Ethereum Price Slumps Below $2,700 Amid Weak Jobs Report

The Ethereum price has declined below $2,700 after a weak US jobs report failed to lift market sentiment. The ETH price briefly rose to $2,770 on Friday, its highest level in over a week, before easing down following the data release.

The US Nonfarm payrolls (NFP) data for September showed the economy added 29,000 jobs, well below market expectations of 90,000. The Unemployment Rate ticked up to 4.2%, slightly above forecasts.

Despite declining rate-hike expectations, US 10-year note yields have remained strong, initially declining to 5.15% in reaction to the weak jobs data but regaining strength as the trading session unfolded and are back at 5.28%.