Was Jesus drawing a parallel to Exodus 24:8 when he said, "This is my blood of the covenant?"

Question

Then he took the record of the covenant and read it aloud to the people. And they said, “All that the LORD has spoken we will faithfully do!” 8 Moses took the blood and dashed it on the people and said, “This is the blood of the covenant that the LORD now makes with you concerning all these commands.” (Exodus 24:7–8, JPS Tanakh)

And he took a cup, and when he had given thanks he gave it to them, saying, “Drink of it, all of you, 28 for this is my blood of the covenant, which is poured out for many for the forgiveness of sins. 29 I tell you I will not drink again of this fruit of the vine until that day when I drink it new with you in my Father’s kingdom.” (Matt. 26:27–29, ESV)

23 And he took a cup, and when he had given thanks he gave it to them, and they all drank of it. 24 And he said to them, “This is my blood of the covenant, which is poured out for many. 25 Truly, I say to you, I will not drink again of the fruit of the vine until that day when I drink it new in the kingdom of God.” (Mark 14:23–25, ESV)

20 And likewise the cup after they had eaten, saying, “This cup that is poured out for you is the new covenant in my blood. (Luke 22:20, ESV)

In the same way also he took the cup, after supper, saying, “This cup is the new covenant in my blood. Do this, as often as you drink it, in remembrance of me.” 26 (1 Cor. 11:25–26, ESV)

Answer 1

Of course the "cup" represented Jesus' blood of the new covenant (Matt 26:27-29, Mark 14:23-25, Luke 22:20, 1 Cor 11:25, 26). This point is made repeatedly in the NT such as:

• Acts 20:28 - Keep watch over yourselves and the entire flock of which the Holy Spirit has made you overseers. Be shepherds of the church of God, which He purchased with His own blood.
• Heb 9:12 - He did not enter by the blood of goats and calves, but He entered the Most Holy Place once for all by His own blood, thus securing eternal redemption.
• Heb 13:12 - And so Jesus also suffered outside the city gate, to sanctify the people by His own blood.
• Rev 1:5 - and from Jesus Christ, the faithful witness, the firstborn from the dead, and the ruler of the kings of the earth. To Him who loves us and has released us from our sins by His blood,
• Rev 5:9 - And they sang a new song: “Worthy are You to take the scroll and open its seals, because You were slain, and by Your blood You purchased for God those from every tribe and tongue and people and nation.

All covenants in the OT were confirmed with the spilling of blood and the New Covenant was no exception. We see this pattern in the lengthy description of the new covenant in the Hebrews 6-10. See also the appendix below.

APPENDIX - New Covenant Description

One of the best summaries of the New Covenant is found in 1 Peter 1, 2.

• Purpose: “But you are a chosen people, a royal priesthood, a holy nation, God’s special possession, that you may express the praises of him who called you out of darkness into his wonderful light … Live such good lives among the pagans that, though they accuse you of doing wrong, they may see your good deeds and glorify God on the day he visits us.” 1 Peter 2:9, 12. (See also Matt 5:16.)
• The promise: Salvation by grace through the promised Messiah, 1 Peter 1:3-12, 20, and freedom from slavery to sin, 1 Peter 2:16. (See also 2 Peter 2:19.)
• Moral Requirements: holiness (1 Peter 1:15), Purity (v22), Obey the truth (v22), love (v22), “rid yourselves of all malice and all deceit, hypocrisy, envy, and slander of every kind” (1 Peter 2:1), abstain from sinful desires (1 Peter 2:11), submit to civil authorities (v13-17), see also Rom 13:1-7, etc.
• Sacrifice: Blood of Jesus, 1 Peter 1:18, 19, with its “sprinkled blood of the new covenant” of “Grace and peace” as per V2.

Note the frequent allusions and identical purpose of the New covenant with the Israelite covenant in Ex 19-23 in all these stements.