Ethereum has surged by 10% in the past 24 hours, attributed to increased demand following Ethereum co-founder Vitalik Buterin’s release of the 2024 roadmap.
Key Takeaways
- Ethereum’s price sees a nearly 10% surge within 24 hours, influenced by increased demand following Vitalik Buterin’s 2024 roadmap release.
- The roadmap outlines six core priorities, with market participants anticipating the Dencun Upgrade testnet launch on January 17.
- Network activity shows a rise in daily active addresses, reaching 448,000 from 444,000 since Buterin’s announcement.
- Technical indicators, including weighted sentiment, MACD, and On-Balance Volume, suggest a positive shift, signaling potential bullish momentum and steady accumulation
Ethereum’s Rally Amid Buterin’s 2024 Vision
Ethereum (ETH) has experienced a significant uptick in its price, surging nearly 10% in the last 24 hours, as reported by CoinMarketCap. The catalyst behind this surge is attributed to Ethereum co-founder Vitalik Buterin’s recent series of posts on X (formerly Twitter), revealing the blockchain’s updated roadmap for 2024.
Key Priorities in 2024 Roadmap
The 2024 roadmap, as outlined by Buterin, emphasizes six core priorities: the merge, the surge, the scourge, the verge, the purge, and the splurge. Notably, market participants are eyeing the upcoming testnet launch of the Dencun Upgrade scheduled for January 17, prompting increased accumulation of Ethereum in anticipation of a potential rally.
🆙#Ethereum Price Soars By Almost 10% After Buterin’s 2024 Vision 🔥🚀🚀🚀#ETH's price has increased by almost 10% in the last 24 hours.
— Ginevi Coin (@ginwong) January 3, 2024
There has been an increase in demand since Buterin published the 2024 roadmap for the network. 📉📉#cryptocurrency #Ethereum #BitcoinETF pic.twitter.com/aZosmSyntQ
Network Activity Post-Announcement
Analysis of Ethereum’s network activity post-announcement reveals a notable increase in demand. Santiment data indicates a rise in the average count of addresses trading Ethereum, climbing from 444,000 to 448,000. Additionally, market sentiment, though still in negative territory, shows an upward trend, aiming to cross above the zero line since December 31.
Technical Indicators and Bullish Signals
Technical indicators further support the bullish narrative. The Ethereum/USDT daily chart displays an upward intersection between Ethereum’s MACD and trend lines on January 1, indicating a potential start of an uptrend with bulls re-entering the market.
Similarly, Ethereum’s On-Balance Volume has been on a steady rally since December 31, growing from 24.92 million to 25 million, confirming a consistent increase in ETH accumulation post-Buterin’s roadmap announcement.
To Conclude
Ethereum’s surge in price, driven by increased demand, aligns with the unveiling of Vitalik Buterin’s 2024 roadmap. The market anticipates key developments, including the Dencun Upgrade testnet launch, leading to heightened network activity and positive shifts in sentiment and technical indicators. These factors collectively suggest a bullish trend and sustained accumulation of Ethereum in the wake of Buterin’s forward-looking vision for the platform.
