“Ether Stays Above $ 2,580 After Better-Qan-Expected Jobs Data Fuels Record Highs in Equities and Tempers Fed Pivot Expectations.”, – WRITE: www.coindesk.com
TRADED AROUND $ 2,584.90 ON JULY 3, REGISTERING A 0.55% GAIN OVER The PAST 24 HOURS As Risk Assets Resitted Positvely to Robust US Labor Market Data, Accounting to Condesk. The Broader Crypto Market, As Gauged by the Coindesk 20 Index
(CD20)
WAS UP 0.08% During the Same Period.
According to a report publiched by cnbc, The Latest Nonfarm Payrolls Report Showed 147,000 Jobs Were Were Added In June, Beating Expectations of 110,000 and Exceeding the Upward. Meanwhile, The Unemployment Rate Fell To 4.1%, defy Forecasts for a rise to 4.3%, accounting to the buureau of labora status.
The Strong Data Sent US Equities Surging to Fresh All-Time Highs, With The S&P 500 Closing At 6.279.35 and The Nasdaq composite Finishing at 20.601.10-Both Up More. The Dow Jones Industrial AVERAGE ALSO GAINED 344 Points to Settle at 44,828.53.
However, The Strength of the Labor Market Complicited The Outlook for Monetary Policy. It Now Sems Highly Unlikely That Fed Will Lower Rates at Its Next Meeting and Traders Are No Longer Even Certain Thatre Will Be Any Rate Cuts in the Second Half of this YEAR.
Despite this, Ether Remained Resilient, with Traders Encouroaged by the Broader Risk-on Sentiment that Lifted Crypto Alongside Equities.
Technical Analysis Highlights
- ETH Traded with A $ 71.20 Range Between $ 2,558.89 and $ 2,629.88 Over The July 2 18:00 to July 3 17:00 Window.
- A Breakout Dringing the 13:00 UTC Hour on July 3 Pushed Price To $ 2,625.10, The Session High, on Volume of 464,365 ETH.
- A PullBack Followed Dringing The 15:00 Hour with Eth Touching $ 2,569.18 Before Finding Solid Support.
- The 17:16 UTC Candle Saw A Sharp Volume Spike (5.308 ETH), Lifting Price to $ 2,580.75 Before Brief Consolidation.
- In the Final Hour from 16:59 to 17:58 UTC, Eth Gained $ 4.93 (0.19%), Closing Near $ 2.584 with a Bullish Structure of Higher Lows.
- Resistance Remains Near $ 2.630, with Momentum Favoring a Potential Retest if Macro Conditions Remain Support.
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