Ethereum Surges 9% to $2,967 on Bullish Jobless Claims Data

Ethereum's price experienced a significant surge, reaching $2,967 following two short liquidation events near $2,700 and $3,000. These events were triggered by bullish U.S. jobless claims data released on the 10th of July, which came in below expectations, signaling economic resilience and reducing recession fears. This data sparked aggressive buying on Binance, combined with thin liquidity, which forced massive short liquidations. At the time of reporting, ETH was trading around $2,967, pushing Open Interest close to $7 billion. This dynamic reflects renewed leverage from traders anticipating continued upside as macroeconomic optimism ripples through high-beta assets like crypto.

Ethereum’s Exchange Reserves have dropped by 2.03% to $56 billion, indicating reduced sell-side pressure. Lower reserves often signal investor intent to hold, especially during phases of bullish sentiment. With fewer coins available on exchanges, the market becomes more sensitive to demand spikes. This condition aligns with the recent derivatives-driven rally, where ETH broke above resistance levels. The shrinking reserves suggest supply scarcity may enhance Ethereum’s upward momentum, particularly if leveraged longs continue to dominate futures markets over the next few sessions.

Whale accumulation has also strengthened Ethereum’s bullish outlook. Data shows a notable 18.95% increase in large holder netflows over the past 7 days. Despite price fluctuations, large entities continue to absorb ETH, likely betting on broader upside following dovish macro signals. These inflows reflect growing conviction among seasoned investors, potentially front-running further catalysts. With ETH holding firmly above $2,900, whale accumulation adds a strong on-chain foundation that may stabilize price and fuel the next breakout above $3,000.

Derivatives data reveal clear bullish sentiment. ETH’s OI-Weighted Funding Rate surged following the jobless claims release, indicating rising demand for long positions. A high positive Funding Rate implies traders are paying a premium to maintain long exposure, reflecting expectations of continued gains. This spike mirrors past breakout patterns, where leverage builds rapidly after a macro surprise. If funding remains elevated and open interest stable, Ethereum may sustain its momentum without immediate correction, despite overbought oscillators flashing caution.

Ethereum approaches a critical resistance zone at the 1.618 Fibonacci extension near $3,000. The Fib projection, derived from its recent rally structure, also places future resistance at $3,457 and $3,870. While the price action remains bullish, the press time Stochastic RSI reading of 100 suggests that ETH was overbought. Traders should remain cautious of short-term pullbacks. However, if ETH reclaims and holds above $3,000 with strong volume, the stage could be set for a continuation toward the next Fib targets.

Ethereum’s rally appears backed by a strong mix of macro catalysts, whale accumulation, and bullish derivatives positioning. While shrinking exchange reserves and positive funding reinforce the case for continued upside, technical indicators show that ETH may soon face resistance near $3,000. Whether bulls can maintain this momentum depends on sustaining buying pressure and macro support. A successful flip of $3,000 into support could open the path to $3,400, but failure to break resistance might trigger a short-term cooldown.