Ethereum price (ETH/USD) back to $1,300. Vitalik Buterin advises the community on a key issue
Ethereum rose to $1,300 on Monday.
Ethereum co-founder Buterin has advised crypto enthusiasts to focus on tech than the price.
ETH’s recovery could face a test at the 50-day MA.
Ethereum price (ETH/USD) tapped $1,300 briefly on Monday as bulls looked to win the war at $1,250 support. As of press time, the cryptocurrency had slid a little and was trading at $1,290. The price movement could generate some bullish interest amid a prolonged crypto winter. But just how important is Ethereum price in telling about the novel crypto project? Perhaps not that important, according to Ethereum co-founder Vitalik Buterin.
According to Buterin, investors should look at the tech rather than the price factors for Ethereum. Buterin’s comment comes amid investors’ dissatisfaction with the price of ETH and crypto in general. One popular crypto investor, “CoinMamba,” who attracted Buterin’s comment, hinted that he is “kinda exhausted.’ The investor hinted that he wanted to try out something else.
Any crypto native would understand or sympathise with the “CoinMamba” predicament. Had you bought Ethereum at its all-time high of $4,800, you would be holding 72% less value. Worse also, if you bought the Ethereum dip anticipating a swift recovery, you will still be hopeful.
Apparently, cryptocurrencies were not primarily invented for speculation. That’s the message that Buterin wanted to pass across. You should, too, and see the bigger picture. The good news still is that the bad days won’t last forever, and you can return big in ETH when the market rebounds. But is Monday’s price action a precursor of what is to come?
ETH recovers above the 20-day MA, and $1,250 support
ETH/USD Chart by TradingView
ETH has recovered above the $1,250 support and 20-day MA. Gauging from past price action, the token has risen any time it recovered above the 20-day MA. The MACD indicator shows improving momentum, although it is below the neutral zone.
Should you buy ETH?
The latest recoveries are positive for Ethereum. However, the cryptocurrency trades below the 50-day MA. If further upsides are to be confirmed, ETH has to break the barrier. Consider buying ETH on recovery above the crucial moving average. The next level would be around $1,450.
Where to buy ETH
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy ETH with eToro today
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy ETH with OKX today