JPMorgan Launches Ethereum Fund as ETH Eyes $3,600 Breakout

JPMorgan is moving deeper into onchain finance with a new tokenized money market fund on Ethereum, seeded with $100 million. Meanwhile, Ethereum’s price signals look mixed, with one analyst warning $2,600 is the key bearish break level and another tracking a potential breakout above $3,600. The headlines now combine Wall Street’s tokenization push with a chart battle between support and resistance.

JPMorgan launches tokenized money market fund on Ethereum

JPMorgan said it will roll out its first tokenized money market fund on the Ethereum blockchain, according to a Wall Street Journal report shared in a screenshot. The bank’s asset management arm will seed the private fund with $100 million of its own capital and then open it to outside investors on Tuesday.

The fund is called My OnChain Net Yield Fund, or “MONY.” The report said JPMorgan’s tokenization platform, Kinexys Digital Assets, supports the product.

The Journal report said the fund will be available to qualified investors. It set eligibility at individuals with at least $5 million in investments and institutions with a minimum of $25 million, while also listing a $1 million investment minimum for the fund.

Ethereum’s official X account also posted the update, saying JPMorgan will open MONY to outside investors after seeding it with $100 million and describing it as the firm’s first tokenized money market fund on Ethereum.

Analyst flags bearish ETH structure after rejection near $3,400

CryptoPatel said Ethereum rejected a marked fair value gap near $3,400 and then slid to around the $2,900 area, based on his Dec. 16 TradingView chart and an accompanying post on X. He described the move as a roughly 16% drop from the rejection zone and said the broader structure still looks bearish.

ETH USDT 8 hour chart. Source: CryptoPatel on X

He pointed to $2,600 as a key “break of structure” level on his chart. He added that a break below that area would make $2,000 more likely, while also calling the current setup a bearish continuation on a shorter timeframe.

At the same time, CryptoPatel wrote that he views longer term spot positioning differently, saying he plans to buy dips and targets a higher ETH range over the next one to two years. He framed the approach as using separate plans for different timeframes.

MerlijnTrader says Ethereum “coiling” as $3,600 resistance comes into focus

Meanwhile, Merlijn The Trader said Ethereum is “coiling” after holding a broad support zone and pressing into a weakening resistance band near $3,600, according to a post on X that included a two day ETH USD chart. He also said volume is starting to rise.

Ethereum U.S. Dollar 2D chart. Source: Merlijn The Trader on X

The chart marked a green support area around the mid $2,600s to high $2,700s, while a red resistance zone sat near $3,600. White trendlines on the right side of the chart showed price compressing into a tighter range, which the analyst framed as a setup for a larger move.

MerlijnTrader wrote that a break above $3,600 would “confirm” a breakout and set up a move toward $4,800 or higher. He added that momentum is “building,” while the graphic projected a step up move after clearing resistance.