Ethereum Maintains Stability as Positive U.S. Labor Data Sends S&P 500 and Nasdaq to Fresh Records

Ether (ETH) remained stable above the $2,580 mark on Wednesday, even as surprisingly strong U.S. jobs data propelled major stock indices to record highs and introduced new doubts about potential Federal Reserve interest rate cuts.

On July 3, ETH was trading at approximately $2,584.90, representing a 0.55% uptick over the prior 24 hours, based on technical data from CoinDesk Research. In comparison, the broader cryptocurrency market, reflected by the CoinDesk 20 Index (CD20), managed only a slight gain of 0.08%.

Data shared by CNBC revealed that the U.S. economy added 147,000 jobs in June, exceeding forecasts of 110,000 and improving on May’s revised figure of 144,000. Meanwhile, the unemployment rate unexpectedly declined to 4.1%, defying expectations of a rise to 4.3%, according to the Bureau of Labor Statistics.

These strong employment numbers fueled a rally across U.S. equities. The S&P 500 surged to an all-time closing high of 6,279.35, while the Nasdaq Composite reached a record 20,601.10, with both indexes climbing more than 0.8% on the day. The Dow Jones Industrial Average also gained ground, rising 344 points to finish at 44,828.53.

However, the robust jobs report has complicated the outlook for monetary policy. Investors are becoming increasingly doubtful that the Federal Reserve will implement rate cuts in the near term, with uncertainty mounting over whether any reductions will occur in the second half of the year.

Despite these shifting expectations, ether has remained resilient, benefiting from the broader risk-on sentiment that’s lifting both equity and crypto markets.

Technical Market Overview

• From July 2 at 18:00 UTC to July 3 at 17:00 UTC, ETH traded within a range of $2,558.89 to $2,629.88, a span of $71.20.
• A breakout in the 13:00 UTC hour on July 3 sent ETH to a session peak of $2,625.10 amid trading volumes of 464,365 ETH.
• A pullback followed around 15:00 UTC, pushing ETH down to $2,569.18 before it found support.
• At 17:16 UTC, a spike in trading activity (5,308 ETH) lifted the price to $2,580.75, followed by brief consolidation.
• During the final hour (16:59–17:58 UTC), ETH advanced by $4.93 (0.19%), closing near $2,584 while maintaining a bullish trend with higher lows.
• Resistance remains significant around $2,630, and technical signals suggest another test of this level could occur if macroeconomic conditions stay favorable.