ETH/USD closed at $2755.61 after placing a high of $2755.61 and a low of $2716.59. ETH/USD continued putting new all-time high levels for the third consecutive session and reached above the $2755 level. On Thursday, JP Morgan, a U.S. banking giant, turned highly bullish on Ethereum and noted that it had beaten BITCOIN in terms of gains this year. During April, Ethereum prices gained about 45%, whereas, Bitcoin which has market dominance due to huge market capitalization, has declined by 9% over the same period.

Analysts at JP Morgan gave three reasons that drove Ethereum prices higher and helped it to outperform Bitcoin. The first reason that was cited was a liquidity shock that hammered Bitcoin. Second, the liquidation by leveraged traders resulted in a correction of 27% and drove Bitcoin prices even lower. Third, the increased activity on DeFi and other platforms supported Ethereum prices as its network has a higher pace of transactions on public blockchain than Bitcoin. These comments from JP Morgan added strength to Ethereum and pushed it to a new all-time high near the $2800 level.