Ether Holds Strong Above $2,580 Amid Robust U.S. Jobs Data and Equity Rally

Ether (ETH) traded at $2,584.90 on July 3, posting a modest 0.55% gain in the past 24 hours as crypto markets mirrored Wall Street’s bullish reaction to strong U.S. employment data. The CoinDesk 20 Index (CD20), tracking top digital assets, also rose 0.08%, signaling cautious optimism across the sector.

According to CNBC, the U.S. economy added 147,000 jobs in June, surpassing expectations of 110,000 and May’s revised 144,000. The unemployment rate fell to 4.1%, beating projections of 4.3%. This upbeat data pushed U.S. equities to record highs, with the S&P 500 climbing to 6,279.35 and the Nasdaq closing at 20,601.10. The Dow Jones gained 344 points to end at 44,828.53.

While the labor market’s strength dampened hopes for a near-term Federal Reserve rate cut, risk-on sentiment lifted both traditional and crypto markets. Ether’s resilience, despite macro uncertainty, reflects investor confidence in digital assets as an alternative play on risk assets.

Technically, ETH ranged between $2,558.89 and $2,629.88 over the past day. A brief breakout to $2,625.10 occurred on heavy volume during the 13:00 UTC hour, followed by a dip to $2,569.18. However, strong support held, with the final hour showing a bullish close at $2,584 and a series of higher lows.

Resistance remains near $2,630, and if broader market momentum persists, a retest could be imminent. As macroeconomic conditions evolve, ETH traders remain focused on price stability and potential breakout opportunities above current levels.