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Ethereum soared to $1,300 on Monday.
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Ethereum co-founder Buterin advises crypto enthusiasts to focus more on technology than price.
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ETH’s recovery may face a test at the 50-day MA.
ethereum price (ETH/USD) briefly tapped $1,300 on Monday as the bulls looked to be winning the battle at the $1,250 support. As of press time, the cryptocurrency had declined slightly and was trading at $1,290. The price action could generate some bullish interest amid a prolonged crypto winter. But how important is Ethereum price in telling about the novel crypto project? Maybe not that important, according to Ethereum co-founder Vitalik Buterin.
According to Buterin, investors should focus on the technology rather than the price factors of Ethereum. Buterin’s comments come amid investor discontent with the price of ETH and crypto in general. A popular crypto investor, “Coinmamba,” who attracted Buterin’s comment, indicated that he is “a little weary.” The investor indicated that he wanted to try something else.
Any crypto native will understand or sympathize with “Coinmamba’s” position. If you had bought Ethereum at its all-time high of $4,800, you would have had 72% less value. Worse yet, if you bought into the Ethereum dip expecting a quick recovery, you are still holding out hope.
Clearly, cryptocurrency It was not invented primarily for speculation. This is the message Buterin wanted to convey to the people. You, too, must see the bigger picture. The good news is still that the bad days won’t last forever, and you can make big returns in ETH when the market bounces back. But is Monday’s price action a harbinger of things to come?
ETH climbed above the 20-day MA and the $1,250 support
ETH climbed above the $1,250 support and the 20-day MA. Gauging from past price action, the token has risen above the 20-day MA at any point. The MACD indicator is showing a recovery in momentum, although it is trading below the neutral zone.
Should You Buy ETH?
The latest recovery is positive for Ethereum. However, the cryptocurrency trades below the 50-day MA. ETH needs to break the barrier if further upside is to be confirmed. Consider buy eth On recovery above important moving averages. The next level will be around $1,450.
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