Finder makes money from featured partners, but editorial opinions are our own.

Key indicator suggests Ethereum’s price could rebound to $2,450 by next week


Ethereum's 20-day exponential moving average (EMA) shows ETH could continue its upward recovery.

  • ETH is currently down 76% from its all-time high of AUD$7,000.
  • Tether CTO Paolo Ardoino has alleged that hedge funds are trying to destabilise USDT's liquidity pools while spreading FUD regarding the digital asset market.
  • Cardano's technicals suggest that it might be faced with another downturn in the near term despite its highly anticipated "Vasil" upgrade looming large on the horizon.

The last couple of weeks have been extremely volatile for Ethereum, with its price constantly fluctuating between AUD$1,300 and AUD$1,900. ETH's monthly losses currently stand at -36% while trading at AUD$1,663.

ETH was expected to showcase bullish momentum over the weekend since it had stabilised around its 20-day EMA (approximately AUD$1,900) on 26 June, a metric it has been able to maintain for over a week running. Exponential moving average (EMA) is a technical indicator that helps track the value of an asset over a long period, allowing investors to assess its future price action.

With bears still seemingly in control of the market, it appears as though ETH could retest its AUD$1,500 threshold. If this happens, a dip below the AUD$1,450 resistance may also be on the cards. Conversely, if the crypto market heats up, there is a chance that bulls may be able to send Ethereum above its 20-day EMA to around AUD$2,460, signalling the start of a new uptrend.

How to buy Ethereum

Are hedge funds trying to destabilise the crypto market?

A little over 24 hours ago, Paolo Ardoino, chief technological officer for Tether, the principal body behind the world's most widely used stablecoin, USDT, alleged that a number of hedge funds had initiated a "coordinated attack" to short sell the US-dollar-pegged digital currency while also spreading FUD regarding the digital asset market.

In a 12-tweet-long thread, Ardoino suggested that hedge funds have been accumulating loans worth millions of dollars to short USDT, a trend that has intensified since the fall of Terra (Luna, now LunaC) back in early May. In his view, a concerted effort is being made to create monetary pressure so as to mess with USDT's liquidity and eventually buy back the tokens at a way lesser value. On the subject, he opined:

"Despite all the public 3rd party attestations, our collaboration with regulators, our increased transparency efforts, our commitment to phase out CP exposure and move into US Treasuries, our settlements, ... they kept thinking and suggesting that we, Tether, are the bad guys."

Cardano's poor technicals signal major dip

Cardano (ADA) is currently exhibiting a pattern referred to as the "bear pennant", which signifies range-bound price consolidation that could eventually result in a strong downturn. There is a chance that the coming week or so could see ADA dip from its 28 June price of AUD$0.87 to approximately AUD$0.29.

This negative price action comes despite news of Cardano's highly anticipated Vasil hard fork looming large on the horizon. The upgrade, which was initially set to take place in June, is set to go live sometime in July. It will help bolster the network's overall speed, security and scalability while making it more dev-friendly.

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

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – 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 obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get started with crypto

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site