Laughed at the August surge... Bitcoin (BTC), Ethereum (ETH), XRP, all show weakness

▲ Bitcoin (BTC), Ethereum (ETH), XRP/AI generated image

Bitcoin (BTC), Ethereum (ETH), and XRP showed short-term bearish signals after a surge in August.

According to FXStreet on September 2nd (local time), Bitcoin maintained its position above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), indicating that the short-term uptrend itself has not been broken. The three moving averages are clustered around $69,300 to $72,400. However, the Moving Average Convergence Divergence (MACD) dropped near the signal line and then turned slightly negative. The Relative Strength Index (RSI) also moved down from the overbought zone but remains above the neutral line of 50.

Bitcoin's first support level is the 200-day EMA, at approximately $72,365. Following this, the 50-day EMA at $70,295 and the 100-day EMA at $69,232 provide support. If the correction deepens, $66,500 and $62,300 are presented as additional support levels. Conversely, if Bitcoin breaks above $85,000 based on the daily closing price, the upward trend could regain momentum.

Ethereum is facing downward pressure after failing to break above $2,500. The 50-day, 100-day, and 200-day EMAs are formed around $2,060 to $2,170, supporting the mid-term trend. The RSI has dropped to about 63 from the overbought zone, and the MACD has turned negative. This signals a pause rather than an acceleration of the uptrend. The upward resistance levels are $2,500 and $3,000. On the downside, $2,167, $2,126, and $2,053 act as support levels in sequence, with $2,000 considered a key price level if further declines occur.

XRP's direction has become closer to neutral, as it has fallen below its 200-day EMA of $1.35. The RSI is at 57, not in an overbought state, but still has upward momentum. However, the MACD has turned slightly negative, indicating that buying pressure has weakened after the recent surge. If it recovers $1.35 based on the daily closing price, the next resistance level of $1.9 could open up.

In a downtrend, XRP's $1.3 is presented as the first support level. After that, the 50-day EMA at $1.216 and the 100-day EMA at $1.215 are key defense lines. If these price levels are breached, $1 is mentioned as the next major support level. While Bitcoin, Ethereum, and XRP all maintain their long-term moving average structures, the weakening MACD commonly points to a slowdown in short-term upward momentum.

[Article Key Summary]

-Bitcoin held above key moving averages, but the MACD turned slightly negative, indicating short-term bearish signals.

-Ethereum failed to break above $2,500, and XRP is under pressure below its 200-day EMA of $1.35.

-Bitcoin at $72,365, Ethereum at $2,000, and XRP at $1 were presented as key support levels if the correction expands.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*