Ethereum Breaks Past $2,600 as Weak U.S. Jobs Data Spurs Market Optimism

Ethereum Rebounds Sharply Amid Renewed Market Momentum

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, surged past the $2,600 mark on renewed bullish momentum, marking one of its strongest 24-hour performances in recent weeks.

According to market data, ETH peaked at $2,608.70 around 9:45 UTC, before settling slightly lower. At the time of writing, Ethereum is trading at $2,590, up 5.54% over the past 24 hours. Despite a minor pullback from its intraday high, ETH remains firmly above key technical thresholds, signaling bullish sentiment.

Trading Volume Soars as Market Participation Rises

The price rally is matched by a sharp rise in market activity. Ethereum’s 24-hour trading volume jumped 83.7%, now totaling $25.4 billion, according to recent data — a strong indicator of growing investor interest.

Ethereum’s market capitalization also received a boost, increasing by 5.56% to reach approximately $313 billion.

This surge comes as part of a broader market uplift, with altcoins such as XRP and Solana (SOL) also posting notable gains.

Macroeconomic Data Sparks Risk-On Sentiment

The current rally is closely tied to macroeconomic developments. Weaker-than-expected U.S. payroll numbers released earlier today sparked investor speculation that the Federal Reserve may adopt a more dovish monetary stance, potentially cutting interest rates sooner than projected.

Lower interest rates generally reduce the opportunity cost of holding risk assets, making cryptocurrencies like Ethereum more attractive to both retail and institutional investors.

“This move is about more than just charts — it's fundamentally driven by macro shifts,” noted one analyst from a leading crypto research firm.

Ethereum ETFs See Minor Outflows but Maintain Strong Inflows Overall

While Ethereum ETFs experienced modest daily outflows of $1.82 million, the cumulative net inflow remains robust at $4.25 billion, per data from SoSoValue. This suggests that long-term institutional sentiment toward Ethereum remains positive, even amid short-term fluctuations.

Vitalik Buterin’s Remarks Add to Market Confidence

Adding fuel to the rally was the recent Ethereum Community Conference, where co-founder Vitalik Buterin addressed critical industry topics. Buterin highlighted the need to combat “fake decentralization” and emphasized Ethereum’s role in preserving the principles of open, censorship-resistant finance.

The conference helped renew focus on Ethereum’s long-term vision, strengthening the community narrative and potentially influencing sentiment among builders and long-term holders.

What’s Next for Ethereum?

While short-term corrections are common after sharp rallies, analysts see this price action as a potential foundation for further upside. Key resistance remains around the $2,650–$2,700 range, while support is holding firm near $2,500.

If broader macroeconomic conditions continue to favor risk assets — particularly if the Fed signals rate cuts — Ethereum may attempt a move toward the $2,700–$2,800 zone in the coming sessions.

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