ETH Trades at $2,584.90 Following Positive U.S. Labor Market Data
On July 3, Ether (ETH) traded at $2,584.90, reflecting a 0.55% increase in the last 24 hours. This uptick coincided with positive U.S. labor market data, as indicated by CoinDesk Research's technical analysis.
Key economic indicators include:
- 147,000 jobs added in June, surpassing expectations of 110,000 and May's revised figure of 144,000.
- Unemployment rate decreased to 4.1%, against forecasts predicting an increase to 4.3%.
The strong labor market contributed to record highs in U.S. equities:
- S&P 500 closed at 6,279.35, up over 0.8%
- Nasdaq Composite finished at 20,601.10, also up more than 0.8%
- Dow Jones Industrial Average rose by 344 points to 44,828.53
The robust job numbers have complicated the Federal Reserve's monetary policy outlook, making rate cuts less likely in the near term.
Technical analysis for ETH showed:
- Trading range of $71.20 between $2,558.89 and $2,629.88 from July 2, 18:00 to July 3, 17:00.
- Session high reached $2,625.10 on July 3 at 13:00 UTC with a volume of 464,365 ETH.
- Price pulled back to $2,569.18 at 15:00 UTC but found support.
- Sharp volume spike at 17:16 UTC lifted price to $2,580.75 before consolidation.
- Final hour gain of $4.93 (0.19%), closing near $2,584 with a bullish trend of higher lows.
- Resistance remains near $2,630, with momentum favoring a potential retest if macro conditions remain favorable.