Vitalik Buterin says ‘Ethereum is Good’ – Is a move beyond $2.9k likely now?

Will Vitalik Buterin’s post on X help Ethereum reclaim the $2900 price level?

• Vitalik’s post on social media sparks optimism among ETH investors.

• Ethereum is set for major price rebound.

Ethereum [ETH] co-founder, Vitalik Buterin, recently responded to the mounting pressure from investors, traders, and influencers on social media.

Buterin on X affirmed how he had been urged to focus more on Ethereum’s bullish prospects rather than philosophical topics.

“I have been told that I need to “do less philosophizing and do more ethereum bullposting”. Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp.

Buterin’s post on X reading ‘Ethereum is Good’, was well-received, boosting optimism among those who were hesitant to invest due to the stagnation in ETH’s price over the past five months

Buterin’s post on X reading ‘Ethereum is Good’, was well-received, boosting optimism among those who were hesitant to invest due to the stagnation in ETH’s price over the past five months

Despite other cryptocurrencies, including Bitcoin, reaching new all-time highs in 2024, Ethereum struggled to break its ATH

Vitalik’s renewed involvement is expected to influence ETH’s price action, which has been on a downward trend since July 2024 when the daily candle closed at $3,440 price

Even though Ethereum rebounded slightly after the August 5th market crash, its price remains below the crucial $2,900 price

A breakout above this level could trigger a significant surge in ETH’s value, potentially reaching its 2024 highs.

Altcoins are set to explode

The broader altcoin market also shows promising signs. The total market cap of altcoins, excluding Bitcoin, recently bounced off a key support level, indicating potential growth.

Ethereum, as the leading altcoin, plays a crucial role in this market. The recent breakout in altcoin market cap and its rejection of previous resistance levels suggest a bullish trends.