Ethereum Price Pulls Back Amid Strong US Jobs Data and Whale Selling
Ethereum's price has retreated to around $2,438 after reaching a high of $2,546 earlier this week. This correction comes as traders reassess their risk exposure following the stronger-than-expected US jobs data.
The US Nonfarm Payrolls rose by 162K in August, far above the 56K consensus estimate and up sharply from July's 21K gain. The unemployment rate held at 4.1%, and the labor force participation rate ticked up to 61.6%. The strong jobs report pushed the probability of a Federal Reserve rate hike to the 3.75%-4.00% range up to 60%, from 49% the day before.
Despite the dip, Ethereum's price remains above the 50-day, 100-day, and 200-day Exponential Moving Averages, which are clustered between $2,069 and $2,175. The Relative Strength Index (RSI) sits at 61 on the daily chart, indicating a positive but not overbought condition.
A large Ethereum wallet sold its entire 167,855 ETH position, worth around $408 million, over roughly five days. This whale selling adds downside pressure to ETH's price.