As the U.S. non-farm payroll data is about to be released, the cryptocurrency market is at a critical moment. Recent economic indicators have been weak, including a significant slowdown in ADP employment data and unemployment claims exceeding expectations, leading the market to generally anticipate that the Federal Reserve will cut interest rates in September.

In this context, Bitcoin (BTC) is currently at a critical consolidation phase. The market is closely watching whether it can hold the support level or break through the resistance level. If the BTC price falls below $104,000, it may further decline to the range of $93,000-$95,000. Conversely, if it breaks through the resistance level of $114,000-$116,000, the upward trend may be reestablished.

The short-term trend of Ethereum (ETH) is also noteworthy. The current key support level is between $4,215 and $4,250. If it falls below $4,215, ETH may test the support at $4,071. $4,250 is seen as a turning point for bulls and bears; if it is lost, ETH may pull back to $4,000 to $4,050, and in the medium term, it could even deeply retrace to around $3,800. However, this price level is also considered a potential starting point for the next bull market.

It is worth noting that today, options for ETH worth $1.27 billion will expire, with the maximum pain price at $4,400. This may have an impact on the short-term price movement of ETH.

Overall, the cryptocurrency market is at a critical crossroads. The release of non-farm payroll data could serve as an important indicator for market direction, and investors should closely monitor this data and its potential impact on the Federal Reserve's monetary policy. At the same time, the key price levels of BTC and ETH will continue to dominate short-term market sentiment.