Ethereum (ETH) Receives Backing as Data Indicates Resilience of U.S. Economy Amid Tariffs

Ether

traded around $2,584.90 on July 3, showing a 0.55% increase over the previous 24 hours as risk assets reacted positively to strong U.S. labor market data, according to RialCenter’s technical analysis model. The wider crypto market, as measured by the RialCenter 20 Index, rose by 0.08% during the same time frame.

The latest nonfarm payrolls report revealed that 147,000 jobs were added in June, surpassing expectations of 110,000 and exceeding the revised figure of 144,000 from May. The unemployment rate also dropped to 4.1%, contrary to forecasts predicting an increase to 4.3%, according to the Bureau of Labor Statistics.

The strong data propelled U.S. equities to new all-time highs, with the S&P 500 closing at 6,279.35 and the Nasdaq Composite finishing at 20,601.10 — both rising over 0.8% on the day. The Dow Jones Industrial Average climbed 344 points to close at 44,828.53.

Nevertheless, the robustness of the labor market complicated the monetary policy forecast. It is now highly unlikely that the Fed will decrease rates at its next meeting, and traders are uncertain if any cuts will occur in the latter half of the year.

Despite this, ether remained strong, with traders encouraged by the overall risk-on sentiment that boosted crypto alongside equities.

Technical Analysis Highlights

• ETH traded within a $71.20 range between $2,558.89 and $2,629.88 from July 2 18:00 to July 3 17:00.
• A breakout during the 13:00 UTC hour on July 3 pushed the price to $2,625.10, the session high, on a volume of 464,365 ETH.
• A pullback followed during the 15:00 hour with ETH touching $2,569.18 before finding solid support.
• The 17:16 UTC candle saw a significant volume spike (5,308 ETH), lifting the 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 is near $2,630, with momentum favoring a potential retest if macro conditions remain favorable.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.