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Ethereum Price Drops Amid Stronger-Than-Expected US Jobs Data

Guavy AI Editorial Team
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ETH
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Ethereum's price dipped to $2,438 after stronger-than-expected US August jobs data led to increased odds of Federal Reserve rate hikes. This data raised concerns about inflation and interest rates, causing a pullback in Ethereum.

A major holder liquidated 167,855 ETH worth around $408 million over five days, adding bearish pressure on the market.

Despite this decline, Ethereum remains above key moving averages and shows signs of potential bullish consolidation. Institutional demand for Ethereum remains strong, with $148 million inflows into Ethereum ETFs on Thursday, totaling $1.85 billion in August.

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