ETH Faces Key Resistance With Bull Flag Forming as ETF Inflows Reach $1.85B
- Ethereum holds above major EMAs as ETF inflows reach $1.85B and MVRV turns positive.
- A potential bull flag forms near resistance, but ETH needs breakout confirmation.
- Strong jobs data, higher rate expectations, and whale selling could pressure Ethereum.
Ethereum — ETH, faces a crucial test after climbing to $2,546 earlier this week. ETH has since pulled back toward $2,400 as traders reassess risk. Strong US jobs data has increased pressure across risk markets. Still, Ethereum retains several bullish signals beneath the recent weakness. Spot ETF inflows remain strong, while MVRV has returned above 1.00. A potential bull flag also adds another bullish angle. Traders now await confirmation before positioning for a fresh breakout.
Strong Jobs Data Puts Pressure on Ethereum
Ethereum traded around $2,438 at the time of writing. The retreat followed stronger-than-expected US employment data. August Nonfarm Payrolls increased by 162,000, beating the 56,000 consensus estimate. July payroll growth stood at only 21,000. The unemployment rate remained steady at 4.1%. Labor force participation also edged higher to 61.6%. The strong report changed expectations around Federal Reserve policy. CME FedWatch data showed a 60% chance of rates reaching 3.75% to 4%.
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