ETH CONSOLIDATES NEAR $3,100 AS LABOR DATA AND KEY RESISTANCE SHAPE MARKET DIRECTION
Ethereum $ETH continues to trade near the $3,120 level after facing rejection earlier this week, reflecting a broader pause across the cryptocurrency market. Most major digital assets are holding above critical support zones, suggesting that selling pressure has cooled for now. Bitcoin has stabilized after briefly dipping to the $90,000 level, while XRP is attempting to recover near $2.07, helping to keep overall market sentiment relatively balanced.
Despite short-term volatility, $ETH maintains a technically constructive structure. The asset has consistently formed higher lows, a pattern that typically signals underlying strength and indicates that trend support remains intact. This behavior suggests that long-term buyers are still active, absorbing selling pressure during pullbacks rather than exiting the market entirely. As a result, Ethereum’s broader bullish structure has not yet been invalidated.
Market participants are now closely watching U.S. macroeconomic data, particularly the unemployment figures scheduled for release later today. The U.S. Bureau of Labor Statistics is set to publish December’s unemployment report at 8:30 a.m. ET, a release that could have a meaningful impact on risk sentiment. This data is especially important as it is the first major labor market update following the recent government shutdown, which disrupted the regular flow of economic indicators.
Traders generally view unemployment data as a key driver of market direction. A lower-than-expected unemployment rate could boost confidence in the economy and support risk assets such as cryptocurrencies. On the other hand, a higher reading may increase concerns about economic slowdown, potentially triggering a more defensive stance among investors and putting pressure on digital asset prices.
Economists are forecasting a modest improvement in labor conditions. Current estimates suggest unemployment may edge down to 4.5% from 4.6% in November, while nonfarm payrolls are expected to increase by approximately 73,000 jobs in December. This outlook follows a challenging period for the labor market, as unemployment reached its highest level since mid-2021 in November and the economy recorded job losses totaling around 41,000 across October and November.
The December report also marks the final labor market snapshot for 2025 and serves as a reset point for economic data after weeks of delays. Analysts believe the figures could provide clearer insight into employment trends heading into 2026, a period that remains uncertain due to recent data disruptions and shifting macroeconomic conditions.
From a technical perspective, $ETH continues to struggle below the $3,200 resistance zone, which has repeatedly capped upside attempts. This level has become a major hurdle for bulls, limiting momentum and keeping price action within a tight range. Failure to reclaim this zone could expose Ethereum to renewed downside pressure, with the $3,000 level emerging as the next key area of support.
At the latest reading, $ETH was trading around $3,082, showing mild downside pressure on the four-hour chart. Bulls are actively defending the $3,000 support zone, but momentum indicators suggest caution. The MACD histogram is printing red bars, with the MACD line positioned below the signal line, indicating short-term bearish momentum.
Looking ahead, a decisive breakout above $3,300 would likely shift market sentiment and open the door for a potential rally toward the $3,500 level in the short term. Until such a move occurs, Ethereum remains in a consolidation phase, with downside risks increasing if bulls fail to reclaim the $3,150–$3,200 range. A strong rebound from the $3,000 support could still fuel a recovery, but sustained upside will depend on renewed buying strength and supportive macroeconomic signals.