Ethereum Holds Ground as Strong U.S. Employment Figures Propel S&P 500 and Nasdaq to All-Time Highs

Ether (ETH) stayed strong above the $2,580 level on Wednesday, even as unexpectedly solid U.S. employment data sent stock markets to record highs and fueled uncertainty around potential interest rate cuts from the Federal Reserve.

On July 3, ETH was priced at approximately $2,584.90, marking a 0.55% gain over the previous day, according to technical analysis from CoinDesk Research. In contrast, the broader cryptocurrency market, tracked by the CoinDesk 20 Index (CD20), rose only slightly by 0.08%.

Data reported by CNBC showed the U.S. economy added 147,000 jobs in June, beating expectations of 110,000 and improving on May’s revised total of 144,000. The unemployment rate also unexpectedly fell to 4.1%, defying predictions that it would climb to 4.3%, as confirmed by the Bureau of Labor Statistics.

The strong jobs data propelled U.S. equities to new highs. The S&P 500 reached a record closing level of 6,279.35, while the Nasdaq Composite finished at an all-time high of 20,601.10—both gaining more than 0.8% on the day. The Dow Jones Industrial Average also advanced, adding 344 points to end the session at 44,828.53.

Despite the positive economic signals, the robust labor market has complicated forecasts for Federal Reserve policy. Traders are increasingly doubtful that the Fed will lower interest rates at its upcoming meeting, and the likelihood of rate cuts later in the year is becoming less certain.

Nonetheless, ether managed to remain resilient, buoyed by the broader risk-on sentiment driving gains across both equities and cryptocurrencies.

Technical Trading Details

Between July 2 at 18:00 UTC and July 3 at 17:00 UTC, ETH traded in a $71.20 range, fluctuating between $2,558.89 and $2,629.88.
A breakout in the 13:00 UTC hour on July 3 pushed ETH to a session high of $2,625.10 on significant volume of 464,365 ETH.
The price dipped at 15:00 UTC, falling to $2,569.18 before stabilizing around support levels.
At 17:16 UTC, a surge in trading volume (5,308 ETH) lifted ETH back up to $2,580.75, leading to a brief consolidation period.
In the final hour (16:59–17:58 UTC), ETH rose $4.93 (0.19%) to finish near $2,584, maintaining a bullish structure with higher lows.
Key resistance remains near $2,630, with momentum indicators suggesting a potential retest if macro conditions stay supportive.