Overview
Ether (ETH) trades above $2,580, currently around $2,584.90 after a 0.55% rise in the past 24 hours, responding positively to strong U.S. labor market data. The broader cryptocurrency market, represented by the CoinDesk 20 Index, showed a slight increase of 0.08% during the same period.
Key Points
- ETH experienced a 0.55% growth, trading at $2,584.90 as of July 3, reflecting strong market sentiment.
- U.S. stock indices touched record highs following robust jobs data indicating resilience in the labor market.
- Current market expectations assign a 95% chance that the Federal Reserve will maintain interest rates in the upcoming meeting.
Market Insights
Recent reports highlighted that 147,000 jobs were added in June, surpassing the forecast of 110,000, while the unemployment rate dropped to 4.1% against predictions of a rise to 4.3% according to the Bureau of Labor Statistics.
Despite the strong labor market data complicating the outlook for monetary policy, Ether remained strong, buoyed by the overall positive risk sentiment that has lifted both crypto and equities.
Market Trends
- ETH Price Movement: Over the July 2, 18:00 to July 3, 17:00 window, ETH ranged between $2,558.89 and $2,629.88.
- A pivotal breakout occurred on July 3 at 13:00 UTC, driving the price to $2,625.10, supported by volume of 464,365 ETH. Price briefly retreated but found support around $2,569.18.
- As of the last hour before closing, ETH managed to register a gain of 0.19%, closing near $2,584 with a bullish structure of higher lows, indicating potential momentum if favorable conditions persist.
Conclusion
Despite uncertainties regarding future interest rates, Ether continues to hold its ground as traders remain optimistic driven by a strong equity market backdrop.
