Ethereum Rises After Delay in US Job Data
Ethereum (ETH) climbed back above $4,500 on Friday. It reached a two-week high of $4,580. This rise came after the US government delayed the release of September’s Nonfarm Payrolls (NFP) data.
The Bureau of Labor Statistics (BLS) postponed the data release due to the partial government shutdown. This delay creates uncertainty for the Federal Reserve (Fed), which uses job data to guide its policies.
Coinbase researchers say this uncertainty, along with weak private market employment data, might push the Fed to cut interest rates. Lower rates could boost the crypto market.
David Doug and Colin Basco from Coinbase wrote that markets expect two rate cuts by the end of the year. They added that a weaker US dollar and rising gold prices reduce competition for crypto investments.
Ethereum has seen strong inflows recently. US spot ETH ETFs gained over $1 billion in net inflows in four days, according to SoSoValue. Large investors, or whales, are buying more ETH as exchange supplies drop. However, some caution remains in ETH derivatives markets.
Ethereum Price Outlook
Ethereum faced $123.8 million in futures liquidations in the past 24 hours. Most were short liquidations totaling $73 million.
After breaking above $4,500, ETH now faces resistance near a descending trendline from August 24. If it breaks this resistance, ETH could rise to $4,800.
On the downside, support may appear near $4,100. The 100-day Simple Moving Average (SMA) could also support prices if ETH falls below $4,100.
The Relative Strength Index (RSI) is above neutral, showing bullish momentum. The Stochastic Oscillator (Stoch) is overbought, which could cause a short-term price correction.
