Why Ethereum Fell Below $2,700 After the Weak US Jobs Report

Ethereum’s reaction to September’s weak US jobs report was brief rather than decisive. Payrolls rose by 29,000 against expectations of about 89,000–90,000, while unemployment reached 4.2%. ETH initially rose to roughly $2,770, then fell below $2,700. Bitcoin also surrendered gains after moving above $86,000.1317

The reversal suggests that traders did not treat weaker employment as an unqualified boost for crypto. Reduced expectations of an October rate hike offered some support, but the price action, ETF flows and sentiment reports point to a market still under pressure. The data does not, by itself, establish what will happen at the next Federal Reserve meeting.

What the jobs report showed—and what remains unclear

The figures cited in market coverage put September nonfarm payroll growth at 29,000, well below forecasts near 89,000–90,000. The unemployment rate rose to 4.2%.13 The supplied reports do not establish the size of any downward revisions to earlier payroll figures, so a revision total cannot be stated here.

Weaker employment data can alter expectations for Federal Reserve policy. Coverage described expectations of an October rate hike as sharply lower; one report put the probability at 23.8% at the time it was published.34 That repricing may have helped risk assets at first, but it did not prevent crypto prices from retreating.

ETH and Bitcoin gave back their gains

ETH briefly reached about $2,770 before easing below $2,700, erasing its earlier advance.3 Bitcoin had moved back above $86,000 ahead of the report, while separate market coverage described it falling from around $86,500 to $84,600 during the broader reversal.117 Together, the moves show that an initial response to softer labor data did not turn into a sustained rally.

The price reversal alone cannot identify a single cause. The available coverage also points to Ethereum-specific factors, including spot ETF outflows and subdued sentiment, alongside wider market uncertainty.178

ETF outflows and sentiment added to the cautious picture

Market reports described three consecutive days of net outflows from US spot Ether ETFs; one cited $55.4 million in outflows on October 1.719 These flows are a useful part of the market backdrop, but they do not prove that ETF selling caused ETH’s decline.

Social sentiment was also reported as bearish. A Santiment-based report said negative comments about ETH outnumbered positive ones and gave an ETH sentiment ratio of 0.89, described as a multi-month low.8 That is a snapshot of online discussion, not a dependable signal of where prices will go next.

Price levels are watch zones, not forecasts

Analyst coverage placed near-term ETH support around $2,600–$2,660 and resistance roughly between $2,775 and $2,825.732 These ranges vary slightly across reports and should be read as levels traders may monitor—not as guaranteed floors, ceilings or price targets.

Some pre-report commentary described a possible short-liquidation trigger above $2,779.33 That was a conditional scenario, not confirmation that those liquidations occurred. The available sources do not provide a consistent, verified ETH-only liquidation total for the reversal, so liquidations should not be treated as a proven explanation for the move.

What the reaction says about the outlook

The weak report lowered expectations for an October rate hike, but the initial crypto bounce faded. ETH’s move below $2,700, reported ETF outflows and bearish social commentary are signs of caution—not proof of a lasting downturn.37834

The next useful signals are whether ETH holds the reported support zone, recovers the resistance area, and whether ETF flows stabilize. The Federal Reserve’s October meeting was scheduled for October 27–28 in the cited reporting, leaving policy expectations as a further source of uncertainty.38