The maker and founder of Ethereum has a serious warning for all crypto traders.
“All cryptos will drop to zero but Ethereum price growing slowly,” he said.
As per the said crypto performance, Ethereum price moves in lockstep with Bitcoin.
It is noticeable that the coin lost about 6% on Sunday but managed to recover some losses early on Monday. Currently, ETH/USD is trading at $927.70, up 1.5% on the day.
Vitalik Buterin, the creator of Ethereum, warned his tweeter followers to be prudent with their investments in digital assets as they can become worthless any minute.
“Cryptocurrencies are still a new and hyper-volatile asset class and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet,” he tweeted over the weekend.
It may sound devastating for other crypto, but a forecast from a founder of a crypto may sound strange when they are produced.
Buterin is the founder of Ethereum, the second largest cryptocurrency on the earth.
It is not the first time Buterin aired concerns about too much speculation that undermined true value of the digital assets.
Looking technically, ETH/USD the short-term upside is capped by 21-SMA at $930.00, visible on the hourly chart. Once it is broken, the price will move towards the next resistance placed at $980.00 and followed by $1,000. The support comes at $910, while the break below will expose ETH to further downside towards $870.00