Ether (ETH) held firm above the $2,580 level on Wednesday, even as unexpectedly strong U.S. employment data drove stock markets to record peaks and introduced fresh uncertainty about future Federal Reserve rate cuts.
On July 3, ETH was trading around $2,584.90, representing a 0.55% increase over the previous day, according to CoinDesk Research’s technical analysis. Meanwhile, the broader crypto market, tracked by the CoinDesk 20 Index (CD20), posted a modest gain of 0.08%.
According to CNBC, the U.S. economy added 147,000 nonfarm payroll jobs in June, surpassing economists’ forecasts of 110,000 and exceeding May’s revised figure of 144,000. The unemployment rate also fell unexpectedly to 4.1%, defying projections of a rise to 4.3%, as reported by the Bureau of Labor Statistics.
These robust figures powered a rally in U.S. equities. The S&P 500 closed at a record 6,279.35, while the Nasdaq Composite ended at an all-time high of 20,601.10, with both indices gaining over 0.8% on the session. The Dow Jones Industrial Average also climbed, adding 344 points to settle at 44,828.53.
Despite the market’s upbeat tone, the strong jobs data has clouded expectations for monetary policy. Many investors are growing skeptical about the chances of the Federal Reserve implementing rate cuts at its upcoming meetings, and there’s increasing doubt over whether any cuts will materialize in the second half of the year.
Yet, ether has managed to stay resilient, lifted by the broader risk-on sentiment that’s boosting both crypto and equity markets.
Technical Analysis Snapshot
- Between July 2 at 18:00 UTC and July 3 at 17:00 UTC, ETH traded in a $71.20 range, fluctuating between $2,558.89 and $2,629.88.
- A surge during the 13:00 UTC hour on July 3 propelled ETH to a session high of $2,625.10, with trading volume reaching 464,365 ETH.
- The price retreated at 15:00 UTC, dipping to $2,569.18 before finding support.
- At 17:16 UTC, heightened trading activity (5,308 ETH) drove the price back up to $2,580.75, leading to a brief consolidation.
- In the final hour (16:59–17:58 UTC), ETH gained $4.93 (0.19%), ending near $2,584 while maintaining a bullish pattern of higher lows.
- Resistance remains significant around $2,630, with momentum suggesting a potential retest if broader market conditions remain favorable.
