Is Now the Time to Buy Ethereum? Buterin’s Comments Spark Optimism

Ethereum’s price held steady around $2,400 – $2500 during a volatile 24 hours and Vitalik Buterin’s latest comments have some investors feeling bullish, piquing their interest on whether this is the right time to buy Ethereum.

Ethereum is currently the second-largest cryptocurrency by market cap, with a trading volume of $14.5 billion. It is up nearly 1% in the last 24 hours, despite a slight dip earlier in the day.

After Vitalik Buterin’s recent comments about Ethereum, which have made people feel good about the asset, people are wondering if this is a good time to invest.

Buterin talked about the importance of charitable donations, supporting memecoins that give some of their supply to charitable causes. For example, memecoins like ebull have given to various organizations.

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

Buterin also said that he will donate any tokens he gets; he recently gave 10 billion tokens to support anti-airborne disease technology. He asked the community to get involved directly in charitable campaigns, maybe through decentralized autonomous organizations (DAOs).

After this announcement, Digimon, a community member, asked about the timing of bullish sentiments surrounding Ethereum. Buterin responded with an AI-generated image saying “Ethereum is good,” showing the light-hearted nature of the community’s interactions and focusing on the asset’s potential.

pic.twitter.com/fdgpb0gf6X

— vitalik.eth (@VitalikButerin) October 7, 2024

Ethereum’s Price Action and Technical Patterns

Ethereum’s price movements have displayed volatility within the last 24 hours. Starting at $2,418 at noon on October 8, the price dropped before reaching around $2,450 by 8:00 AM on October 9.

Read also: Ethereum Co-Founder Donates 100 ETH to Unofficial Marketing Department

Source: CoinMarketCap

Moreover, a price decline occurred around 6:00 PM on October 8, where the price dropped below $2,400, only to recover swiftly. As of the latest update, Ethereum is maintaining its gains around the $2,450 mark, showing a potential new support level.

According to the technical indicators, the MACD and RSI point to a bullish outlook for Ethereum. The MACD recently displays a bullish crossover, with the blue line exceeding the orange line, signifying potential upward momentum.

Source: TradingView

The RSI is currently at 51.65, showing a neutral momentum as it hovers near the midpoint of 50.

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