đ„ ETH AFTER NFP WEAK JOBS, BUT WHY IS ETH STILL STRUGGLING?
ETH is sitting around $2,683 after a sharp rejection from the $2,777 area.
The interesting part? đșđž The September NFP came in at just +29K jobs versus +90K expected.
Unemployment also moved up to 4.2%, while average hourly earnings increased only 0.1% month-over-month.
That is a much softer labor report than markets were expecting.
Normally, weaker jobs data can support risk assets by reducing pressure for further Fed tightening.
But ETHâs reaction tells us something important: macro alone isn't enough right now.
đ TECHNICAL PICTURE
ETH has pulled back below the 1H MA99 at $2,693.89.
MA7: $2,682.77
MA25: $2,679.56
MA99: $2,693.89
Price is currently sitting between the short-term MAs, while the bigger resistance remains around $2,712.
The key downside level is $2,650.88.
If ETH reclaims $2,694â$2,712 and holds above it, the chart could start rebuilding bullish momentum toward $2,750 and eventually the $2,777 high.
But if $2,650 breaks with strong selling volume, the recent recovery could turn into a deeper correction.
đŠ THE INSTITUTIONAL PROBLEM
ETH ETF flows have also weakened sharply.
After around $690M of inflows during Sep. 21â25, Ethereum ETFs recorded roughly $118M of outflows across Sep. 29âOct. 2.
So right now we're watching two forces collide:
đșđž Softer labor data â potentially less pressure from the Fed
đŠ ETH ETF outflows â weaker institutional demand
đ ETH above $2,650 â bulls still have a level to defend
The next move may come from whether ETH can reclaim the MA99 and $2,712 zone.
NFP gave bulls a macro argument.
Now ETH needs the chart to confirm it.
#ETH #Ethereum #ETHUSDT #NFP #CryptoTrading $ETH
ETH is sitting around $2,683 after a sharp rejection from the $2,777 area.
The interesting part? đșđž The September NFP came in at just +29K jobs versus +90K expected.
Unemployment also moved up to 4.2%, while average hourly earnings increased only 0.1% month-over-month.
That is a much softer labor report than markets were expecting.
Normally, weaker jobs data can support risk assets by reducing pressure for further Fed tightening.
But ETHâs reaction tells us something important: macro alone isn't enough right now.
đ TECHNICAL PICTURE
ETH has pulled back below the 1H MA99 at $2,693.89.
MA7: $2,682.77
MA25: $2,679.56
MA99: $2,693.89
Price is currently sitting between the short-term MAs, while the bigger resistance remains around $2,712.
The key downside level is $2,650.88.
If ETH reclaims $2,694â$2,712 and holds above it, the chart could start rebuilding bullish momentum toward $2,750 and eventually the $2,777 high.
But if $2,650 breaks with strong selling volume, the recent recovery could turn into a deeper correction.
đŠ THE INSTITUTIONAL PROBLEM
ETH ETF flows have also weakened sharply.
After around $690M of inflows during Sep. 21â25, Ethereum ETFs recorded roughly $118M of outflows across Sep. 29âOct. 2.
So right now we're watching two forces collide:
đșđž Softer labor data â potentially less pressure from the Fed
đŠ ETH ETF outflows â weaker institutional demand
đ ETH above $2,650 â bulls still have a level to defend
The next move may come from whether ETH can reclaim the MA99 and $2,712 zone.
NFP gave bulls a macro argument.
Now ETH needs the chart to confirm it.
#ETH #Ethereum #ETHUSDT #NFP #CryptoTrading $ETH