ETH Holds Firm as Strong U.S. Jobs Data Lifts S&P 500 and Nasdaq Composite to Record Highs
Ether (ETH) experienced a slight uptick, trading at approximately $2,584.90 on July 3rd, marking a 0.55% increase over the previous 24 hours. This positive movement mirrored a broader upswing in risk assets, fueled by encouraging U.S. labor market data. The CoinDesk 20 Index (CD20), a gauge of the overall crypto market, also saw a modest 0.08% rise during the same period.
Robust job growth figures contributed significantly to this positive market sentiment. The June nonfarm payrolls report revealed the addition of 147,000 jobs, surpassing the projected 110,000 and the revised May figure of 144,000. Simultaneously, the unemployment rate dipped to 4.1%, defying predictions of a rise to 4.3%. This strong economic data propelled U.S. equities to record highs, with the S&P 500 closing at 6,279.35, the Nasdaq Composite at 20,601.10, and the Dow Jones Industrial Average gaining 344 points to reach 44,828.53. All three indices experienced gains exceeding 0.8% for the day.
However, the robust labor market data introduced complexities for monetary policy. The likelihood of the Federal Reserve lowering interest rates at its next meeting diminished considerably. Furthermore, the expectation of rate cuts in the latter half of the year became less certain among traders. Despite this uncertainty surrounding monetary policy, Ether demonstrated resilience, benefiting from the overall risk-on sentiment that lifted both crypto and equities.
Technical analysis of ETH’s trading activity between July 2nd (18:00 UTC) and July 3rd (17:00 UTC) reveals a range-bound movement between $2,558.89 and $2,629.88. A significant price surge occurred around 13:00 UTC on July 3rd, reaching a session high of $2,625.10 on a volume of 464,365 ETH, followed by a pullback. A subsequent volume spike at 17:16 UTC lifted the price to $2,580.75 before consolidating. The final hour concluded with a bullish structure, indicating higher lows and a closing price near $2,584. Resistance remains around $2,630, suggesting a potential retest if the current positive macro conditions persist.
