Ethereum is trading close to 3,120 in anticipation of U.S. unemployment figures

• Ethereum is finding it difficult to resolve at $3,200 and is languishing in consolidation.
• The unemployment statistics released by the U.S. today can have a massive impact on the overall market risk sentiment.
• Ethereum may reach the short-term objective of $3,500 in case of an upside break of the price of $3,300.

The price of Ethereum is holding between $3,120 and $3,200, and it is having a hard time overcoming the resistance of $3,200, which has curtailed any form of upward movement this week. The general cryptocurrency market is stabilized, and the majority of the major currencies are at the critical points of support. It is interesting to mention that Bitcoin has not only recovered by falling below the $90,000 mark in the recent past, but XRP was also recovering at about 2.07. 

Ethereum has been recording higher lows, although the selling pressure has been experienced, indicating that the support of the bullish trend remains. The traders are awaiting the U.S. unemployment report that may offer more guidance to the market.

U.S. Unemployment Data to Impact Market Sentiment

The Bureau of Labor Statistics will release the level of unemployment in the United States in December today at 8.30 AM ET. The release will also be the first time the government has shut down since the labor data was released. As the report is supposed to affect the risk sentiment, the lower-than-anticipated rate of unemployment can lead to an increase in risk assets, whereas the high one can lead to decreased pressure. 

Economists forecast that the labor conditions will be a bit improved and the unemployment will go down to 4.5% instead of 4.6% as in November. Also, the payrolls will be expected to introduce 73,000 new employees in December, which is an indicator of consistent labor market recovery.

Ethereum has not been able to break the resistance of $3,200, resulting in its slow pace of growth. Although the market has made a couple of attempts to rise above this mark, price action is currently languishing at this mark, implying that the market deals with short-term bearishness. A breakdown of the $3,200 might result in a turnaround, and Ethereum might revisit the $3,000 level of support. Ethereum might revisit the $3,200 level in case of a recovery. In the meantime, the market mood is still skeptical before major economic statistics.

Source: TradingView

As of the time of writing, Ethereum is trading at $3,082; it is in the consolidation phase, and there is a light downside pressure as shown in the 4-hour chart. The MACD histogram is presenting red bars, and the MACD line is lower than the signal line, which is a bearish momentum. A breakout of the market above 3,300 may result in a short-term rally of the market up to 3,500, but this is subject to market response to the U.S. unemployment data. Failure to regain the bulls’ range of 3,150 to 3,200 would simply move Ethereum back to other lower levels, including the 3,000 support zone.

Ethereum continues to be strongly resisted at the point of 3,200, and traders keenly monitor the U.S. unemployment statistics to determine the general mood in the market. The following days will be critical in the process of establishing whether Ethereum will be able to resume an upward movement or experience additional downside pressure.