Rise or Plunge? US Employment to Determine the Fate of Bitcoin, Ethereum, and Ripple

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

As Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) attempt to break through key resistance levels, US Non-Farm Payrolls (NFP) has emerged as a turning point that will determine their next direction.

According to investment media FXStreet on September 4 (local time), Bitcoin traded above $80,856, up more than 4% this week, while Ethereum broke through its key resistance level of $2,500 to reach $2,504. XRP also secured support near its 200-day Exponential Moving Average (EMA), extending its weekly gain to over 6%.

Bitcoin is maintaining an upward trend, trading above its 50-day EMA of $71,126, 100-day EMA of $69,696, and 200-day EMA of $72,539. The Relative Strength Index (RSI) entered the overbought zone at approximately 71, but the Moving Average Convergence Divergence (MACD) remains positive, indicating continued upward momentum. If it continues to rise, $85,000 will be the first resistance level, and in the event of a correction, the moving average range of $72,539 to $69,696 is expected to act as support. If even this range breaks down, $66,500 and $62,300 will be the next lines of defense.

Ethereum formed a closing price above $2,500, turning a short-term resistance level into support. The price surpassed its 50-day EMA of $2,155, 100-day EMA of $2,070, and 200-day EMA of $2,175. The RSI showed strong upward momentum at approximately 67, but the MACD turned bearish, suggesting a potential weakening of short-term upward thrust. If $2,500 is maintained, there's upward potential towards $3,000, but if support fails, $2,155-$2,175, $2,070, and the psychological support level of $2,000 could be tested in sequence.

XRP traded at $1.442, maintaining short-term bullishness above its key moving averages clustered between $1.230 and $1.350. The RSI declined from the overbought zone to the mid-60s, indicating a moderation rather than a reversal of the uptrend, and the MACD remained slightly negative, suggesting potential initial consolidation after a sharp rise. In case of a decline, the 200-day EMA at $1.352 and the horizontal support level of $1.300 will act as defense lines, and further drops could push it down to $1.230 and $1.00. Conversely, a break above $1.900 is needed to extend the existing uptrend towards new highs.

All three assets maintain a bullish structure above their key moving averages, but short-term indicators simultaneously showed signs of overheating and slowing upward momentum. The market is closely watching how the US Non-Farm Payrolls results will change interest rate outlooks and risk asset preferences. Bitcoin has secured upward potential towards $85,000, Ethereum towards $3,000, and XRP towards $1.900, but there's also a possibility of giving back some gains if key support levels break after the employment data release.

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