the company closer to its goal of controlling 5% of Ethereum's circulating supply.
From a technical perspective, Ethereum price faces immediate resistance at $2,500. The four-hour chart suggests bearish momentum is weakening, although buyers have yet to establish a decisive breakout.
The Relative Strength Index (RSI) stands at 46, indicating improving momentum. Meanwhile, the MACD line at -13.04 remains above its signal line at -15.29, with a positive histogram of 2.25.
A sustained move above $2,400 could strengthen Ethereum's recovery toward $2,500. Breaking that resistance may open the door to $2,600. Conversely, failure to maintain support at $2,330 could trigger a decline toward $2,300.
Despite growing institutional interest, Ethereum ETFs continue experiencing selling pressure. According to SoSoValue, spot Ethereum ETFs recorded $69.68 million in net outflows on October 16, primarily driven by BlackRock's ETHA.
Total ETF trading volume reached $645.81 million, while combined net assets stood at $14.95 billion. Cumulative net inflows remained at $12.94 billion.
With JPM Coin expanding Ethereum adoption and BitMine increasing its holdings, traders are watching whether ETH can reclaim $2,500 amid ETF outflows and uncertainty surrounding Federal Reserve policy.
