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Ethereum Softens Before NFP, Leaving Bulls and Bears on High Alert

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Aayush Jindal

Key Highlights

  • Ethereum extended losses below $3,500 and $3,200.
  • ETH is now trading below a key bearish trend line with resistance at $3,480 on the daily chart.
  • Bitcoin price gained bearish momentum and tested $90,000.
  • The US nonfarm payrolls could change by 50K in Sep 2025.

Ethereum Technical Analysis

Ethereum remained in a bearish zone after it settled below $3,500. ETH extended losses like Bitcoin and declined below $3,200.

Looking at the daily chart, the price even spiked below $3,000 and settled below the 100-day simple moving average (red). The current price action suggests an increase in bearish pressure. If there is a recovery wave, the price could face resistance at $3,200.

The next major resistance is near the $3,380 level. The main resistance is now forming near the $3,480 zone. There is also a key bearish trend line with resistance at $3,480 on the same chart.

A daily close above the $3,380 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $3,500 level. The next stop for the bulls may perhaps be $3,650.

On the downside, the bulls might be active near $3,000 and $2,940. The main support is now forming near $2,740, below which the price could slide toward $2,550. Any more losses might call for a move toward $2,320.

Looking at Bitcoin, there was a sharp decline below $100,000, and the bears seem to be aiming for more downside in the near term.

Economic Releases

  • US Initial Jobless Claims - Forecast 223K, versus 232K previous.
  • US nonfarm payrolls for Sep 2025 – Forecast 50K, versus 22K previous.
  • US Unemployment Rate for Sep 2025 - Forecast 4.3%, versus 4.3% previous.
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