Ethereum (ETH) Registers More than 9% Hike Overnight
In an interesting turn of events, JPMorgan is likely to make a $20 million investment in ConsenSys. It is leading a fundraising round worth of $50 million. JPMorgan and Ethereum are also working on merging the Quorum project into ConsenSys. These developments are likely to enhance Ethereum’s market value significantly.
Over the last 24 hours, ETH coin has shown significant growth as it was at $386.66 at the starting of yesterday, and currently, it is trading above $420.
Yesterday, Ethereum was trading laterally above $385 mark in the first hour, but after almost 9 hours, it faced a moderate fall and touched $377.24. However, from this low, ETH managed to show immense recovery, and just before 12:00 UTC, it was trading around $397.
However, after reflecting steep recovery, the coin faced slight correction, but later it registered a steady growth and escalated to $432 price mark.
There has been a slight downside correction marked in the Ethereum price after retesting a $432 mark. After this, the currency continued to face moderate correction. ETH/USD currently trades at $422.64, and its MACD shows a bearish crossover due to recent price movement. As per the overall trend of ETH, it may face slight regression shortly and might test its support around $400 mark.