Bitcoin, Ethereum, and Ripple: Top Cryptos Brace for Volatility Ahead of Powell’s Speech

As the cryptocurrency market prepares for potential turbulence, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading cautiously. Investors and traders are closely monitoring the market ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium, anticipating that his remarks on monetary policy could influence crypto price movements. While Bitcoin consolidates above a key support level, Ethereum shows tentative signs of recovery, and Ripple continues to face resistance at a critical moving average.

Bitcoin Holds Above Crucial Support

Bitcoin price has experienced a decline from its recent highs, reflecting the market’s uncertainty. Since reaching a peak of $124,747 on August 14, BTC has fallen by over 8%, testing support levels drawn from an ascending trendline connecting multiple lows since early April. The key support level at $111,980 has been under scrutiny, and as of Friday, BTC is trading around $113,432.

Analysts suggest that if BTC maintains support at $111,980 and recovers above the 50-day Exponential Moving Average (EMA) at $114,786, it could extend its rally toward the next resistance level at approximately $116,000. However, the Relative Strength Index (RSI) currently sits at 43, below the neutral mark of 50, signaling lingering bearish pressure. A sustained recovery would require the RSI to move above the neutral value, confirming a shift in market momentum.

On the downside, failure to hold the $111,980 support could see Bitcoin testing its 100-day EMA at $110,605, potentially signaling a deeper correction for the world’s largest cryptocurrency.

Ethereum Shows Signs of Support and Recovery

Ethereum has demonstrated resilience in recent sessions despite market volatility. ETH reached a yearly high of $4,788 on August 14 but retraced sharply, losing over 14% in the following five days. On Thursday, Ethereum found strong support at $4,232, and as of Friday, it is trading slightly higher at $4,282.

The Ethereum price USD has been closely watched by market participants, given the cryptocurrency’s ability to recover quickly from dips. European traders can monitor the ETH to EUR conversion rate to assess Ethereum’s performance against the euro and make informed regional trading decisions. If the support at $4,232 holds, Ethereum could extend its recovery toward the next daily resistance at $4,488. A successful breakout above this level could enable ETH to retest its yearly high of $4,788, offering a potentially bullish scenario for traders.

Technical indicators also point to growing strength in Ethereum. The daily RSI has rebounded to 56 from a neutral 50, indicating the start of bullish momentum. Should ETH experience a correction below $4,232, the next support is expected around $3,946, which could provide a floor for further price stabilization.

Ripple Encounters Resistance at 50-Day EMA

Ripple’s XRP continues to face challenges in maintaining upward momentum. Following a rejection near $3.40 on August 14, XRP fell over 12% and closed below the 50-day EMA at $2.93. The cryptocurrency made a modest recovery midweek but was rejected again at the 50-day EMA. As of Friday, XRP is trading around $2.83.

If the 50-day EMA continues to act as resistance, XRP could decline further to retest the key support at $2.72. Indicators suggest a bearish outlook: the daily RSI sits at 41, below the neutral 50 mark, signaling downward momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows a bearish crossover with rising red histogram bars, further supporting a cautious stance on XRP.

Conversely, a successful recovery and close above $2.93 could open the path for XRP to test resistance at $2.99, potentially triggering a short-term bullish rally.

Market Outlook Ahead of Jackson Hole

The crypto market’s next directional move is highly dependent on Powell’s comments regarding interest rates and monetary policy. Investors are particularly focused on whether the Fed will signal continued tightening or a more accommodative stance. BTC, ETH, and XRP are all showing sensitivity to macroeconomic cues, and even minor hints from Powell could spark volatility across the market.

Ethereum, in particular, has demonstrated resilience, with its Ethereum price reflecting stronger relative performance compared to Bitcoin and Ripple in recent sessions. Traders are monitoring technical levels carefully, as maintaining support at $4,232 could set the stage for further gains in ETH.

Meanwhile, Bitcoin remains a key benchmark for market sentiment, and Ripple continues to navigate resistance challenges. The combination of macroeconomic anticipation, technical setups, and investor positioning makes this period crucial for the top three cryptocurrencies.

Conclusion

As the market braces for potential volatility around the Jackson Hole Symposium, BTC, ETH, and XRP are showing varied levels of resilience. Bitcoin consolidates above crucial support, Ethereum demonstrates signs of recovery, and Ripple struggles near its 50-day EMA. Investors tracking the Ethereum price will be watching closely, as ETH’s performance could indicate broader trends in the crypto market. Ultimately, Powell’s speech could serve as a catalyst for significant price movements, making cautious positioning and attention to technical levels essential for traders in the coming days.