Ether (ETH) maintained levels above $2,580 on Wednesday as better-than-expected U.S. employment data propelled equity markets to new record highs, while simultaneously casting doubt on the likelihood of a near-term Federal Reserve rate cut.

As of July 3, ETH was trading around $2,584.90, reflecting a 0.55% increase over the previous 24 hours, according to CoinDesk Research’s technical analysis. The broader crypto market, measured by the CoinDesk 20 Index (CD20), posted a more modest gain of 0.08% during the same period.

CNBC reported that the U.S. economy added 147,000 nonfarm payroll jobs in June, surpassing expectations of 110,000 and exceeding May’s revised figure of 144,000. Meanwhile, the unemployment rate unexpectedly dipped to 4.1%, beating forecasts of a rise to 4.3%, according to the Bureau of Labor Statistics.

This stronger-than-anticipated jobs report ignited a rally in U.S. stocks. The S&P 500 closed at an all-time high of 6,279.35, while the Nasdaq Composite finished at a record 20,601.10, both climbing over 0.8% on the day. The Dow Jones Industrial Average also advanced 344 points to end at 44,828.53.

However, the robust labor market figures have complicated the outlook for monetary policy. Markets are increasingly skeptical that the Federal Reserve will lower interest rates at its next meeting, with uncertainty growing about whether any rate cuts will materialize in the second half of the year.

Despite this shift in rate expectations, ether remained resilient, supported by a broader risk-on sentiment that lifted both equities and cryptocurrencies.

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Technical Analysis Highlights

• ETH traded within a $71.20 price band between $2,558.89 and $2,629.88 from July 2 at 18:00 UTC through July 3 at 17:00 UTC.
• A breakout during the 13:00 UTC hour on July 3 sent ETH to a session high of $2,625.10, amid trading volume of 464,365 ETH.
• A pullback followed at 15:00 UTC, with ETH dipping to $2,569.18 before finding firm support.
• At 17:16 UTC, a sharp spike in trading volume (5,308 ETH) lifted the price to $2,580.75, leading to brief consolidation.
• In the final hour between 16:59 and 17:58 UTC, ETH rose $4.93 (0.19%), ending near $2,584 and forming a bullish pattern of higher lows.
• Resistance remains strong near $2,630, and momentum signals suggest a possible retest if macroeconomic conditions remain favorable.

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