Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes

Ethereum price slipped under $2,700 as recent U.S. jobs data dampened expectations for an impending rate cut. The broader crypto market also weakened, with a roughly 10% decline in the last 24 hours and about 15% for the week, placing Ether in a continued bear-market phase. Liquidations exceeded $2 billion, triggering cascading margin calls, while Bitcoin hovered near $83,000 alongside similar declines. ETFs tracking Bitcoin and Ethereum registered four straight days of outflows, contributing to the downside pressure as optimism around Nvidia’s earnings faded and equities moved lower.

BTC: $83,648 (-9.3%) - ETH: $2,794 (-7.3%) - Market Cap: $3.10T - Liquidations: $2B

In September, U.S. nonfarm payrolls came in at 119,000 jobs, well above the projected 53,000, marking a notable improvement from August’s revised figure of 22,000. Despite the stronger payrolls, the unemployment rate rose slightly to 4.4%, modestly above the expected 4.3%.

“In September, the U.S. economy added 119,000 jobs, which is much higher than the projected 53,000. This is a significant improvement on the revised number of 22,000 in August. Nonetheless, the rate of unemployment increased to 4.4, which was marginally above the expected 4.3.”

The crypto market’s continued pressure reflects a combination of weaker risk appetite in traditional markets and shifting expectations for monetary policy. Traders cited reduced upside from Nvidia’s earnings prospects and persistent outflows from sector-specific ETFs as additional headwinds for digital assets.

Coingape — 2025-11-21

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