Ethereum Price Eyes $2,800 as JPMorgan Launches JPM Coin on ETH

Key Insights:

• JPMorgan expanded JPM Coin to Ethereum, giving institutional clients another public blockchain for tokenized payments.
• ETH trades near $2,435, with $2,350 acting as key support and $2,802 as major resistance.
• A break above $2,802 could target $2,925 and $3,000, while losing $2,350 risks a drop toward $2,000.

Ethereum price remained under pressure around $2,400 as JPMorgan expanded its JPM Coin deposit token onto Ethereum mainnet. The October 19 launch introduced another public blockchain option for the bank’s institutional payment services.

The development strengthened Ethereum’s position in tokenized financial infrastructure. However, it coincided with continued weakness in cryptocurrency investment products and subdued ETH price performance.

U.S. spot Ethereum exchange-traded funds recorded approximately $320 million in net withdrawals during the previous week. Traders also monitored support near $2,350 following repeated rejections around higher resistance levels.

JPMorgan Expands JPM Coin to Ethereum Mainnet

JPMorgan has launched JPM Coin (JPMD) on Ethereum for institutional investors. The token is a symbol of dollar deposits stored in the bank and serves to power payments on the blockchain 24/7.

JPM Coin first launched on Coinbase-linked Base in November 2025, and JPMorgan is now expanding its blockchain coverage. Ethereum was selected because it has deeper onchain liquidity and supports a large market for tokenized assets.

Emma Landriault, global head of Kinexys Labs, said the expansion gives institutional clients more choices across different blockchain networks. She said JPM Coin can move wholesale money across both Web3 systems and traditional financial markets.

JPMorgan expects crypto companies to use JPM Coin for payments, while financial firms can use it for tokenized settlements. The launch follows growing institutional activity across Ethereum, although ETH markets recently faced pressure from Ethereum ETF outflows.

Ethereum Price Holds Above $2,350 Support

Ethereum price traded around $2,435.84 as buyers attempted to defend support near $2,356.80. ETH previously recovered from the 1,500–1,750 region before climbing toward the $2,800 area.

However, sellers returned near $2,700 and $2,802, and the rejection sent ETH back toward current levels. The price now sits between immediate support at $2,356.80 and resistance around $2,802.16.

The weekly Bollinger Bands place the middle band near $2,170.58, while the upper band stands around $2,925.17. ETH remains above the middle band, so the recovery structure remains intact while that level holds.

Exchange activity has also remained important because investors recently moved large amounts of ETH away from centralized trading platforms. A recent report found Ethereum exchange withdrawals surged while Binance reserves fell to a six-month low.

Meanwhile, spot Ethereum ETFs recorded about $320 million in net outflows between October 12 and October 16. That period marked a third consecutive week of net withdrawals, adding another source of selling pressure.

ETH Price Forecast Targets $2,700

Ethereum must first defend the $2,350 area before buyers can attempt another move toward higher resistance. A rebound from this zone could place $2,700 back in focus, followed by the $2,802 level.

A weekly close above $2,802.16 would clear the recent rejection area and open a move toward $2,925.17. If buying continues above that level, the $3,000 region would become the next psychological resistance area.

The larger technical target sits near $3,447, which is about 41.5% above the current price shown. However, that target requires ETH to break several resistance levels before the broader recovery can extend.

Recent price weakness has also followed changing macro conditions, including inflation data and liquidations across leveraged Ethereum positions. ETH recently fell toward $2,350 after hot inflation data triggered liquidations across the market.

The downside setup remains tied to $2,350 and the weekly Bollinger middle band near $2,170.58. A daily close below $2,350 could shift attention toward the $2,000 area.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets involve significant volatility and potential capital losses. Readers should conduct independent research and consult a qualified financial adviser before making investment decisions.