Ethereum Plummets Below 2100 as US NFP Data Fuels Bearish Momentum

Ethereum's price has experienced a significant decline, dropping below the $2,100 mark within the last 24 hours. This downturn is largely attributed to the release of the US Non-Farm Payroll (NFP) data, which introduced fresh volatility into the market. The market reaction to this data has kept Ethereum pinned below $2,142, making it difficult for the cryptocurrency to establish a bullish recovery as sellers maintain control.

Ethereum's price decline below $2,100 on Friday underscores the bearish dominance in the market. This bearish sentiment has been exacerbated by heightened macroeconomic uncertainty stemming from the latest US NFP report. The payroll data, which showed rising unemployment, raised concerns over persistent inflation, strengthening the case for a hawkish Federal Reserve stance.

On the 4-hour chart, Ethereum remains under downward pressure after failing to break past the $2,319 resistance level. The rejection at this key price ceiling has reinforced bearish momentum, with the latest candlesticks showing increased selling pressure near the $2,156 pivot. A confluence of technical indicators signals potential downside risk toward the $2,000 psychological support level. The Donchian Channel (DC) highlights the recent price contraction, with the upper boundary at $2,319 and the lower support band at $1,993.

The failed breakout attempt near the upper band suggests that bulls lack the strength to sustain a move higher, leaving the door open for further declines. The price action is currently hovering around the middle DC line, signaling indecision, but with a tilt toward the downside as volume spikes on red candles. Bearish momentum is further evident in the breakdown from the highlighted price cluster, where Ethereum shed 7.53% over six consecutive 4-hour candles. The red zone illustrates a liquidity flush, likely triggering stop-loss cascades from leveraged long positions, adding to the selling pressure. If the $2,156 support fails, Ethereum could slide toward $2,000, aligning with the lower Donchian boundary. On the flip side, a reclaim of $2,200 could reignite bullish sentiment and set up another test of the $2,319 resistance.

On the daily time frame chart, Ethereum's price