The key indicator is suggesting that Ethereum price could rally to $2,450 by next week

Ethereum’s 20-day exponential moving average (EMA) shows that ETH could continue its upward movement.

• ETH is currently down 76% from its all-time high of A$7,000.
• Tether CTO Paolo Ardoino has claimed that hedge funds are attempting to destabilize USDT’s liquidity pools while spreading FUD regarding the digital asset market.
• Cardano tech data suggests that it could face another downturn in the near-term, despite the much-anticipated “Vasil” upgrade looming on the horizon.

The past few weeks have been extremely volatile for Ethereum as the price has been constantly bouncing between A$1,300 and A$1,900. ETH’s monthly losses are currently -36% while trading at A$1,663.

ETH was expected to show bullish momentum over the weekend as it had stabilized around its 20-day EMA (around A$1,900) on June 26, a metric it has held for over a straight week . The exponential moving average (EMA) is a technical indicator that helps track an asset’s value over a long period of time, allowing investors to gauge its future price development.

With the bears seemingly still in control of the market, it seems like ETH might retest its A$1,500 line. In that case, a drop below the AUD 1,450 resistance could also be possible. Conversely, if the crypto market heats up, there are chances that bulls can send Ethereum above its 20-day EMA to around A$2,460, signaling the start of a new uptrend.

How to buy Ethereum

Are Hedge Funds Trying To Destabilize The Crypto Market?

Just over 24 hours ago, Paolo Ardoino, chief technology officer of Tether, the main body behind the world’s most widely used stablecoin USDT, claimed that a number of hedge funds had launched a “coordinated attack” to short the US dollar-pegged digital currency while also spreading FUD regarding the digital asset market.

In a 12-tweet thread, Ardoino hinted that hedge funds have accrued millions of dollars worth of loans to short USDT, a trend that has intensified since Terra (Luna, now LunaC) fell in early May. In his view, a concerted effort is being made to apply monetary pressure to affect USDT’s liquidity and eventually buy back the tokens at a much lower value. On this subject he said:

“Despite all the third-party public attestations, our cooperation with regulators, our increased transparency efforts, our commitment to phase out CP exposure and get into US Treasuries, our settlements, … they kept thinking and proposing that we, Tether, they’re bad guys.”

Cardano’s poor specs signal a major dip

Cardano (ADA) is currently exhibiting a pattern dubbed “bear pennant” that indicates range-bound price consolidation that could eventually lead to a sharp downturn. There is a possibility that ADA could fall from its June 28th price of A$0.87 to around A$0.29 in the coming week or so.

This negative price action comes despite news of Cardano’s highly anticipated Vasil hard fork looming on the horizon. The upgrade, originally slated for June, is set to go live sometime in July. It will help improve the overall speed, security, and scalability of the network while making it more developer-friendly.

Disclosure: The author owns a number of cryptocurrencies at the time of writing

Are you trying to get a handle on the markets? Cut through the noise with our rundown of the best cryptos to buy right now, explore some crypto trading strategies, or see if there’s a better platform for you with our guide to the best crypto exchanges are.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risk – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances and get your own advice before relying on this information. You should also verify the nature of the products or services (including their legal status and relevant regulatory requirements) and consult the websites of the relevant regulators before making a decision. The finder or the author may have interests in the cryptocurrencies discussed.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers