- The July NFP report was more bearish than bullish for the US dollar
- Ethereum keeps failing at & $2,000, but the series of higher lows remains intact
- Only a break below $1,300 would invalidate the bullish setup&
Market participants view the July NFP report released last Friday as neutral. On expectations of 205k new jobs in July, the US economy delivered 187k &- an impressive number, close to the estimate.&
Moreover, the unemployment rate declined to 3.5% from 3.6%, indicating that the labor market remains resilient.&
However, details in the report do not offer such an optimistic perspective. For example, most jobs were created in three sectors alone (government, health, and education). Also, the AHE (Average & Hourly Earnings) increased MoM, suggesting that the Fed’s fight against inflation is far from over.&
Furthermore, the previous NFP number was revised down &- again. This was the sixth consecutive month when the jobs number was revised down.&
Therefore, & the July NFP report was more bearish than bullish for the US dollar. Yet, the markets did not react on Friday but might do so in the week ahead.&
Unless ETH/USD breaks below $1,300 the bullish bias continues
The technical picture looks bullish despite Ethereum being in a consolidation area for the last twelve months. More precisely, it looks like the market builds energy to break higher.&
Therefore, the path of least resistance is to break above $2,000.&
However, the market needs to keep the series of higher lows intact to remain bullish. In other words, the bullish bias would quickly turn bearish if the ETH/USD price drops below $1,300. Until then, expect bulls to keep bidding for a break above the $2,000 resistance level.&
The post ETH/USD unable to break $2000 despite a bearish July NFP report appeared first on CoinJournal.
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