According to Coindesk Research's technical analysis model, Ether traded about $2,584.90 on July 3, recording a 0.55% increase in the last 24 hours as risk assets were aggressively responding to robust US labor market data. The broader crypto market, measured by the Coindesk 20 index (CD20), rose 0.08% over the same period.
According to a report published by CNBC, the latest non-farm salary report showed that 147,000 jobs were added in June, below 110,000 expectations and exceeded the 144,000 revised upwards since May. Meanwhile, the Bureau of Labor Statistics said the unemployment rate fell to 4.1%, contrary to forecasts that it would rise to 4.3%.
Strong data has brought US stocks to an all-time high, closing the S&P 500 at 6,279.35 and the NASDAQ Composite ended at 20,601.10. The Dow Jones industrial average also scored 344 points to settling at 44,828.53.
However, the strength of the labor market has complicated the monetary policy outlook. Now it's very unlikely that the Fed will cut prices at the next meeting, and traders don't seem convinced there will be some kind of rate cut later this year.
Nevertheless, the ether remained resilient, and traders were encouraged by broader risk-on sentiments that lifted the code alongside stocks.
Technical Analysis Highlights
- ETH traded within the $71.20 range between $2,558.89 and $2,629.88 from the 18:00 on July 2nd to 17:00 on July 3rd.
- The 13:00 UTC time breakout on July 3rd pushed the price to a session-high $2,625.10 with a volume of 464,365 ETH.
- The pullback continued during the 15:00 hour when ETH touched $2,569.18 before finding solid support.
- 17:16 UTC candles saw sharp volume spikes (5,308 ETH) and increased the price to $2,580.75 before a short integration.
- In the final time between 16:59 and 17:58 UTC, ETH scored $4.93 (0.19%), closing nearly $2,584 with a higher, lower bullish structure.
- Resistance remains close to $2,630, and momentum supports a potential retest if the macro conditions remain supportive.
Disclaimer: Part of this article is generated with the support of AI tools and reviewed by the editorial team to ensure accuracy and compliance Our standards. For more information, please refer Coindesk's complete AI policy.
