Ethereum Gains as Fed Rate Hike Expectations Ease

Ethereum's price surged 1.90% to $1,906 as expectations of a restrictive Federal Reserve policy softened.

The US job market showed signs of weakness with private-sector employment growth decelerating sharply from 95,000 in June to 44,000 in July, missing the consensus analyst forecast of 70,000.

According to the CME FedWatch Tool, the market-implied probability for a 25-basis-point interest rate hike at the Federal Reserve's September meeting stood at 54.4%, down from recent sessions when it approached approximately 57%.