Coin Edition -
- ETH’s price has increased by almost 10% in the last 24 hours.
- There has been an increase in demand since Buterin published the 2024 roadmap for the network.
- Open interest has also rallied in the coin’s derivatives market.
Ethereum (ETH) has witnessed a remarkable surge in demand, pushing its price up nearly 10% within the past 24 hours, according to data from CoinMarketCap. This price rally comes on the heels of a series of posts by Ethereum co-founder Vitalik Buterin on X (formerly Twitter), outlining the blockchain’s updated roadmap for 2024.
Coin Edition earlier reported that the roadmap highlighted six core priorities: the merge, the surge, the scourge, the verge, the purge, and the splurge.
Also, with January 17 scheduled as the tentative date for the testnet launch of Dencun Upgrade, market participants have begun accumulating the altcoin in anticipation of a rally.
Ethereum, since Buterin’s annoucement
An assessment of ETH’s network activity revealed an uptick in demand since Buterin’s post. For example, the average count of addresses that have traded the altcoin since then has increased from 444,000 to 448,000, data from Santiment showed.
Ethereum Daily Active Address (Source: Santiment)
Further, information retrieved from the same data provider showed an improvement in general market sentiment. Although ETH’s weighted sentiment remained in the negative territory at press time, it was spotted in an uptrend, attempting to cross above the zero line – a move it initiated on December 31.
Ethereum Weighted Sentiment (Source: Santiment)
Additionally, the flip in trading sentiment presented as an upward intersection between ETH’s MACD and trend lines.
ETH/USDT Daily Chart (Source: TradingView)
The crossover, which occurred on January 1, signaled the bulls’ re-entry and hinted at the potential start of an uptrend.
Similarly, the coin’s On-Balance Volume embarked on a rally on December 31 and has since grown from 24.92 million to 25 million. This confirmed the steady growth in ETH accumulation since Buterin’s tweet.
Other key momentum indicators, such as the Relative Strength Index (RSI) and Money Flow Index (MFI), rested above their center lines at press time. ETH’s RSI was 60.40, while its MFI was 68.81. These values showed that coin accumulation outpaced sell-offs among daily traders.
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