ETH Holds Firm as Strong U.S. Jobs Data Lifts S&P 500 and Nasdaq Composite to Record Highs | Breaking Crypto News & Blockchain Updates

ETH Holds Firm as Strong U.S. Jobs Data Lifts S&P 500 and Nasdaq Composite to Record Highs — EtherETH$2,596.23traded around $2,584.90 on July 3, registering a 0.55% gain over the past 24 hours as risk assets responded positively to robust U.S....

EtherETH$2,596.23traded around $2,584.90 on July 3, registering a 0.55% gain over the past 24 hours as risk assets responded positively to robust U.S. labor market data, according to CoinDesk Research's technical analysis model. The broader crypto market, as gauged by the CoinDesk 20 Index(CD20), was up 0.08% during the same period.

According to areportpublished by CNBC, the latest nonfarm payrolls report showed 147,000 jobs were added in June, beating expectations of 110,000 and exceeding the upwardly revised 144,000 from May. Meanwhile, the unemployment rate fell to 4.1%, defying forecasts for a rise to 4.3%, according to the Bureau of Labor Statistics.

The strong data sent U.S. 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 than 0.8% on the day. The Dow Jones Industrial Average also gained 344 points to settle at 44,828.53.

However, the strength of the labor market complicated the outlook for monetary policy. It now seems highly unlikely that the Fed will lower rates at its next meeting and traders are no longer even certain that there will be any rate cuts in the second half of this year.

Despite this, ether remained resilient, with traders encouraged by the broader risk-on sentiment that lifted crypto alongside equities.

Technical Analysis Highlights

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

Siamak Masnavi is a researcher specializing in blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market. He holds a PhD in computer science from the University of London and began his career in software development, including four years in the banking industry in the City of London and Zurich. In April 2018, Siamak transitioned to writing about cryptocurrency news, focusing on journalism until January 2025, when he shifted exclusively to research on the aforementioned topics.

CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.

All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information fromCoinDesk Dataand other sources to create timely market reports, with all external sources clearly attributed within each article.

CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in ourAI policy.

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