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You write it yet ignore it! He established the Covenant ON THE CROSS, not in the Upper Room. In the Upper Room He gave them the sacrament for a remembrance, not for gastronomic indulgence.

In your won words, "Jesus established the New Covenant based on His sacrifice = blood on the Cross." That blood was taken by our Great High Priest into the Holy of Holies and spread upon the mercy seat over the laws. You do not do this over and over for His blood is so precious that He did this ONCE FOR ALL< FOR ALL TIME.

Hebrews 9:20-26 And almost all things are by the law purged with blood; and without shedding of blood is no remission.
It was therefore necessary that the patterns of things in the heavens should be purified with these; but the heavenly things themselves with better sacrifices than these.
For Christ is not entered into the holy places made with hands, which are the figures of the true; but into heaven itself, now to appear in the presence of God for us:
Nor yet that he should offer himself often, as the high priest entereth into the holy place every year with blood of others;
For then must he often have suffered since the foundation of the world: but now once in the end of the world hath he appeared to put away sin by the sacrifice of himself. world and as it is appointed unto men once to die, but after this the judgment: So Christ was once offered to bear the sins of many; and unto them that look for him shall he appear the second time without sin

Catholicism would have Jesus entering over and over and over with His blood, as if His blood could not accomplish it ONCE FOR ALL< FOREVER.