As anticipation builds around Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium today at 10:00 AM EST, Bitcoin (BTC) appears poised for a notable rally. Currently trading near $60,840, Bitcoin’s price action suggests a potential 13% triangle breakout, contingent upon a successful breach of resistance at $61,664. Should this occur, BTC could surge towards $69,700, aided by expected liquidity effects from anticipated rate cuts, especially following recent downward revisions in nonfarm payrolls indicating a weakening labor market.

Concurrently, Ethereum (ETH) is navigating a sideways trading pattern between key demand and supply levels—maintaining support above $2,500 while facing resistance below $2,800. Presently, it rests around $2,600, supported by the 20-day and 50-day exponential moving averages (EMAs). A bullish breakout necessitates surpassing the upper boundary of this consolidation range, which could propel ETH towards the $3,000 threshold, despite ongoing ETF outflows that may hinder upward momentum.

XRP, on the other hand, is inching towards a decisive bullish phase, having established support above the 20-day EMA at $0.5961. Notably, XRP has engaged in a persistent struggle at the $0.6 resistance zone, suggesting potential for a rally towards $0.7, should it successfully breach key obstacles. The Money Flow Index (MFI) indicates that traders are gradually pivoting from short to long positions, which could facilitate upward movement if the MFI transitions above the midline level of 50.

In conclusion, the cryptocurrency market is poised for volatility as investors closely monitor Powell’s remarks. Each of the three primary assets—Bitcoin, Ethereum, and XRP—has exhibited unique trading dynamics that could significantly influence their price trajectories in the near term, making it essential for traders to remain vigilant of market developments and resistances overcoming imminent hurdles.

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